Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Faraday Future ousts its CEO and Hyzon Motors SPAC board is sued over ‘outlandish’ deal hype
EV SPAC Faraday Future ousts its CEO
Faraday Future (NASDAQ:FFIE), the troubled EV startup-turned-publicly-traded company, has shuffled its executive ranks once again.
The board fired its CEO Carsten Breitfeld, according to a regulatory filing posted Monday after the markets closed. Brietfeld, who was the former co-founder of failed EV startup Byton, took the leadership role at Faraday Future in September 2019.
The messiness at the company has only ramped up since it went public through a merger with Property Solutions Acquisition Corp. in July 2021. Investigations, a restructuring and a going concern warning are just a few of the dramatic turn of events in the past 18 months.
READHyzon Motors SPAC Board Sued Over ‘Outlandish’ Deal Hype
Investors of a special purpose acquisition company that merged with zero-emission hydrogen fuel automaker Hyzon Motors Inc. (NASDAQ:HYZN) have filed suit in Delaware Chancery Court, claiming the SPAC’s sponsors, founders and directors made misrepresentations about Hyzon to gain shareholder approval of the deal.
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Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...