SPACInsider Logo
The Latest SPAC News and Rumors: November 14, 2022
by Marlena Haddad on 2022-11-14 at 11:43am

 


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

Latest SPAC News: KKR to invest $500 million in Freyr Battery, and ex-CEO of Lordstown Motors sells millions of shares of stock he owns in EV startup 


KKR Is In Talks to Invest $500 Million in Freyr Battery

Freyr Battery SA (NYSE:FREY) is in talks with KKR & Co. Inc. (NYSE:KKR) about raising financing, according to people familiar with the matter, sending shares higher by more than 10%.

The Norwegian battery company is discussing raising $500 million from KKR, said one of the people, who asked to not be identified because the details are private. The company’s financing discussions could be disclosed as soon as this week, the people said.

With a market value of about $1.7 billion, Freyr went public through a special purpose acquisition company last year. It produces so-called clean batteries for reducing emissions, according to its website.

READ

Ex-CEO of Lordstown Motors sheds more shares, gains millions

The founder and ex-CEO of Lordstown Motors (NASDAQ:RIDE) has once again sold millions of the shares of stock he owns in the electric-vehicle startup, and has earned himself millions of dollars in the process.

This time, Steve Burns sold more than 4.7 million shares of common stock over a two-day period Tuesday and Wednesday for more than $9.2 million, according to a document filed with the U.S. Securities and Exchange Commission.

When Lordstown Motors merged with New York-based DiamondPeak Holdings Corp., a special purpose acquisition, in August 2020 to become a publicly traded company, Burns’ legacy Lordstown Motors stock was converted into 46.3 million shares of common stock for the new company.

READ

 

Recent Posts
by Marlena Haddad on 2022-12-08 at 5:35pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation   Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...

by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved