The Latest SPAC News and Rumors: June 28, 2023
by Marlena Haddad on 2023-06-28 at 11:35am

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

Latest SPAC News: Faraday Future raises $90 million to help get its delayed electric SUV to production


Despite EV delivery delays, Faraday Future raises $90M to stay afloat

Faraday Future (NASDAQ: FFIE) has managed to raise $90 million from existing investors to help it get its much-delayed FF 91 luxury electric SUV to production and delivery. Faraday’s investors will also accelerate an existing commitment of $15 million, the EV company said Tuesday.

Faraday is one of a litany of EV SPACs — EV startups that went public via a merger with a SPAC— that has struggled to stay afloat. The company keeps burning through cash and putting its hand out for more, while pushing the delivery date of its vehicles. Against that backdrop, Faraday Future has also been investigated by the U.S. Securities and Exchange Commission and the Department of Justice, and suffered through one internal drama after another.

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Recent Posts
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 just completed its combination with CF VIII on November 29. The billing software company reported $272.9 million in revenue and $40.9 million in adjusted EBITDA in...

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...

by Nicholas Alan Clayton on 2023-12-07 at 7:52am

At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...

by Nicholas Alan Clayton on 2023-12-06 at 4:17pm

TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...

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