Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
British-based electric van group races to secure Arrival of rescue bid
A British-based company that boasted that it would be a global pioneer in electric vehicle manufacturing is trying to seal a rescue takeover within weeks.
Sky News has learnt that advisers to Arrival, which is listed on New York’s Nasdaq stock exchange in a merger with CIIG, have told prospective bidders that the company’s financing requirements mean a deal would need to be completed imminently.
Alvarez & Marsal (A&M) was appointed during the summer to advise Arrival’s board on a range of restructuring options, including contingency planning for administration.
It is now seeking offers for Arrival’s business and assets, either in whole or in part, according to industry sources. […] It is said to require at least $500m of additional funding to get it to break-even, making a rescue bid for the whole business unlikely.
READTerms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...