Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Co-founders of Electric Last Mile Solutions resign, and Bakkt provides preliminary financial results for 4Q21
Co-Founders of Embattled EV SPAC Exit After Bumpy Last Mile
The co-founders of Electric Last Mile Solutions Inc. have resigned following an internal investigation that discovered the top executives purchased equity in the company at substantial discounts to market value shortly before the commercial electric vehicle startup went public via a merger with Forum Merger III Corp. (NASDAQ:FIII).
President and CEO James Taylor and Chairman Jason Luo both resigned effective immediately following the internal investigation conducted by a special committee, according to a regulatory filing posted late Tuesday.
READBakkt Provides Details on Certain Preliminary Financial Results for Fourth Quarter 2021
Bakkt Holdings, Inc. (NYSE: BKKT) announced today details on certain preliminary financial results for fourth quarter 2021, which reflect, among other things, certain impacts of its business combination with VPC Impact Acquisition Holdings (VIH) that closed on October 15, 2021.
Intercontinental Exchange, Inc. (NYSE: ICE) announced today that its fourth quarter results will include an estimated $92 million loss on its equity method investment associated with its initial 68% non-controlling investment in Bakkt for the post-business combination period from October 15 – December 31, 2021. In order to provide additional context, Bakkt expects a pre-tax loss of approximately $150 – $155 million for the post-business combination period.
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Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...