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 Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...