Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Byju’s delayed audit shows widening losses and ProSomnus announces availability of insurance reimbursement
Byju’s reports widening losses after prolonged audit delayed
Indian education provider Byju’s finally released audited financial statements after months of delay, but the disclosures are unlikely to resolve the swirl of controversy around the country’s most valuable startup.
The company reported a 13-fold widening in losses in the year through March 2021, with net losses swelling to 45.7 billion rupees ($575 million) as it boosted spending to bolster growth. Sales were little changed from the previous 12 months however, at 24.3 billion rupees.
The company’s plan to list in a US stock market through a merger with a special purpose acquisition company is “on complete pause” following a slump in technology valuations, founder Byju Raveendran said.READ
ProSomnus Announces Availability of Insurance Reimbursement for Oral Appliance Therapy Devices in Germany
ProSomnus, a pioneer in precision medical devices for the treatment of Obstructive Sleep Apnea (OSA), today announced that the ProSomnus EVOTM Sleep and Snore Device is now reimbursable by Germany’s public health insurance system.
In May 2022, ProSomnus entered a definitive merger agreement with Lakeshore Acquisition I Corp. (Nasdaq: LAAA), a special purpose acquisition company.READ