Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork CEO to step down to join private equity firm and AppHarvest discloses that it could run out of money by October
WeWork CEO Sandeep Mathrani to Step Down to Join Private Equity Firm Sycamore Partners as Director
WeWork (NYSE:WE) CEO Sandeep Mathrani is stepping down effective May 26, the co-working space firm announced this week. The Indian American will join private equity firm Sycamore Partners as a director to lead its real estate activity, “improving and optimizing real estate often embedded within Sycamore’s target companies, according to a press release from the company.
During his three years at the company, Mr. Mathrani helped take the co-working company public through a special purpose acquisition company last year.
READAppHarvest to reopen listeria-impacted CEA farm in “a few weeks” but could run out of cash “as soon as October”
US-based high-tech greenhouse grower AppHarvest (NASDAQ:APPH) could run out of money as soon as October of this year “absent additional sources of financing,” according to the indoor farming company’s quarterly regulatory report filed on May 10.
It noted in the filing that it has “incurred losses from operations and generated negative cash flows from operating activities since inception.”
AppHarvest’s struggles are well documented and have burdened the indoor farming company since shortly after it went public in February 2021 via a special purpose acquisition company at a $1 billion valuation.
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Latest Non-Redemption Agreements: EVe Mobility EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 5, 2023, EVe Mobility Acquisition Corp. (NYSE:EVE) and the Sponsor entered into non-redemption agreements with unaffiliated third party investors, pursuant to which the Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior...
Latest SPAC Liquidations: ST Energy Transition I, MELI Kaszek Pioneer Corp. ST Energy Transition I Ltd. (STET) to Liquidate on June 7 ST Energy Transition I Ltd. (NYSE:STET) announced today that the Board of Directors has elected to dissolve and liquidate the company. Net of taxes and dissolution expenses, the per-share redemption price for the...
Worldwide Webb Acquisition Corp. (NASDAQ: WWAC) announced this afternoon that it has secured a $5 million PIPE for its proposed merger with consultancy firm Aeries Technology. While most PIPEs are priced at $10 per share, Worldwide Webb’s $5 million subscription agreement was executed at just $4.48 per share in a private placement to be completed concurrently...
Metals Acquisition Corp. (NYSE: MTAL) announced this afternoon that its shareholders have approved its acquisition and business combination with the CSA Copper Mine from Glencore (LON:GLEN) at a special meeting held earlier today. The business combination and merger were overwhelmingly approved as both proposals received 27,538,130 shares in favor of it and just 455,506 shares against it. In...
Power & Digital Infrastructure II (NASDAQ: XPDB) has entered into a definitive agreement to combine with water harvesting company Montana Technologies at a pro forma enterprise value of approximately $500 million. Ronan, Montana-based Montana Technologies manufactures a dual-chamber design intended for a water harvesting process to solve legacy thermal constraints. The parties expect to close the deal in...