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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Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...
At the SPAC of Dawn Layoffs in the tech sector ticked down in March to 7,322, making it the most merciful period of 2024 so far for tech workers after back-to-back months that saw nearly 35,000 let go in total, according to Layoffs.fyi. The dip could be an indication that the contraction in tech funding...
Cruise operator Viking Holdings (NYSE:VIK) put to sea with its traditional IPO yesterday and immediately showed that the public market winds could be favorable for more SPAC hospitality deals. Viking debuted near the top of its $21 to $25 range at $24, and immediately cruised up about +8.7% further to a day one close at...
As the month closes, the urgency among teams to get shareholder approval for more time to finalize business combinations continues to grow. The deadline for completing these combinations is increasingly extended as teams face rising timelines and gradually diminishing trust funds due to multiple extensions. Extension Votes April, much like the previous months, has seen...
At the SPAC of Dawn Of the days with potential to shake up the market with news this week, today is the big one. Markets are currently anticipating a “near-zero” chance of any changes in the Fed’s rate-cut schedule coming out of today’s meeting. But, other news could come in a change in policy on...