Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Grab revealed as top food delivery player in ASEAN despite slowing growth, SomaLogic reduces staff, and DL E&C, Doosan invest $25M in X-Energy
Grab tightens ASEAN food delivery grip despite slowing growth
Singapore-based superapp developer Grab (NASDAQ:GRAB) is cementing its position as the dominant food delivery player in the Association of Southeast Asian Nations, even as growth in the once booming digital service dramatically slows, a report released on Tuesday showed.
The Nasdaq-listed startup is now the leader in Thailand, Vietnam, Malaysia, Singapore, Indonesia and the Philippines within the 10-member ASEAN bloc, according to the report published by Singapore-based Momentum Works.
“Grab, as a result of the SPAC listing, they received a large cash infusion,” Jianggan Li, CEO of Momentum Works, said during an online briefing on Tuesday. “So, compared to the major players, they probably have the best cash position.”
READSomaLogic implements ‘small reduction’ in staff in effort to ‘right-size’
SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, cut its workforce last month in advance of what company leaders expect could be an economically rocky 2023.
In a regulatory disclosure this week, the company, which develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning, said it has undergone a “recent right-size of organization to focus on greatest long-term growth opportunities in SomaLogic’s life sciences business while preserving and leveraging the balance sheet to actively expand the portfolio.”
READDL E&C, Doosan to invest $25 million in SMR developer X-Energy
South Korea’s DL E&C Co. and Doosan Enerbility Co. will invest a combined $25 million in X-Energy Reactor Co., a US-based small modular reactor (SMR) developer.
X-Energy said on Wednesday that it was receiving the strategic investment to finance the development of its advanced SMR, or Xe-100.
Their investments come as X-Energy is expected to list on the New York Stock Exchange once it completes a merger with Ares Acquisition Corp. (NYSE:AAC) in the second quarter of this year, the company said.
READSoundHound axes nearly 50% of staff less than a year after IPO
SoundHound, a speech and music recognition company, laid off nearly half of its remaining staff earlier this month, less than a year after the company went public on the NASDAQ.
The development was reported by tech news outlet Gizmodo on Friday (January 13), citing three employees who were axed and an email from the company’s CEO, Keyvan Mohajer.
In the said email, Mohajer wrote: “When we set course in early 2021 to become publicly listed, high-tech companies like SoundHound were the darlings of the investor community.”
SoundHound went public in New York in April 2022 after closing a $2.1 billion merger with special purpose acquisition company Archimedes Tech SPAC Partners.
READRezolve and Grupo Carso enter into strategic partnership to transform Latin American market for Omni Channel Mobile Engagement
Rezolve, a leader in mobile commerce and engagement, and Grupo Carso, today announced a strategic partnership that will see Rezolve’s technology integrated into Claro Shop and T1 Comercios, one of Mexico’s largest online marketplaces, and is expected to transform the mobile shopping experience for millions of consumers.
On December 17, 2021, Rezolve Limited, a private limited liability company registered under the laws of England and Wales, entered into a business combination agreement, dated as of December 17, 2021, with Armada Acquisition Corp. I (NASDAQ:AACI).
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October continued the recent trend of SPAC teams seeking additional extensions beyond their first one, as they work on closing their combinations with the remaining funds after redemptions. Meanwhile, new SPACs are launching IPOs and beginning their search processes, signaling a shift in the market. Extension Votes In October, there were 13 scheduled extension votes....
K&F Growth II (NASDAQ:KFIIU) has filed for a $250 million IPO with aggressive terms and a laser focus on hospitality and gaming targets. The SPAC comes to market with a 24-month initial search clock and a trust that is not overfunded. This makes it only the second of underwriter BTIG’s nine SPACs filed in 2024...
At the SPAC of Dawn During a day of Halloween parties, SPACs adopted a one in, one out policy with two fresh SPACs pricing their IPOs just as two others opted to exit the club via liquidation. Given that the two new SPACs, Bleichroeder I (NASDAQ:BACQU) and Newbury Street II (NASDAQ:NTWOU), will begin trading later...
Bleichroeder Acquisition Corp. I (Nasdaq: BACQU), announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACQU”, Friday, November 1, 2024. The new SPAC intends to focus their efforts on businesses in the technology, media and telecommunications (“TMT”) sector as well as sectors...
Newbury Street II Acquisition Corp (Nasdaq: NTWOU), announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NTWOU”, Friday, November 1, 2024. The new SPAC intends to capitalize on the deal making and business building experience of their management team when conducting the...