Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Electric Last Mile plans to liquidate, Mondee partners with EBG, and federal regulators deepen probe into Trump’s social media deal
EV-Truck Startup Electric Last Mile Says It Plans to Liquidate
Electric Last Mile Solutions Inc. (NASDAQ:ELMS) plans to liquidate its operations about a year after the electric-vehicle startup went public and just four months after both its chief executive officer and chairman resigned.
The Troy, Michigan-based company said in a statement late Sunday that its board and interim CEO, Shauna McIntyre, decided to liquidate through a Chapter 7 bankruptcy process. The decision comes after a review of Electric Last Mile’s products and plans turned up no better option for stockholders, creditors and other interested parties, it said.
READMondee Partners With EBG on Travel and Entertainment Technology Platforms and Subscription Based Marketplaces
Mondee Holdings II, Inc. (“Mondee”), the fast-growth, travel technology company and marketplace, with a portfolio of globally recognized platforms and brands in the leisure, retail and corporate travel sectors, today announced that it has signed a strategic partnership with EBG to exchange access to technology, customer networks and a broad array of travel options, attractions and events.
Mondee expects to complete its previously announced business combination with ITHAX Acquisition Corp. (Nasdaq: ITHX) in the first half of 2022.
READFederal regulators deepen probe into Trump’s social media deal
Special purpose acquisition company Digital World Acquisition Corp (NASDAQ:DWAC) disclosed on Monday financial regulators probing its deal with former U.S. President Donald Trump’s social media firm have sought more information, while warning this could potentially delay the deal.
Shares of the SPAC, which have lost nearly 15% so far this year, were down about 10% in premarket trading. The company signed a deal in October to merge with Trump Media & Technology Group Corp (TMTG), the creator of social media platform Truth Social.
READPolestar Wins Car Design and Auto Trader Awards on the Back of Record Order Demand
Polestar has won the 2022 Best Brand Design Language award at the prestigious international Car Design Awards. Polestar’s Head of Design, Maximilian Missoni, received the Brand Design Language trophy at a ceremony held in Milan at the ADI Design Museum on 10 June.
Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022.
READAGBA (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...