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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News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...
At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...
News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...
Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...
At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....