Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Michael Andretti hunts for SPAC target beyond Formula One and Trinity Capital provides $25M growth capital to Cepton Technologies
Michael Andretti Hunts for SPAC Target Beyond World of Formula One
Michael Andretti speaks with Bloomberg on trying to find a target to merge with his SPAC Andretti Acquisition Corp. (NYSE:WNNR.UN) before the clock expires next year. The interview includes a Q&A with Andretti and his team, including the SPAC CEO Bill Sandbrook (former CEO of U.S. Concrete) and CFO Matt Brown on how the effort is going.
While McLaren Racing CEO Zak Brown sits on the SPAC’s board, Andretti’s ambitions to own an F1 team are separate and he wouldn’t use the SPAC to buy a team. Andretti recently filed an application to have a Formula One team starting in 2024.
READTrinity Capital Inc. Provides $25 Million Growth Capital to Cepton Technologies, Inc.
Trinity Capital Inc. (Nasdaq: TRIN), a leading specialty lending company that provides debt, including loans and equipment financing, to growth-stage companies backed by technology banks, venture capital, and private equity firms, is pleased to support Cepton’s growth with a $25 million facility.
The transaction was completed prior to Cepton Technologies’ closing of the merger with Growth Capital Acquisition Corp, now renamed to Cepton Inc. (Nasdaq: CPTN). $10 million was drawn under the facility and Cepton has the option to draw an additional $15 million at any time prior to July 1, 2022.
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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...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...