The Latest SPAC News and Rumors: June 13, 2022
by Marlena Haddad on 2022-06-13 at 11:35am

 


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.

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Mondee 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.

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Federal 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.

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Polestar 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.

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Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

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