Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ginkgo Bioworks Q4 revenues quadruple, and Volta sees sharp drop after founders resign
Ginkgo Bioworks Reports Fourth Quarter and Full Year 2021 Financial Results
Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, “Ginkgo”), the leading horizontal platform for cell programming, today announced its results for the fourth quarter and year ended December 31, 2021.
Fourth quarter highlights include total revenue of $148 million, up from $32 million in the comparable prior year period, an increase of 363%, and foundry revenue of $34 million, up from $16 million in the comparable prior year period, an increase of 108%.
READVolta Plunges After Founders of EV-Charging Company Resign
Volta Inc. (NYSE:VLTA) dropped sharply after the electric-vehicle charging company announced the abrupt departures of two top executives, both of them founders of the firm. The resignations of Chief Executive Officer Scott Mercer and President Chris Wendel came a week after the San Francisco-based firm postponed reporting its latest quarterly earnings, although it was unclear if there was any connection between the events.
Volta fell 18% to $3.37 on Monday, after hitting an all time low earlier in the day. The company went public last year through a merger with Tortoise Acquisition Corp. II.
READMajor SPAC News, Rules May Be Coming This Week
On Thursday, March 24th, the Securities and Exchange Commission announced an agenda for a March 30th open meeting for the Divisions on Corporate Finance and Investment Management. The meeting has only one agenda item: SPACs, shell companies, and projections.
In December 2021, SEC Chair Gary Gensler compared SPACs to traditional IPOs, and noted that there may be different levels of disclosure provided to various parties involved in SPAC transactions. He further made reference to future regulatory action on SPACs.
READKhazna to Launch SPAC in 2024
Financial services startup Khazna is planning to establish a SPAC in collaboration with international investors in 2024, Khazna’s co-Founder and CEO Omar Saleh told Shorouk News.
The company is also seeking local and international initial public offerings (IPO), Saleh added.
READTransfix Launches New Brand Identity and Positioning Showcasing Leadership and Momentum in New Logistics Era
Transfix, the Intelligent Freight Platform™, today announced an updated brand identity and positioning reflecting the company’s leadership and momentum in the digital freight sector.
As announced on September 21, 2021, Transfix has entered into a definitive business combination agreement with G Squared Ascend I Inc. (NYSE: GSQD), a SPAC sponsored by affiliates of G Squared, that is expected to result in Transfix becoming a publicly listed company.
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Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...
Trump Media (NASDAQ:DJT) is down about -15% in the pre-market following the filing of its first S-1 since closing its combination with Digital World, and this includes the issuance of the 21,491,251 shares. Of these, 14,375,000 are to be made available for those exercising warrants while the rest would go out to note holders from...
At the SPAC of Dawn This week, bookended by the end of Ramadan and the beginning of Passover, could wind up stacked with events to avoid those holiday times, but for now SPACs have scheduled just six extension votes for this stretch. Redwood (NASDAQ:RWOD) and Genesis Growth Tech (OTC:GGAAF) have yet to release results from...