Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid Air Grand Touring fails to meet EPA mileage range, Embark Trucks to cut 70% of workforce, and Sonder to reduce employees by 14%
2022 Lucid Air Grand Touring Fails to Meet EPA Mileage Range
The highly anticipated 2022 Lucid Air Grand Touring (NASDAQ:LCID) needs to catch up to its EPA mileage range. According to a recent test, the luxury electric vehicle missed its estimated range by nearly 80 miles. This is a significant setback for the vehicle’s manufacturers, who have been promoting its long-range capabilities.
Lucid completed its merger with Churchill Capital IV in July 2021.
READEmbark Trucks lays off workers, explores liquidation of self-driving truck assets
Embark Trucks (NASDAQ:EMBK), the autonomous trucking company that went public in 2021 via a merger with a special purpose acquisition company, is cutting 70% of its workforce and shutting down two offices. And the pain may not be over as CEO Alex Rodrigues noted in an email to employees that the remaining 30% of workers will focus on winding down operations.
READSonder reduces workforce by 14% in latest layoff round
Short-term rental lodging firm Sonder (NASDAQ:SOND) is making around 100 corporate employees redundant, amounting to close to 14 per cent of the startup’s overall workforce.
The news was revealed by Francis Davidson, co-founder and CEO of Sonder, in the startup’s earnings call on Wednesday. The layoffs are set to take effect at the end of the first quarter next month.
Sonder went public last January via a business combination with SPAC Gores Metropoulos II, when it was valued in the region of $1.9 billion.
READAltimeter Partner Chris Conforti to Leave the Investment Firm
Altimeter Capital Management partner Chris Conforti plans to leave the investment firm, according to people with knowledge of the matter.
Conforti plans to join a new firm as a co-founder with former Whale Rock Capital Management partner Kristov Paulus, said one of the people, who asked not to be identified because the information is private.
Conforti was involved in an Altimeter-backed SPAC’s merger that took Grab Holdings Ltd. (NASDAQ:GRAB), according to securities filings.
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Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...