Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump’s Truth Social cuts staff, Redbox expects boost in business, and Arrival raises $300M
Donald Trump’s Truth Social Cuts Staff as SPAC Languishes
The company behind former President Donald Trump’s Truth Social has trimmed staff while awaiting regulatory approval for a merger that offers a financial lifeline, according to two people with knowledge of the matter.
Trump Media & Technology Group, Truth Social’s parent company, laid off about half a dozen people, including senior members of its ranks, such as Chief Technology Officer William “BJ” Lawson, according to the people, who asked not to be identified because the information is private. Lawson was the third person to hold the role at the company. Some close to Trump Media estimate it can fund operations through September at present spending levels, according to the people.READ
Redbox Expects Boost in Business Thanks to Robust Theatrical Slate
Chicken Soup for the Soul Entertainment Inc. is hoping a revitalized slate of strong theatrical features will boost business at its Redbox (NASDAQ:RDBX)subsidiary.
The company says more than 40 major titles are expected to be available this year and early next year, both on DVD/Blu-ray Disc at the approximately 34,000 Redbox kiosks and digitally through Redbox On Demand for digital rental (TVOD) and purchase (electronic sellthrough, or EST).
In May 2022, Redbox agreed to be acquired by Chicken Soup for the Soul Entertainment (NASDAQ:CSSE) in an all-stock deal just over six months after Redbox closed a SPAC deal with Seaport Global.READ
Cash-guzzling Arrival raises £250m
Embattled EV startup Arrival (NASDAQ: ARVL) has raised $300m (£246.5m) from Westwood Capital but is seeking even more funding as it looks to slow the rate it burns through cash and start production.
Arrival said the new cash influx extends its runway to “late 2023”. The company is aiming to start production of its Class 4 XL van in its Charlotte, US, factory in late 2024.
Arrival, which was founded in Britain but listed on the US Nadaq exchange in 2021 through a merger with a special purpose acquisition company, is yet to report any revenue. It anticipates losses for 2022 to be as high as £840m.READ
Latest Non-Redemption Agreements: two two (TWOA) Adds Non-Redemption Agreement In connection with the previously announced shareholder meeting of two (NYSE:TWOA) to extend the company’s completion deadline from April 1, 2023 to January 1, 2024, the company and two sponsor, have entered into non-redemption agreements with several unaffiliated third parties. The third parties have agreed not to...
Latest SPAC Liquidations: Khosla Ventures Acquisition Co. III Khosla Ventures Acquisition Co. III (KVSC) to Liquidate Khosla Ventures Acquisition Co. III (NASDAQ:KVSC) did not consummate, or execute a letter of intent before March 26, and therefore shall cease all operations except for the purpose of winding up. It intends to liquidate and redeem all of its...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Faze Clan considers going private, Richard Branson sits out Virgin Orbit’s flameout, and Tempo Automation to acquire Optimum Design Associates Faze Clan considers going private amid financial concerns Esports giant Faze Clan (NASDAQ:FAZE) is...
Aquaron Acquisition Corp. (NASDAQ:AQU) has entered into a definitive agreement to combine with hydrogen energy company Bestpath at an initial equity value of $1.2 billion. Shanghai-based Bestpath has developed technology for hydrogen fuel cell-powered heavy trucks and the refilling stations that would supply them. The combined company is expected to trade on the Nasdaq once...
Manufacturing technology company Berkshire Grey (NASDAQ:BGRY), which closed a combination with Revolution Acceleration in July 2021, announced over the weekend that it is being acquired by SoftBank in a take-private transaction priced at $1.40 per share. The price marks a 24% premium over Berkshire Grey’s closing price on March 24 and a 7.6% boost over...