The Latest SPAC News and Rumors: September 11, 2023
by Marlena Haddad on 2023-09-11 at 11:33am

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

Latest SPAC News: Lotus Robotics designated by leading automakers to license its driving solutions and VinFast’s rally burns traders playing greater fool theory


Lotus Robotics Designated by Leading Automakers to License its Intelligent Driving Solutions

Lotus Technology Inc. a leading global luxury electric vehicle maker, announced today that its intelligent driving arm, Lotus Robotics, has been designated to license several leading automakers to provide them with its intelligent driving technology and software. The announcement demonstrates the R&D prowess that is driving the growth of Lotus Tech’s technology-related revenues as the Company executes its Vision80 business transformation strategy.

As announced in January 2023, Lotus Tech entered into a definitive agreement and plan of merger with L Catterton Asia Acquisition Corp (NASDAQ: LCAA).

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VinFast’s 504% Rally Burns Traders Playing Greater Fool Theory

Eleven interest-rate hikes by the Federal Reserve have done little to break the gambling fever gripping the US stock market.

In episodes strikingly similar to those in the wildest moments of the early pandemic — think GameStop Corp. and AMC Entertainment Holdings Inc. — investors are frantically bidding up obscure stocks only to then watch them crash spectacularly. The very latest example: VinFast Auto Ltd (NASDAQ:VFS), an unprofitable electric-vehicle maker that at the zenith of a four-week trading frenzy had a market value greater than McDonald’s Corp. and four times that of General Motors Co. The stock has sunk roughly 80% in the eight days since.

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Recent Posts
by Nicholas Alan Clayton on 2023-09-29 at 1:54pm

Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....

by Nicholas Alan Clayton on 2023-09-29 at 11:29am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  $1 bln metals SPAC deal backed by Glencore, automakers collapses A $1 billion metals deal by blank-cheque fund ACG Acquisition Co has been terminated following delays when the different sides, which included a leading global miner and...

by Nicholas Alan Clayton on 2023-09-29 at 11:17am

TradeUP (NASDAQ:UPTD) announced this morning that it has closed its combination with Estrella Biopharma and its shares and warrants will begin trading on the Nasdaq under the symbols “ESLA” and “ESLAQ” on October 2. This will be the first time that TradeUp sub-unit’s will split into shares and their accompanied 1/2 warrants. The SPAC secured...

by Nicholas Alan Clayton on 2023-09-29 at 8:34am

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this morning that its shareholders approved its combination with EV motorcycle-maker SRIVARU at a special meeting September 28. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down to 195,992 through the vote. But, on September 27, Mobiv provided an update exhorting redeemers to change their decisions, noting that its ex-redemptions...

by Nicholas Alan Clayton on 2023-09-29 at 7:03am

Hennessy Capital Investment Corp VI (NASDAQ:HCVI) announced overnight that it plans to adjourn today’s 9 am ET extension vote and reopen it at 3 pm ET this afternoon. This does not technically change the redemption deadline for investors, but those wishing to withdraw their redemption requests may still do so by 2 pm ET today....

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