VinFast, the Vietnamese electric vehicle manufacturer, has encountered significant difficulties in penetrating the American market and securing a U.S. stock listing to help fund its global expansion. According to Experian data, the EV start-up had a meager 128 new-vehicle registrations for its VF 8 crossover between January and May, suggesting the company is failing to entice American consumers. While VinFast has attempted to stimulate sales by slashing prices and offering lease deals, it faces stiff competition in a market dominated by household names such as Ford, Volkswagen, and Tesla.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: VinFast encounters difficulties penetrating U.S. market, telecoms contractor QualTek emerges from bankruptcy and Aerwins unveils blueprint for new hovercraft
In Five Months, VinFast Delivered Only 128 Vehicles in the U.S.
Telecommunications and power contractor QualTek Services said on Friday that it has emerged from bankruptcy after it reduced its debt by about $307 million through a restructuring deal.
QualTek filed for bankruptcy in May this year armed with a restructuring agreement to cut its debt and provide $40 million of new loans to fund its post-bankruptcy operations.
QualTek went public through a SPAC deal in February 2022, just before the Federal Reserve began raising interest rates in an effort to curb inflation in the U.S. economy.
Aerwins Patented Air Mobility Platform to Revolutionize Low Altitude Flights for Vehicles Opening Flight Possibilities for Electric Vehicles
AERWINS Technologies Inc. (NASDAQ: AWIN) announced that it has unveiled the blueprint for a revolution in personal transportation – XTURISMO™. AERWINS has developed the technology for its new hovercraft launching to market later this year after receiving necessary approvals from the Japan Civil Aviation Bureau (JCAB), the equivalent Japanese air mobility regulatory body to the U.S. Federal Aviation Administration (FAA). The Company’s one-of-a-kind patent-protected design blends the practicality of electric cars with the thrill of airborne travel, providing a clear, integrated solution for current electric vehicles (EV). The Company has accepted initial orders for the exclusive launch of the first commercialized model, with scheduled deliveries starting in Q3 2023.
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Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...