Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ouster and Velodyne agree to merger, DWAC gains as investors leap at presidential bid, and Polestar gets $1.6B boost from Volvo
Ouster and Velodyne agree to merger, signaling consolidation in lidar industry
Ouster (NYSE:OUST) and Velodyne (NASDAQ:VLDR), two lidar companies, have agreed to a merger in an all-stock transaction, the companies said Monday. Both Ouster and Velodyne will maintain a 50% stake in the new company, according to the agreement that was signed on November 4.
The merger comes as many in the industry, including autonomous vehicle technology company Cruise’s CEO Kyle Vogt, have been expecting another round of consolidation in the lidar space.
That’s in part because there are too many lidar companies for how many OEMs are implementing the sensor for autonomous driving applications. It’s also because many of these companies, including Ouster and Velodyne, went public via special purpose acquisition at potentially inflated valuations that were based on projected revenue, not actual revenueREAD
Trump-Tied SPAC Gains as Investors Leap at Presidential Bid
Investors snapped up shares of Digital World Acquisition Corp. (NASDAQ:DWAC), the blank-check firm set to merge with Donald Trump’s social media company, after the former president hinted at plans to make another bid for the White House.
The special-purpose acquisition company rallied as much as 31% to the highest since September in heavy trading on Monday. Warrants tied to the SPAC surged 53%, while Phunware Inc. (NASDAQ:PHUN), a software company that worked on Trump’s re-election campaign, jumped 19%.READ
Polestar gets a $1.6 billion boost from Volvo, another major stakeholder
Polestar (NASDAQ:PSNY) said Thursday it had secured $1.6 billion in funding from its two major shareholders to help it achieve its growth plans in volatile markets.
Volvo, which co-founded the brand with China’s Geely in 2017, said it would provide an $800 million loan to the company. The other major shareholder, PSD Investment, will provide the same amount through “direct and indirect financial and liquidity support,” Polestar said.
Volvo, which owns just over 48% of Polestar, said the loan included options for Volvo to convert some of its loans into equity in a possible future capital increase by Polestar.
In June, Polestar was listed on Nasdaq through a merger with a SPAC.READ
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...