Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Grab plummets 37%, Russian mogul’s EV startup struggles following SPAC deal, and Allego partners with Tamoil Italia
Grab Shares Plunge 37% to Lowest Ever as Losses Mount
Grab Holdings Inc.’s (NASDAQ:GRAB) stock plummeted 37% on Thursday after the company reported wider losses in the fourth quarter, pushing to $22 billion the decline in its market value since it went public through a merger with a blank-check firm in December.
Southeast Asia’s ride-hailing and delivery giant has plunged 63% since its debut, placing it among the Nasdaq Composite Index’s worst performers over that stretch. Thursday’s drop marked its biggest selloff ever after the Singapore-based company’s quarterly net loss nearly doubled from last year while revenue shrank 44%.
READRussian Mogul’s EV Startup Struggles One Year After SPAC Deal
There was much going for Arrival Ltd. (NASDAQ:ARVL) when Denis Sverdlov was preparing to take the maker of electric vans and buses public a year ago.
The Russian founder and chief executive officer of the mostly U.K.-based manufacturer had brokered a partnership to jointly develop vehicles with Hyundai Motor Co. and Kia Corp., and lined up major order from United Parcel Service Inc. (NYSE:UPS). All three invested before BlackRock Inc.(NYSE:BLK) put in more money.
The company’s valuation plunged to just below $2 billion by late January, after it pushed back production plans and told investors to no longer rely on the forecasts it made during the SPAC merger.
READAllego Enters Italy Through Strategic Agreement with Tamoil Italia to Bring EV Charging to 11 Tamoil Sites
Allego Holding B.V., a leading pan-European electric vehicle charging network that announced a business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced that it has entered into a strategic agreement with Tamoil Italia, a leading fuel energy provider within the European downstream oil and gas sector, to develop 11 ultra-fast and fast charging locations throughout Italy at pre-existing Tamoil sites.
READBlue Owl Capital Plans London IPO of Dyal Assets
Blue Owl Capital Inc. (NYSE:OWL) is planning to list billions of dollars of assets from its Dyal Capital Partners business in a rare sizable initial public offering in the U.K., according to people familiar with the matter.
The investment firm is working with Bank of America Corp. (NYSE:BAC), Goldman Sachs Group Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) on a listing in the first half.
Blue Owl, formed through a merger of Dyal Capital Partners and Owl Rock Capital, would likely place assets including some of Dyal’s minority stakes in private equity firms in the vehicle. Blue Owl, which listed in New York through a SPAC manages about $94 billion in assets covering money managers, private credit and real estate.
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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...
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...