Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: BurTech eyes deal with CleanBay Renewables, Lordstown halts production, and MercadoLibre Tops Estimates
CleanBay Renewables In Talks Over BurTech SPAC Deal
CleanBay Renewables Inc., an environmental technology company, is in talks to go public through a merger with blank check firm BurTech Acquisition Corp. (NASDAQ:BRKH), people with knowledge of the matter said.
The combination could value CleanBay at as much as $660 million including debt and earn-out provisions, according to the people, who asked not to be identified discussing confidential information. A letter of intent could be signed as soon as Friday, they said.
Lordstown halts production, shipments of Endurance electric trucks to address quality issues
Lordstown Motors (NASDAQ: RIDE) said Thursday it will suspend production and deliveries of its all-electric Endurance pickup to address performance and quality issues with certain components.
The electric vehicle startup, which partnered with Foxconn for vehicle production at an Ohio plant, said the team is working with suppliers on the root cause analysis of each issue and potential solutions, which “in some cases may include part design modifications, retrofits, and software updates.”
READMercadoLibre Tops Estimates, Will Be ‘Tactical’ in Brazil
Latin America e-commerce giant MercadoLibre Inc. (Nasdaq:MELI) reported a surge in profits in the fourth quarter, even before the meltdown of Brazil’s Americanas SA brought “tactical” opportunities in its largest market.
Operating margins jumped to 11.6% from 1.1% a year earlier, above the 6.8% forecast by Wall Street, fueled by growth from its highly-profitable digital advertising business. Net income totaled $164.7 million, topping all estimates, while net sales for the three months through Dec. 31 rose to record $3 billion, in line with forecasts.
MELI Kaszek Pioneer Corp (MEKA), a SPAC created by Mercado Libre (Nasdaq:MELI) and Kaszek, completed its IPO, raising $287M, in October 2021.
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Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...
Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...
DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group. The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Volta sued over SPAC deal, Liberty Resources establishes M&A Transition Taskforce, and chancery validates SPACs’ charter amendments and share issuances Volta Sued Over SPAC Deal as $169M Shell Sale Is Approved An investor sued...
Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively. Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and...