Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Tims China extends retail distribution partnership with Alibaba’s Freshippo, Anghami reduces headcount by 22%, and Grindr shares soar 400% after SPAC merger
Tims China extends RTD reach with Alibaba’s Freshippo
Tims China (NASDAQ:THCH) has announced a two-year ready-to-drink (RTD) retail distribution partnership with Chinese grocery chain Freshippo.
Launched in 2015 by Chinese e-commerce company Alibaba Group, Freshippo currently operates more than 300 retail stores across China. The partnership will see Freshippo introduce co-branded Tims China coffee products online and via its bricks-and-mortar stores from December 2022.
In September 2022 the Chinese operator of Canadian coffee chain Tim Hortons completed its merger with special purpose acquisition company Silver Crest.
READSpotify rival Anghami reduces headcount by 22% as part of ‘sustained focus on profitability’
A wave of layoffs has started to bite in the global music business, mirroring a trend in the wider technology sector.
In August, SoundCloud started the process of reducing its global workforce by approximately 20%, blaming a “challenging economic climate”. Now, as rumors swirl that Spotify is mulling a takeover bid for it’s MENA-focused rival Anghami (NASDAQ:ANGH), the latter company has revealed that it’s cut nearly a quarter of its own headcount. Twenty two percent of Anghami’s staff are losing their jobs.
Anghami revealed the news about reducing its headcount within its preliminary unaudited Q3 results, which were filed on Tuesday (November 15).
READGrindr Shares Soar After SPAC Merger
Shares of Grindr Inc. (NYSE:GRND) surged more than 400% to nearly $60 in morning trading after the LGBTQ-focused social network and dating app completed its merger with special-purpose acquisition company Tiga Acquisition Corp.
Nearly all of the SPAC investors pulled their money out of the deal, as has become common for such mergers recently. That left few shares trading publicly, setting the stage for today’s jump.
New financing could quicken pace of NioCorp niobium mine project
NioCorp, the Colorado-based company hoping to dig a Niobium mine in southeast Nebraska, visited there to assure area residents a new financing opportunity may speed up the development of the long-delayed project.
In September, the company merged with GX Acquisition II (NASDAQ:GXII), a special purpose acquisition company, hoping to move NioCorp onto the NASDAQ stock exchange and attract needed investment. The deal made an estimated $285 Million available to advance additional development of the Elk Creek Mine.
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At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 26, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...