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.
READProSomnus 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.
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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...