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 As we close out Passover and head into Easter weekend, we’re reminded that even the most hopeless situations, like wandering the desert for 40 years, being dead for three days, or trying to close a DeSPAC with zero redemptions in this market, can eventually turn around. After all, SPACs have...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) has filed for a $152.2 million SPAC to find an agriculture or food-tech target company The new SPAC is overfunded to 100.5% and is set to have both a 3/4 warrant and right to a 1/20 share in each of its units. This vies for the most investor-friendly unit coverage of...
EGH Acquisition Corp. (NASDAQ:EGHAU) has filed for a $150 million SPAC to continue the work of the Tortoise serial SPAC team under a fresh name. The new SPAC is not overfunded and will have one right to a 1/10 share in each of its units. It will have 24 months to initially close a business...
Yorkville Acquisition Corp. has filed for a $150 million SPAC to bring the sponsor’s experience in SPAC investing to a search for a technology, media or telecom target. The new SPAC is overfunded to 100.5% with $10.05 per unit in trust initially. Each unit is set to contain a 1/3 share and it will have...
At the SPAC of Dawn This week’s trading comes to an end later today as the US exchanges will observe the Good Friday holiday (but the SEC’s EDGAR filing system will not). Dow futures ahead of this session remain in the red although both the S&P 500 and Nasdaq look to make up some losses...