Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nikola buys Romeo Power for 11% of SPAC valuation, Morgan Stanley’s top SPAC banker exits for Elliott, and SeaStar Medical reports successful treatment
Nikola Buys Romeo Power for 11% of Battery Maker’s SPAC Valuation
Nikola Corp. (NASDAQ:NKLA) will acquire Romeo Power Inc. (NYSE:RMO) for a sliver of what the battery maker was worth when it merged with a special purpose acquisition company less than two years ago.
The all-stock transaction between two manufacturers that went public via blank-check deals in 2020 values Romeo Power at about $144 million, according to a statement Monday. That’s only about 11% of the roughly $1.33 billion value at which California-based Romeo Power agreed to merge with a SPAC.
READMorgan Stanley SPAC Banker Bennett Schachter Exits for Elliott
Bennett Schachter, the top SPAC banker at Morgan Stanley and its global head of alternative capital, is leaving for a role at Elliott Investment Management, according to people with knowledge of the matter.
Schachter, who joined the New York-based bank in 2019 after more than two decades at Goldman Sachs Group Inc., is set to join the Paul Singer-led hedge fund later this year, said the people, asking not to be identified as the move isn’t yet public.
READSeaStar Medical Reports First Successful Treatment of Pediatric Patient with Hemophagocytic Lymphohistiocytosis and Multi-Organ Failure with its SCD
SeaStar Medical, a medical technology company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, and LMF Acquisition Opportunities, Inc. (NASDAQ: LMAO), a special purpose acquisition company, today announced that SeaStar Medical’s novel Selective Cytopheretic Device (SCD) was successfully used in a pediatric patient with hemophagocytic lymphohistiocytosis (HLH), a dysregulated immune disorder in children associated with Epstein Barr virus (EBV), the virus that causes mononucleosis.
In its most severe form, HLH presents with signs and symptoms of hyperinflammation that can progress to multiorgan failure with life-threatening consequences. This is the first case of SCD therapy in a pediatric patient with HLH and multiorgan failure.
AGBA (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...