Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Sarcos acquires RE2 Robotics, British insurance duo unveil SPAC in London, and SomaLogic sees record sales in 2021
Sarcos Acquires RE2 Robotics, Positions for Expansion
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) announced that the Company has reached a definitive merger agreement to acquire Pittsburgh-based RE2, Inc., a developer of autonomous and teleoperated mobile robotic systems for use in the aviation, construction, defense, energy and medical industries. This transaction brings together two leading commercial robotics teams focused on industrial robotic technologies that improve worker safety and productivity. Consideration for the transaction is $100 million, consisting of $30 million in cash, which Sarcos expects to fund with cash on hand, and $70 million of Sarcos common stock.
Rotor Acquisition Corp. completed its combination with industrial robotics maker Sarcos last September.
READBritish Insurance Duo to Unveil £150M London SPAC Fundraising
Andy Rear, a former Munich Re executive, and Will Allen, who has worked for the investment bank KBW, plan to unveil FINSAC, a SPAC, on the London Stock Exchange in the coming days.
The new shell company has lined up senior insurance industry figures including David Morant, a veteran fund manager, and Paul Jardine, the chairman of Lloyd’s of London managing agent Asta, as non-executive directors.
READSomaLogic Sees Record Sales in 2021, But Nearly Doubles Losses
SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, grew sales in 2021 by almost 50% year over year, but also nearly doubled its losses.
The company posted revenues of $81.6 million, up 46.1% over 2020. That’s a company record and well ahead of guidance provided in previous quarters.
Net loss was $87.5 million, or a loss of 64 cents per share, as compared to a net loss of $53 million, or 81 cents per share in the prior year.
CM Life Sciences II Inc. completed its combination with proteomics firm SomaLogic in September.
READSelina Celebrates 11 New Openings and Signings Globally in First Quarter
Selina, the fast-growing lifestyle and experiential hospitality brand targeting Millennial and Gen Z travelers, announced today that it celebrated the signing of six new locations in Morocco, Portugal, the United Kingdom and Israel as well as the opening of five new destinations in Israel, Australia and Brazil during the first quarter of 2022. These new properties advance the Company’s mission to redefine the future of travel by creating destination experiences that strongly resonate with consumers.
On December 2, 2021, Selina entered into a business combination agreement with BOA Acquisition Corp. (NYSE: BOAS) that will result in Selina becoming a publicly listed company on the New York Stock Exchange under the new ticker symbol “SLNA”.
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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...