Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lordstown Motors and Foxconn enter JV agreement for EV development, D-Wave delivers industry-first hybrid solver, and Gogoro releases 1Q results
Lordstown Motors and Foxconn Close Asset Purchase Agreement and Enter into JV Agreement for MIH Based EV Development
Lordstown Motors Corp. (Nasdaq: RIDE), an original equipment manufacturer (OEM) of electric light duty trucks focused on the commercial fleet market, today announced that it has closed the sale of its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement for product development with affiliates of Hon Hai Technology Group (“Foxconn”).
Total proceeds to LMC were $230 million, plus the reimbursement of approximately $27 million in operating and expansion costs. In addition, Foxconn had previously purchased $50 million of LMC Class A common stock directly from the company. Concurrently with the closing, Foxconn and Lordstown Motors entered into a manufacturing supply agreement for the Endurance.
In connection with the closing of the agreement, Foxconn and LMC also entered into a joint venture agreement to co-develop EV programs using Foxconn’s Mobility-in-Harmony (MIH) open-source EV platform. The new joint venture will be called MIH EV Design LLC and will be 55% owned by Foxconn and 45% by LMC. Foxconn is committing $100 million towards the new joint venture, including a loan to Lordstown for $45 million to support its initial capital commitment.
READD-Wave Delivers Industry-First Hybrid Solver With Continuous Variables to Run on a Quantum Computer
D-Wave Systems Inc. – a global leader in quantum computing software, services, and systems, and the only quantum computing company building both annealing and gate model quantum computers – today announced an update to its Constrained Quadratic Model (CQM) hybrid solver in the Leap™ quantum cloud service. This update enables organizations, for the first time, to leverage the power of quantum computation to run constrained quadratic optimization problems with continuous variables.
D-Wave announced in February it has entered into a definitive transaction agreement with DPCM Capital, Inc. (“DPCM Capital”) (NYSE:XPOA).
READGogoro Releases First Quarter 2022 Results With YoY Revenue Growth of 61% and Total Subscribers Surpassing 467,000
Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its first quarter ended March 31, 2022.
First quarter highlights include record first quarter revenue of $94.5 million, up 61.0% year-over-year and sales of hardware and other revenues of $65.1 million, up 87.1% year-over-year. Gogoro Network saw revenue of $29.4 million, up 23.0% year-over-year. The company also saw strong growth in number of new subscribers, bringing total subscribers to more than 467,000.
Poema Global completed its combination with two-wheeled EV battery charging network Gogoro earlier this year in March.
READD-Orbit Successfully Completes Its Fifth ION Satellite Carrier Mission
D-Orbit, the space logistics and orbital transportation company in the process of going public through a transaction with Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), today announced the successful completion of the Company’s fifth mission, Spacelust. The deployment phase of the mission ended after D-Orbit’s versatile and cost-effective orbital transfer vehicle (“OTV”), ION Satellite Carrier (“ION”), successfully deployed a pair of small customer satellites from Kleos Space S.A.
READBrivo Integrates with ZeroEyes to Address Gun-Related Violence, by Saving Time to Save Lives
Brivo, a leading provider in cloud-based access control and smart building technologies that entered into a definitive merger agreement with Crown PropTech Acquisitions (NYSE: CPTK), today announced an integration with ZeroEyes, the leading AI-based gun detection solution. This new integration seamlessly combines Brivo Access with ZeroEyes AI-based gun detection by automatically locking entryways remotely as soon as a firearm is detected onsite. The partnership also serves to inform first-responder decisions by providing them with near-real time information, including where the shooter is located, what the shooter looks like and which entryways have been locked.
READEureKING SPAC Lists on Euronext Paris
Euronext today celebrates the listing of eureKING, the first French healthcare SPAC dedicated to biomanufacturing, on the regulated market of Euronext Paris (ticker code: KINGS).
eureKING SPAC was founded by an international team of healthcare experts, including Michael Kloss, former Chairman and CEO of Panasonic Healthcare, Gérard Le Fur, former CEO of Sanofi, Alexandre Mouradian, Co-Founder and Administrator of eureKARE, Christophe Jean, Strategic Partner of the private equity fund Oraxys Environment, Hubert Olivier, President for France and Belgium of the pharmaceutical distribution and healthcare services group McKesson, and Rodolphe Besserve, CEO of eureKARE.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
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...