Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid recalls EV sedans due to safety defect, Phunware sued by angel investors, and Gogoro manufactures one-millionth battery
Lucid Is Recalling About 200 High-End EV Sedans Due to a Safety Defect
Lucid Group Inc.(NASDAQ:LCID), a maker of luxury electric vehicles, is recalling about 200 cars due to a safety defect that could increase the likelihood of collisions.
A piece on the Lucid Air’s front strut dampers may have been installed incorrectly due to an error by a supplier, the company said in an email to customers that was seen by Bloomberg. “This condition may result in a sudden loss of ground clearance, vehicle vibration and front brake line damage, increasing the risk of a crash,” Newark, California-based Lucid told customers.
READPhunware Sued by Angel Investors Challenging SPAC Stock Lockup
A group of Phunware Inc. (NASDAQ:PHUN) investors sued the business and its leaders in Delaware, claiming they were wrongly subjected to a stock lockup clause after its reverse merger with a blank-check company, even though the provision only covers insiders and shareholders with stakes larger than 1%.
The lawsuit, filed Feb. 18 by more than dozen individual stockholders and investment firms, targets the mobile marketing and cryptocurrency services company, along with current and former members of its board and senior management.
Gogoro Manufactures One-Millionth Battery, Demonstrates Success of Open Battery Swapping Ecosystem
Gogoro® Inc., a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced it has manufactured its one-millionth battery. Launched in 2015, Gogoro Battery Swapping has become the de facto battery swapping standard for two-wheel vehicles in Taiwan, powering 95% of all electric two-wheelers. Gogoro’s open battery swapping ecosystem in Taiwan currently supports seven different vehicle brands and accounted for more than 25% of all two-wheelers sold in Taipei in December 2021.
Gogoro entered into a definitive agreement to combine Poema Global (NASDAQ:PPGH) last year on September 16.
READ
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...