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.”READ
SomaLogic 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.”READ
DL 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.READ
SoundHound 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.READ
Rezolve 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
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...