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The Latest SPAC News and Rumors: November 8, 2022
by Marlena Haddad on 2022-11-08 at 11:34am

 


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

Latest SPAC News: Southland awarded $596M contract, Foxconn invests another $170M into Lordstown Motors, and study shows SPAC, acquisitions and organizational structure changes increased audit fees


Southland Awarded $596 Million SR 23 Bridge Project over St. Johns River for the Florida Department of Transportation 

Southland Holdings, LLC (“Southland”) announced today it has been awarded a $596 million contract to construct a new bridge over the St. Johns River near Jacksonville for the Florida Department of Transportation (“FDOT”). The project will be completed by Southland’s Transportation segment.

On May 25th, 2022, Southland entered into an Agreement and Plan of Merger (the “Agreement”) with publicly-traded Legato Merger Corp. II, a special purpose acquisition company (NASDAQ: LGTO, LGTOU, and LGTOW) (“Legato”).

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Foxconn invests another $170M into EV SPAC Lordstown Motors

Taiwanese manufacturer Foxconn is increasing its investment in EV startup Lordstown Motors (NASDAQ:RIDE) by buying $170 million in common stock and newly created preferred shares.

Once the deal is complete, Foxconn will hold all of Lordstown’s outstanding preferred stock and 18.3% of its common stock on a pro forma basis. Foxconn will also have the right to two board seats, the companies said Monday.

Lordstown Motors is one of several companies that went public over the past two years by merging with a special purpose acquisition company DiamondPeak Holdings Corp., with a market value of $1.6 billion.

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FERF Audit Fee Study Shows SPAC, Acquisitions, and Organizational Structure Changes Increased Audit Scope and Fees

The Financial Education & Research Foundation (FERF)—the independent non-profit research affiliate of Financial Executives International (FEI)—today released the findings of its 13th Annual Public Company Audit Fee Study. The Study looks at various factors affecting financial reporting and external audits. This includes value derived from external audits; auditor insights; process efficiencies for public company preparers; and key factors driving audit fee changes.

Overall, average audit fees increased by a slight 2.5 percent from 2020 to 2021. Expanded scope was cited as the primary reason as stated by 53 percent of member company respondents.

Beyond existing filers, the Study shows that a significant influx of companies that entered the capital markets through SPAC and IPOs continued to influence the overall audit marketplace.

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Recent Posts
by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

by Marlena Haddad on 2022-12-08 at 10:52am

AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...

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