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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At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...