Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Wilbur Ross SPAC in talks to merge with UK’s Atom Bank, eToro targets $1B funding round, and Symbotic expands Walmart partnership to implement automation system
Trump’s Commerce Secretary Ross Plots £700M Merger With UK’s Atom Bank
The SPAC set up by Wilbur Ross, who was President Trump’s commerce secretary between 2017 and 2021, is in detailed talks about a merger with Durham-based Atom Bank.
Under the terms of the prospective merger, Atom Bank would agree to merge with Ross Acquisition Corp II (NYSE:ROSS), a SPAC which listed on the New York Stock Exchange in the spring of last year.
The SPAC would also raise about £150m through a PIPE.
READeToro Targeting $1B Funding Round After SPAC Stalls
The trading company that was bogged down by a protracted prospectus and regulatory process did not manage to complete its SPAC merger at a valuation of $10.3 billion in time and now seems to understand that it will not be able to go public as it has planned. While eToro continues to work to complete the SPAC merger, it is also in advanced stages of completing a massive private funding round of between $800 million and $1 billion. However, the valuation of the company in the round is set to only be around $5-6 billion.
Walmart and Symbotic Expand Partnership to Implement Industry-Leading Automation System
Symbotic LLC, a revolutionary A.I.-powered supply chain technology company, and Walmart Inc. announced an expanded commercial agreement to implement Symbotic’s robotics and software automation platform in all 42 of Walmart’s regional distribution centers over the coming years. This is an expansion of Walmart’s prior commitment to deploy Symbotic Systems in 25 regional distribution centers.
Symbotic has previously announced its entry into a business combination agreement with SVF Investment Corp. 3 (NASDAQ: SVFC) which is expected to make Symbotic a public company listed on Nasdaq.
READMSP Recovery Enters Into Agreement With Mexico’s SeguriTech to Enhance MSPR’s Data Capabilities, Position MSPR for International Growth, and Expand the LifeWallet Platform Across Mexico
MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader today announced it has entered into a Data Transfer Agreement with one of the leaders in Mexican data and cybersecurity, SeguriTech, S.A. de C.V., positioning MSPR to expand its services internationally.
On May 18, 2022, Lionheart Acquisition Corporation II (Nasdaq: LCAP), a publicly traded special purpose acquisition company, announced that shareholders of record as of April 18, 2022 approved the previously announced business combination with MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader.
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At the SPAC of Dawn The year’s first big IPO has arrived, and its wings have already been trimmed before it got out the gate. AI chip firm CoreWeave had been aiming to price at a range of $47 to $55 per share, which would have valued the company at $26.5 billion at the top...
At the SPAC of Dawn Another day, another wave of trade war news as US President Donald Trump has announced fresh 25% tariffs on all imported automobiles on April 3 in addition to the new customs duties expected to come into force on April 2. These moves cut across a wide swath of SPAC target...
Armada Acquisition Corp. II has filed for a $200 million SPAC to combine with a fintech, SaaS or AI company with nearly the same team top-to-bottom that just completed its first SPAC combination in that space. The filing is Cohen & Company’s seventh of the year as left-lead underwriter and Northland Capital Markets is stepping in...
HCM II (NASDAQ:HOND) has entered into a definitive agreement to combine with nuclear reactor developer Terrestrial Energy at a pro forma equity value of $1.3 billion. Charlotte, North Carolina-based Terrestrial is developing unique molten salt nuclear reactors designed to generate enhanced heat outputs for industrial client processes. The combined company is expected to trade on...
At the SPAC of Dawn Rain or shine, legal challenges for SPACs do not appear to be going anywhere. Cornerstone Research found this week that the number of securities class action lawsuit settlements increased +6% in 2024 and suits targeted at SPACs or de-SPACs represented 19% of this total. On the plus side, the median...