Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Mondee announces 1Q financials results, returns to positive EBITDA while Prenetics tumbles following Nasdaq debut
Mondee Announces 1Q 2022 Financial Results; Returns to Positive EBITDA, Almost Tripling Net Revenue
Mondee Inc., the high-growth, travel technology company and marketplace, with a portfolio of globally recognized platforms and brands in the leisure and corporate travel sectors, today announced financial results for the first quarter ended March 31, 2022. Mondee has entered into a definitive business combination agreement with ITHAX Acquisition Corp. (Nasdaq: ITHX) that is expected to result in Mondee becoming a publicly listed company on Nasdaq under the ticker symbol “MOND”.
Positive Adjusted EBITDA was $2 million, despite January and February negative impact of COVID-19 Omicron variant, an improvement of $6 million as compared to a 1Q21 Adjusted EBITDA loss of $4 million.
Gross revenue of $469 million was up 205% year-over-year as compared to $154 million in the first quarter of 2021.
READHong Kong Biotech Prenetics Tumbles After Nasdaq Debut
Biotech company Prenetics (NASDAQ:PRE) has lost more than one-third of its value since listing on the Nasdaq this week, as the Hong Kong startup’s chief executive warned that a key virus-screening business was set for a steep fall.
Shares in the company, a COVID-19 test provider that helped soccer’s Premier League resume matches, closed at $5.10 in New York on Thursday, down 40% from a high of $8.50 reached on its U.S. trading debut Wednesday.
Prenetics was the first Hong Kong unicorn to list in New York in a merger deal with SPAC Artisan Acquisition, backed by New World Development CEO Adrian Cheng.
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AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
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...