Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs remain hotter than IPOs, Arrival halts electric bus and car projects, and WeWork posts smaller loss as office occupancy grows
SPACs remain hotter than IPOs
Fintech firm Seamless, which agreed to go public at an implied $400 million valuation via a SPAC called INFINT Acquisition Corp. (NYSE:IFIN), was one of seven new SPAC mergers announced this week, while two previously announced SPAC targets began trading. Meanwhile, only one company has raised more than $100 million via traditional U.S. IPO since the beginning of July.
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Arrival pauses electric bus and car projects in cost cutting drive
Electric vehicle start-up Arrival (NASDAQ:ARVL) is putting its bus and car projects on hold as it seeks to reduce costs by a third and focus on production of its debut van to generate revenues, just over a year after it went public through a merger with CIIG Merger Corp. The London-based company will be delaying trials of its bus and pausing development work on its car project, according to Financial Times.
READWeWork posts a smaller loss as its office occupancy grows
WeWork (NYSE:WE) reported a smaller quarterly loss on Thursday as it continued its effort to turn a profit after the coronavirus pandemic upended its office-centric co-working business.
The company said revenue increased 37 percent in the second quarter, to $815 million, from a year earlier, as workers continued to return to offices. WeWork’s net loss shrank 31 percent to $635 million in the quarter, which ended June 30, from the year-ago period.
The earnings statement released on Thursday was the second quarterly report for WeWork, which made its market debut in October through a merger with BowX Acquisition Corp.
READTrapped H2O Investors Inherit Stake in Troubled Taxi App
Investors who have been trying for two years to reclaim money trapped in H2O Asset Management have had a new problematic investment dumped on their books: a ride-hailing app whose valuation has tumbled 75%.
German entrepreneur Lars Windhorst — as part of an ongoing attempt to repay money owed to the money manager — in January agreed to hand over notes linked to London-based hailing app Gett, according to a letter published on the firm’s website last week. H2O clients are owed about 1 billion euros ($1 billion) from assets that were frozen by the French regulator.
Back in January the Gett notes, which pay out if the company goes public, were valued at $106 million because the company was about to list through an already announced deal with Rosecliff Acquisition I (NASDAQ:RCLF). But that deal has since been shelved and the company’s valuation slashed to around $250 million from more than $1 billion.
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Cantor Equity Partners I, Inc. (NASDAQ:CEPO) has filed for a $200 million IPO with near identical terms to its sister SPAC Cantor Equity Partners, Cantor Equity Partners (NASDAQ:CEP), giving the team a second vehicle in the mix with terms designed to be particularly attractive to targets. It would be the fourth SPAC to IPO in...
This week, we speak with Betsy Cohen and Maxwell Smeal from the Cohen Circle Acquisition Corp. I team to get their views on the current SPAC landscape. Betsy Cohen is already a well-known figure in SPAC circles for having previously led the Fintech Acquisition and FTAC SPACs. Betsy and Max discuss the past, present and...
At the SPAC of Dawn The first full week of November is expected to be action-packed as SPAC shareholders will be turning in scores of ballots of their own amid the US election week. The next five days are to play host to 10 extension meetings and a pair of completion votes by Atlantic Coastal...
Terms Tracker for the Week Ending November 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Once again, the past week was all about new issuance while the DeSPAC announcements remain quiet. To kick off November, two SPACs priced IPOs to...
October continued the recent trend of SPAC teams seeking additional extensions beyond their first one, as they work on closing their combinations with the remaining funds after redemptions. Meanwhile, new SPACs are launching IPOs and beginning their search processes, signaling a shift in the market. Extension Votes In October, there were 13 scheduled extension votes....