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%.READ
Russian 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.READ
Allego 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.READ
Blue 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.READ