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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Hudson I (NASDAQ:HUDA) has signed a definitive agreement to combine with EV maker Aiways Europe at an equity value of $410 million. Munich, Germany-headquartered Aiways Europe is developing a line of EV SUVs for the European market with support from an affiliate manufacturer in China. The combined company is expected to trade on the Nasdaq...
The clearest theme for the changes to come under the incoming Trump administration is lower taxes domestically and trade barriers abroad. And, the election’s impacts on the investment climate have been broadly favorable to SPACs, but this policy-making direction could have detrimental impacts on SPAC deals themselves. That’s because international targets have made up an...
At the SPAC of Dawn Activity has been picking up in SPACland after a sleepy start to the month, but the biggest news for the this corner of the market is not SPAC-specific. SEC Chair Gary Gensler announced his intention to resign on January 20. His resignation press release touted the $21 billion in penalties...
Deals and Amendments Arogo Capital (OTC:AOGO) has received notice that its merger target Ayurcann Holdings (CSE:AYUR) has terminated their business combination citing a breach on behalf of the SPAC. Ayurcann expects to be paid a $250,000 breakup free from Arogo. News and Rumors PR: Smart TV firm Innovid (NYSE:CTV), which combined with ION 2 in...
At the SPAC of Dawn Wednesday night saw two more SPACs price their IPOs, which means November’s eight listings will now eclipse October’s haul of seven and the five IPOs of September. Amid this accelerating momentum, a new name could soon be seen on a number of new SPACs. EF Hutton rebranded to D. Boral...