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).
READ
An In-Depth Look at SPAC Activity Through the First Quarter 2025 Below is a summary of the Q1-2025 SPAC market. If you’d like a pdf copy, you can access the link HERE. While SPAC IPO issuance has continued to climb modestly in Q1, it’s doing so at a more sustainable and disciplined pace compared to...
Siddhi Acquisition Corp. (NASDAQ:SDHIU) announced the pricing of its upsized $240 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SDHIU”, Tuesday, April 1, 2025. The new SPAC plans to mount a broad search for a target company leveraging its internal network of relationships. Siddhi is to be...
UY Scuti Acquisition Corp. (NASDAQ:UYSCU) announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “UYSCU”, Tuesday, April 1, 2025. The new SPAC aims to combine with a target company in Asia, but it does not have a specific preference on industry or...
April is set to be a less-eventful month for SPAC dealmakers seeing their shares unlocked, but the activity does start already tomorrow. The sponsor of Excelfin is set to see its promote shares in Baird Medical (NASDAQ:BDMD) come available to trade on April 1. It is one of just two sponsors being released this month...
At the SPAC of Dawn Two SPACs have scheduled shareholder votes for this week including Bukit Jalil 1‘s (NASDAQ:BUJA) special meeting to approve its combination with Global IBO Group later today. The SPAC still has about half of its $50 million trust in tact going into the vote and Global IBO’s core business of providing...