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The Latest SPAC News and Rumors: August 26, 2022
by Marlena Haddad on 2022-08-26 at 11:39am

 


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

Latest SPAC News: GE sells generator technology to Hyliion, Trump’s Truth Social faces financial fallout, and Royalty Management partners with Land Betterment 


GE Sells Generator Technology for Stake in EV Startup

General Electric Co. (NYSE:GE) is selling new generator technology to startup Hyliion Holdings Corp. (NYSE:HYLN) and will take a roughly 3% stake in the electric trucking startup in a cash-and-stock transaction.

The system, cooked up by engineers at GE’s 3-D printing unit, can use as many as 20 different types of fuel and will be integrated into Hyliion’s next-generation electric truck powertrain platform. Cedar Park, Texas-based Hyliion is also paying $15 million in cash for the GE assets as well as related intellectual property and some 3D-printing machines needed to manufacture the generators.

Tortoise Acquisition Corp. completed its combination with electric vehicle (EV) component-maker Hyliion in October 2020.

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Trump’s social media app facing financial fallout

Former President Donald Trump’s social media outfit, Truth Social, is locked in a bitter battle with one of its vendors claiming that the platform is stiffing the company out of more than $1 million in contractually obligated payments, FOX Business has learned.

If the allegations are true, they would suggest that Truth Social’s finances are in significant disarray, people with direct knowledge of the matter say. Internet infrastructure company RightForge is said to be among Truth Social’s largest vendors and creditors, these people say.

Digital World (NASDAQ:DWAC) entered into a definitive agreement to combine with Trump Media and Technology Group (TMTG) on October 21, 2021.

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American Acquisition Opportunity’s Merger Target Company, Royalty Management Corporation, Funds the Acquisition and Deployment of Initial Beehives in Partnership With Restored Spirits

American Acquisition Opportunity Inc.’s (NASDAQ:AMAO) merger target company, Royalty Management Corporation, a sustainably driven, cash flow-oriented, royalty investment and development company, announced that it has acquired the initial 50 beehives for its apiary (bee keeping) partnership with Land Betterment Corporation’s Pollinate division.

RMC has provided the capital required to acquire and place these beehives, in exchange for a royalty on the honey produced and sold, with an initial offtake agreement with Land Betterment’s Restored Spirits divisions for the first honey produced from RMC’s investment. Land Betterment uses the bees to help facilitate natural land rehabilitation, and the honey produced will be used in its distilling process to produce spirits at its upcoming planned distillery in central Indiana.

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Alliance Entertainment Exclusive Naruto — Hashirama & Tobirama Limited Edition Collectible from Funko Sells Out Complete Run of 28,000 Units in One Hour

Alliance Entertainment Holding Corporation (“Alliance Entertainment”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today announced the sale of its complete run of 28,000 units of its latest exclusive from Funko® FUNKO POP! ANIMATION: Naruto 2 Pack Hashirama & Tobirama.

On June 23, 2022, Alliance Entertainment announced that it will become publicly listed through a merger transaction with Adara Acquisition Corp. (NYSE: ADRA) a publicly traded special purpose acquisition company.

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