The Latest SPAC News and Rumors: August 30, 2023
by Marlena Haddad on 2023-08-30 at 11:32am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Zhaogang nears Hong Kong’s first SPAC merger, VinFast shares lose $83B as surge reverses, and SRIVARU awarded key patent

China Steel Website Zhaogang Nears Hong Kong’s First SPAC Merger, Sources Say

Chinese steel trading website is nearing a deal to merge with a Hong Kong-listed blank-check company backed by China Merchants Bank Co.’s overseas asset management arm, people with knowledge of the matter said.

The Shanghai-based company is in advanced talks to combine with special purpose acquisition company Aquila Acquisition Corp., the people said, asking not to be identified as the information isn’t public.


VinFast Shares Lose $83 Billion as World-Beating Surge Reverses

The head-scratching rally in VinFast Auto Ltd. (NASDAQ:VFS) shares came to a sudden halt on Tuesday, erasing $83 billion of market value.

The unprofitable and thinly traded maker of electric cars tumbled 44% in New York, snapping a six-day winning streak. It had been rising faster than any other large-cap stock worldwide, jumping 688% from its debut in a SPAC listing on Aug. 15 through Monday’s close.

Despite the wipeout, VinFast’s nearly $107 billion market capitalization still makes it larger than companies like BlackRock Inc. and FedEx Corp.

SRIVARU Awarded Key Patent for Motorcycle Chassis with Traction Battery Pack Protection System

SRIVARU, a commercial-stage provider of premium electric motorcycles, today announced it has been awarded a key patent from the Patent Office, Government of India, titled “Motorcycle Chassis with Traction Battery Pack Protection System” (patent #201841037229). The new patent provides the company with design IP protection in India for 20 years.  In addition, the company plans to apply for patent protection in other target markets.

On March 13, 2023, SRIVARU announced an agreement for a business combination with Mobiv Acquisition Corp (“Mobiv”) (Nasdaq: MOBV).


Palantir SPAC Spree Draws Insider Trading Lawsuit Against Thiel

A pension fund sued Peter Thiel and other Palantir Technologies Inc. (NYSE:PLTR) board members over claims they made billions in insider trades while jacking up its stock price through a spree of reckless investments with doomed blank-check companies.

The shareholder lawsuit, made public late Monday, also targets company president Stephen Cohen and CEO Alex Karp, who co-founded Palantir with Thiel, its chairman. The suit says they drove the analytics business to invest hundreds of millions with special purpose acquisition companies in exchange for side deals they could use to report revenue they knew Palantir would never see.

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