Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs remain hotter than IPOs, Arrival halts electric bus and car projects, and WeWork posts smaller loss as office occupancy grows
SPACs remain hotter than IPOs
Fintech firm Seamless, which agreed to go public at an implied $400 million valuation via a SPAC called INFINT Acquisition Corp. (NYSE:IFIN), was one of seven new SPAC mergers announced this week, while two previously announced SPAC targets began trading. Meanwhile, only one company has raised more than $100 million via traditional U.S. IPO since the beginning of July.
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Arrival pauses electric bus and car projects in cost cutting drive
Electric vehicle start-up Arrival (NASDAQ:ARVL) is putting its bus and car projects on hold as it seeks to reduce costs by a third and focus on production of its debut van to generate revenues, just over a year after it went public through a merger with CIIG Merger Corp. The London-based company will be delaying trials of its bus and pausing development work on its car project, according to Financial Times.
READWeWork posts a smaller loss as its office occupancy grows
WeWork (NYSE:WE) reported a smaller quarterly loss on Thursday as it continued its effort to turn a profit after the coronavirus pandemic upended its office-centric co-working business.
The company said revenue increased 37 percent in the second quarter, to $815 million, from a year earlier, as workers continued to return to offices. WeWork’s net loss shrank 31 percent to $635 million in the quarter, which ended June 30, from the year-ago period.
The earnings statement released on Thursday was the second quarterly report for WeWork, which made its market debut in October through a merger with BowX Acquisition Corp.
READTrapped H2O Investors Inherit Stake in Troubled Taxi App
Investors who have been trying for two years to reclaim money trapped in H2O Asset Management have had a new problematic investment dumped on their books: a ride-hailing app whose valuation has tumbled 75%.
German entrepreneur Lars Windhorst — as part of an ongoing attempt to repay money owed to the money manager — in January agreed to hand over notes linked to London-based hailing app Gett, according to a letter published on the firm’s website last week. H2O clients are owed about 1 billion euros ($1 billion) from assets that were frozen by the French regulator.
Back in January the Gett notes, which pay out if the company goes public, were valued at $106 million because the company was about to list through an already announced deal with Rosecliff Acquisition I (NASDAQ:RCLF). But that deal has since been shelved and the company’s valuation slashed to around $250 million from more than $1 billion.
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McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....