Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid Air Grand Touring fails to meet EPA mileage range, Embark Trucks to cut 70% of workforce, and Sonder to reduce employees by 14%
2022 Lucid Air Grand Touring Fails to Meet EPA Mileage Range
The highly anticipated 2022 Lucid Air Grand Touring (NASDAQ:LCID) needs to catch up to its EPA mileage range. According to a recent test, the luxury electric vehicle missed its estimated range by nearly 80 miles. This is a significant setback for the vehicle’s manufacturers, who have been promoting its long-range capabilities.
Lucid completed its merger with Churchill Capital IV in July 2021.
READEmbark Trucks lays off workers, explores liquidation of self-driving truck assets
Embark Trucks (NASDAQ:EMBK), the autonomous trucking company that went public in 2021 via a merger with a special purpose acquisition company, is cutting 70% of its workforce and shutting down two offices. And the pain may not be over as CEO Alex Rodrigues noted in an email to employees that the remaining 30% of workers will focus on winding down operations.
READSonder reduces workforce by 14% in latest layoff round
Short-term rental lodging firm Sonder (NASDAQ:SOND) is making around 100 corporate employees redundant, amounting to close to 14 per cent of the startup’s overall workforce.
The news was revealed by Francis Davidson, co-founder and CEO of Sonder, in the startup’s earnings call on Wednesday. The layoffs are set to take effect at the end of the first quarter next month.
Sonder went public last January via a business combination with SPAC Gores Metropoulos II, when it was valued in the region of $1.9 billion.
READAltimeter Partner Chris Conforti to Leave the Investment Firm
Altimeter Capital Management partner Chris Conforti plans to leave the investment firm, according to people with knowledge of the matter.
Conforti plans to join a new firm as a co-founder with former Whale Rock Capital Management partner Kristov Paulus, said one of the people, who asked not to be identified because the information is private.
Conforti was involved in an Altimeter-backed SPAC’s merger that took Grab Holdings Ltd. (NASDAQ:GRAB), according to securities filings.
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Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...
AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...