Ackrell I (NASDAQ:ACKIT) announced this afternoon that its business combination with outdoor cooking company Blackstone Products has been terminated and will instead liquidate its trust. While most SPACs have terminated their deals due to unfavorable market conditions, Ackrell claims its target company refused to fund a promissory note to extend the transaction deadline. More
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: FaZe Clan announces partnership with McDonald's USA, Transfix integrates with e2open, and Nikola announces leadership changes FaZe Clan Announces Partnership Renewal With McDonald's USA FaZe Holdings Inc. More
Aesther Healthcare Acquisition Corp. (NASDAQ:AEHA) has entered into a definitive agreement to combine with biotech firm Ocean Biomedical at an enterprise value of $345 million. Providence, Rhode Island-based Ocean Biomedical is developing treatments for malaria and different cancer types. More
This week, we speak with Raj Suri, Founder and CEO of Presto. Presto entered into a $634 million combination agreement with Ventoux CCM Acquisition Corp. (NASDAQ:VTAQ) in November 2021. If you’ve ordered a fast-food meal using a smart touch screen or talking to a voice AI recently, there’s a good chance Presto made that order happen. More
Warrior Technologies (NYSE:WARR) announced this afternoon that it will not complete a business combination and will instead redeem all shares. The SPAC, which announced the pricing of its upsized $240 million IPO in February 2021, will now dissolve and liquidate its trust, effective as of the close of business on September 2. More
Vision Sensing (NASDAQ:VSAC) has entered into a definitive agreement to combine with chip-maker Newsight at an enterprise value of $380 million, or 9.2x its 2023E revenue. Ness Ziona, Israel-based Newsight has developed a series of lidar and spectral imaging products that serve applications in the automotive, manufacturing and medical sectors. More
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Amazon seller Packable to shut down in bankruptcy, and Otonomo to lay off dozens after losing 90% of value Amazon Seller Packable to Shut Down in Bankruptcy After SPAC Deal Sinks Packable Holdings LLC, a Carlyle Group-backed e-commerce platform valued at more than $1 billion less than two years ago, is shutting down in bankruptcy after it failed to go public through a merger with Highland Transcend Partners I Corp. More
East Resources (NASDAQ:ERES) has entered into a definitive agreement to combine with life insurance company Abacus Life at an enterprise value of $618 million, or 26x its 2021 revenue. Orlando, Florida-based Abacus trades and holds active life insurance policies as investment assets. More
GigInternational1, Inc.(NASDAQ:GIW) announced this morning that it has entered into a non-binding term sheet to combine with renewable, manufacturing and power generating company Convalt Energy. Convalt, a portfolio company of ACO Investment Group, focuses on power generation, transmission, and solar manufacturing development within the United States. More
North Mountain Merger Corp. (NASDAQ:NMMC) announced this afternoon that it has mutually terminated its combination with commerce solutions provider Corcentric, effective immediately. Similar to most SPACs, North Mountain's proposed merger was impacted by unfavorable market conditions resulting in the termination of the deal. More
