Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Polestar warns of slow recovery from lockdown, CVS in exclusive talks to buy Cano Health, and Slack’s backers warn SCOTUS of hit to capital markets from direct listing case
Polestar Warns Slow Recovery From Lockdown Dragged on Results
Polestar Automotive Holding (NASDAQ:PSNY) said supply issues that lingered after China’s Covid lockdowns earlier this year will weigh on results the electric-car maker is releasing next month, though it’s sticking with its full-year deliveries target.
The Volvo Car AB plant in Luqiao, China, that produces the Polestar 2 was hamstrung or stopped entirely for almost eight weeks in the spring, and the company is still scrambling to get enough computer chips and other essential parts. Polestar handed over just 9,215 of those sedans to buyers during the quarter ended Sept. 30. The company will need to more than double that figure this quarter to reach its 50,000 vehicle target for the year, as it’s delivered 30,400 thus far.
READCVS Is in Exclusive Talks to Buy Cano Health
CVS Health Corp. (NYSE:CVS) is in exclusive talks to buy Cano Health Inc. (NYSE:CANO), the health-care provider backed by billionaire Barry Sternlicht, according to people familiar with the matter.
CVS is currently conducting due diligence on the Miami, Florida-based company, said the people, who asked to not be identified because the matter isn’t public. There is no certainty a deal will be reached, in part because Humana Inc. has a right of first refusal should Cano find a buyer under an agreement they made in 2019, said the people.
Cano Health listed on the NYSE last year through a merger with a SPAC sponsored by Sternlicht, who leads Starwood Capital Group Management.
READSlack’s backers warn SCOTUS of hit to capital markets from direct listing case
Defenders of business software company Slack Technologies LLC told the U.S. Supreme Court this week that if the justices do not step in to overturn a ruling that allows investors in a 2019 direct listing to sue Slack for alleged misrepresentations, then every company contemplating a public offering – whether through a de-SPAC deal, an IPO or a direct listing – could face expanded liability in Securities Act class actions.
READ
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have...
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...
Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...