Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid investors could be forced to endure windfall, and Aurora says its next generation hardware kit will debut later this year
Lucid’s SPAC Investors Could Be Forced to Endure a Windfall
With Lucid (NASDAQ:LCID) hovering around $21.70, investors could almost double their money. However, the catch is that if Lucid closes above $18 for 20 of 30 trading days — a hurdle cleared as of this week — it can demand that public holders use the warrants right now.
This means investors would lose their risk-free chance to reap huge benefits from the EV revolution if things work out, and anyone who refuses would see their warrants effectively wiped out.
On top of that, investors have to come up with fresh cash to exercise the warrants, with Lucid getting about half a billion dollars. Adding some insult to injury, insiders who hold their own series of private warrants wouldn’t necessarily have to turn them in.
READAurora Closes in On Production Version of Self-Driving Truck Technology
Mountain View, California-based Aurora Innovations (NASDAQ:RTPY) says its new hardware kit Fusion will debut in commercial pilots this year and will lay the foundation for the production version and launch of the trucking and ride-hailing business.
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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...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...