Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy
Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk
Vietnamese electric vehicle (EV) maker VinFast said it is recalling all of the first batch of vehicles it shipped to the United States last year following a safety warning issued by U.S. authorities.
The move came after the U.S. National Highway Traffic Safety Administration (NHTSA) said 999 of VinFast’s VF 8 vehicles suffered a software error in the dashboard display that prevented critical safety information from being shown and “may increase the risk of a crash”.
The recall statement comes less than two weeks after VinFast announced it would list in the United States via a merger with SPAC Black Spade Acquisition Co (NYSE:BSAQ).
READBritish EV maker Arrival seeks second chance with US EV tax credits
British electric van startup Arrival (NASDAQ:ARVL) , which has hit many road bumps in its quest to become the next Tesla Inc (NASDAQ:TSLA), now hopes huge subsidies from the U.S. Inflation Reduction Act and a second reverse merger will give it a fresh shot at survival.
Since it was founded in 2015, Arrival has developed vehicles for high-profile customers like United Parcel Service Inc (NYSE:UPS) and Uber Technologies Inc (NYSE:UBER), but has burned through piles of cash without ever hitting mass production and is winding down its UK operations in favor of refocusing on the United States.
Telecom servicer QualTek enters bankruptcy to cut $307 mln debt
Telecommunications and power contractor QualTek Services Inc (NASDAQ:QTEK) filed for bankruptcy on Wednesday, armed with a restructuring deal that could slash $307 million of the company’s $625 million debt.
QualTek went public through a SPAC deal in February 2022, just before the Federal Reserve began raising interest rates in an effort to curb inflation in the U.S. economy.
QualTek filed for Chapter 11 protection in Houston, saying that increasing debt costs were beginning to cut into its operating budget, at a time when inflation was already causing it to pay more for labor and energy.
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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...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...