Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Pagaya Technologies weighs takeover of Sunlight Financial, Lanvin Group sales rise 37% to €422 million, and Mexico’s Covalto delays Nasdaq listing to 2024
Pagaya Technologies Weighs Takeover of Sunlight Financial
Pagaya Technologies Ltd. (NASDAQ:PGY) is exploring an acquisition of Sunlight Financial Holdings Inc.(NYSE:SUNL), which helps homeowners finance rooftop solar panels, people with knowledge of the matter said.
The Tel Aviv-based financial technology company has expressed interest in Sunlight, according to the people, who asked not to be identified discussing confidential information.
Shares of Sunlight soared as much as 122%. They were up 81% to 59 cents each at 1:33 p.m. in New York trading Thursday, giving the company a market value of $79 million. Pagaya’s shares were up 4.2% to 95 cents, giving it a market value of $672 million.
Both Pagaya, whose technology is used to originate consumer loans, and Sunlight went public via mergers with blank-check companies.READ
Post-SPAC, Lanvin Group sales rise 37% to €422 million
Lanvin Group (NYSE:LANV) said revenues rose 37 percent to €422 million in 2022 and the company is pushing ahead with its plans to break even in 2024. It follows the group’s debut on the New York Stock Exchange in December through a SPAC deal with Primavera Capital Acquisition Corporation, when it was valued at $1.3 billion.
Flagship brand Lanvin was the biggest sales driver in 2022, reporting a 64 percent year-on-year increase to €120 million. Revenues at the luxury Italian footwear brand Sergio Rossi, which the group acquired in July 2021, increased 116 percent to €62 million. All other brands in the portfolio saw double-digit sales growth. Revenues at Italian menswear tailoring brand Caruso grew 25 percent to €31 million; American luxury knitwear brand St John reached €86 million, up 17 percent; and Wolford, known for its tights, bodysuits and underwear, saw revenues reach €125 million, up 15 percent from the previous year.
Mexico’s Covalto quietly delays Nasdaq listing to 2024
Mexican digital and banking services platform Covalto has pushed back its much-anticipated plans to list on the Nasdaq exchange through a SPAC to 2024, according to a filing to the U.S. Securities and Exchange Commission
The company had initially sought to go public in the first quarter, seeking to be the first Mexican fintech to trade publicly on a U.S. stock bourse. However, dampened markets have seen few listings and a near-hiatus of SPACs globally so far this year.READ
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...