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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Four Leaf Acquisition Corporation (NASDAQ:FORL) has entered into a definitive agreement to combine with Chinese technology firm Xiaoyu Dida for undisclosed terms. The Guangzhou, China-based firm produces software and hardware for smart car washing systems. The parties have set December 31, 2025 as the initial outside date and the combined company is expected to trade...
At the SPAC of Dawn SPACs are back on the board with a new deal announcement, which is the first in a little over two weeks. This brings the fourth quarter count on fresh deals to a still-meager nine after 27 were announced in the third quarter. By contrast, this quarter has still seen more...
Range Capital Acquisition Corp. (NASDAQ: RANGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RANGU”, Friday, December 20, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but will seek opportunities in capital constrained...
SPAC Deja Vu There’s been a lot of talk this year in the SPAC market about how it’s finally reverting back to a healthier version of deal flow and the comparison is always, “….like 2019”. In fact, in 2019, Trump was in office and there were 59 SPAC IPOs priced. As of this morning, Trump...
This year has seen a variety of innovations for SPACs to continue the lifespan beyond their traditional search windows. In general, this creativity is welcome as long as investors get their chance to have a say and a redemption opportunity at the appropriate time. But, in the second half of 2024, some SPACs have not...