Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ouster and Velodyne agree to merger, DWAC gains as investors leap at presidential bid, and Polestar gets $1.6B boost from Volvo
Ouster and Velodyne agree to merger, signaling consolidation in lidar industry
Ouster (NYSE:OUST) and Velodyne (NASDAQ:VLDR), two lidar companies, have agreed to a merger in an all-stock transaction, the companies said Monday. Both Ouster and Velodyne will maintain a 50% stake in the new company, according to the agreement that was signed on November 4.
The merger comes as many in the industry, including autonomous vehicle technology company Cruise’s CEO Kyle Vogt, have been expecting another round of consolidation in the lidar space.
That’s in part because there are too many lidar companies for how many OEMs are implementing the sensor for autonomous driving applications. It’s also because many of these companies, including Ouster and Velodyne, went public via special purpose acquisition at potentially inflated valuations that were based on projected revenue, not actual revenue
READTrump-Tied SPAC Gains as Investors Leap at Presidential Bid
Investors snapped up shares of Digital World Acquisition Corp. (NASDAQ:DWAC), the blank-check firm set to merge with Donald Trump’s social media company, after the former president hinted at plans to make another bid for the White House.
The special-purpose acquisition company rallied as much as 31% to the highest since September in heavy trading on Monday. Warrants tied to the SPAC surged 53%, while Phunware Inc. (NASDAQ:PHUN), a software company that worked on Trump’s re-election campaign, jumped 19%.
READPolestar gets a $1.6 billion boost from Volvo, another major stakeholder
Polestar (NASDAQ:PSNY) said Thursday it had secured $1.6 billion in funding from its two major shareholders to help it achieve its growth plans in volatile markets.
Volvo, which co-founded the brand with China’s Geely in 2017, said it would provide an $800 million loan to the company. The other major shareholder, PSD Investment, will provide the same amount through “direct and indirect financial and liquidity support,” Polestar said.
Volvo, which owns just over 48% of Polestar, said the loan included options for Volvo to convert some of its loans into equity in a possible future capital increase by Polestar.
In June, Polestar was listed on Nasdaq through a merger with a SPAC.
READThe pace of de-SPACs making it to their lock-up expirations is set to roughly remain level with last month as May’s batch includes five companies and six sponsors set to be released. This group features a high number of Asia-based deals including its headline performer, SunCar Technology (NASDAQ:SDA), which last closed at $7.91. Earlier this...
DT Cloud Star (NASDAQ:DTSQU) filed an S-1 to raise $60 million as the second SPAC by its sponsor team, but this venture would be the 13th foray by underwriter Alliance Global Partners and the first under its new branding as AGP. However, three of those initial filings have subsequently been withdrawn. Nonetheless, AGP is offering...
At the SPAC of Dawn Tuesday brings another packed day in a packed week of potentially market-moving events and individual SPAC actions. The market today will take in the update on US consumer confidence readings as well as the employment cost index and Treasury’s decision on its quarterly refunding plans. An unusually large portion of...
Few target companies have gone through a greater amount of change through the course of their de-SPACing process than digital transformation firm Noventiq, which makes its latest update via a new investor presentation a particularly interesting read. When it initially announced its combination with Corner Growth (NASDAQ:COOL) in May 2023, Noventiq was still listed in...
At the SPAC of Dawn Several sleepy weeks in SPACland come to an end today with five votes, including BITE‘s (NYSE:BITE) completion vote for its combination with plant-based food producer Above Food. Similarly, CONX (NASDAQ:CONX) is to hold its tender offer to complete its acquisition of the DISH Wireless HQ. Two more SPACs are holding...