Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Logiq signs new client services contract, electric commercial van maker Arrival delays revenue until 2024, and Brivo receives $75M credit facility from Runway Growth Capital
Logiq Signs New Client Services Contract
Logiq, Inc. (OTCQX: LGIQ), a provider of digital consumer acquisition solutions, today announced that it has recently signed a managed services contract with an undisclosed client that is estimated to generate $2 million to $3 million in revenue per month going forward.
Commenting, Brent Suen, Chief Executive Officer, said, “We’re extremely happy to report the new client win. This contract was already in the new business pipeline of Battle Bridge, a digital marketing firm that we acquired earlier this year. Congratulations go out to our consolidated team that won this contract.”
Battle Bridge is wholly-owned by Logiq’s wholly-owned subsidiary DLQ, Inc. which recently announced it has entered into a definitive merger agreement for a business combination whereby it will merge with Abri Merger Sub, Inc., a wholly owned subsidiary of Abri SPAC I, Inc. (Nasdaq: ASPA, ASPAW, ASPAU, “Abri”), a special purpose acquisition company.
READElectric commercial van maker Arrival delays revenue until 2024
Troubled electric vehicle startup Arrival (NASDAQ:ARVL), which is restructuring its business to develop commercial vans for the U.S. instead of Europe, said Tuesday it doesn’t expect to earn revenue until after 2023.
The British company, which has struggled to raise funds to produce EVs using its modular microfactory strategy, will halt operations at its Bicester, U.K., factory to focus on opening a facility in Charlotte, North Carolina. Arrival initially planned to build the van at scale in Europe through a now-shelved $150 million at-the-market offering.
Arrival has faced several struggles — including production delays, a class action lawsuit and wide-scale layoffs — since going public last year in a $660 million special purpose acquisition deal with CIIG Merger. The company finally produced its first electric van, a last-mile delivery vehicle called the L van, in October in Bicester.
READBrivo Receives $75M Credit Facility From Runway Growth Capital
Runway Growth Capital, a provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, announces the closure of a long-term senior secured credit facility of $75 million to Brivo Systems.
Brivo will use the capital to continue developing its successful ecosystem of access control solutions that are foundational to PropTech and widely deployed via security integration partners around the world, according to the company.
The capital comes three months after Brivo terminated its merger with special purpose acquisition company Crown PropTech. The merger, which was announced in November 2021, would have saw Brivo become a public company.
Baltimore Ravens partners with SeatGeek
The National Football League’s Baltimore Ravens announced a multiyear deal with ticketing platform SeatGeek, beginning with the 2023 NFL season.
The Ravens become the fifth NFL franchise to partner with SeatGeek, joining the Arizona Cardinals, Dallas Cowboys, New Orleans Saints and Washington Commanders. The Ravens’ current ticketing partner is Ticketmaster.
RedBall Acquisition Corp. (NYSE:RBAC) originally planned to combine with ticket marketplace SeatGeek, but announced in June that it had mutually terminated the agreement.
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