The Latest SPAC News and Rumors: July 27, 2023
by Marlena Haddad on 2023-07-27 at 11:31am

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

Latest SPAC News: A SPAC II in talks to sign LOI with medtech target and AppHarvest files for Chapter 11 bankruptcy 

A SPAC II Acquisition Corp. in Talks to Sign LOI With Medical Technology Target

A SPAC II Acquisition Corp. (NASDAQ:ASCB) has identified a potential business combination target company in the medical technology sector (“the Partner”) for an initial business combination that it believes may have cutting-edge technology and the potential for significant growth. The company is in preliminary talks to enter into a letter of intent with the Partner. Such letter of intent, if executed, will have no legal binding effect on either the company or Partner.

Based in Taiwan, the Partner specializes in microsphere technologies for ultrasound contrast agents that facilitate ultrasound imaging and ultrasound-mediated targeted delivery. The Partner is believed to have developed a patented microbubble based contrast agent for the usage of early cancer screening and drug delivery in ultrasonic imaging


Agri-business AppHarvest files for Chapter 11

In what it describes as a “financial and operational transition”, sustainable food company AppHarvest, Inc. (NASDAQ:APPH) has filed for Chapter 11 bankruptcy protection in a bid to it to reduce its outstanding liabilities.

The company has also obtained a commitment from Equilibrium – its largest secured creditor – to provide approximately $30m of debtor-in-possession (DIP) financing to provide the necessary liquidity to support operations during the Chapter 11 process. The DIP financing is subject to approval by the bankruptcy court.

The company went public via a SPAC in early 2021 and planned to operate 12 indoor farming facilities by 2025.



Recent Posts
by Marlena Haddad on 2023-12-08 at 10:27am

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,...

by Marlena Haddad on 2023-12-08 at 9:42am

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...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

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...

by Marlena Haddad on 2023-12-07 at 10:38am

FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...

by Marlena Haddad on 2023-12-07 at 7:55am

10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved