Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Timberlake, Lizzo back Hydrow ahead of SPAC deal, Malaysia reviews framework for SPACs, and Embark Trucks collaborates with Cummins
Timberlake, Lizzo Back Rowing Startup Hydrow Ahead of SPAC Deal
Recording artists Justin Timberlake and Lizzo invested in Hydrow, a maker of at-home rowing machines that’s discussing going public through a merger with Sandbridge X2 Corp. (NYSE:SBII).
NFL star Travis Kelce of the Kansas City Chiefs and comedian Whitney Cummings, who like Timberlake and Lizzo, own Hydrow machines, are also among the company’s previously undisclosed investors. The foursome and retailer Fabletics join actor Kevin Hart, who was named creative director of Cambridge, Massachusetts-based Hydrow last October.READ
Malaysia to Review SPACs Rules to Profit From Blockbuster Deals
Malaysia is reviewing its framework for SPACs, amid a surge in demand for such fundraising vehicles globally, according to the nation’s markets regulator.
The review is part of the Securities Commission’s five-year plan, which aims to make Malaysian markets more relevant and efficient. The move comes weeks after Singapore and Hong Kong introduced rules for blank-check companies to list in Asia’s main financial hubs.READ
Embark Testing Cummins Inc.’s Automatic Powertrain Control in Self-Driving Trucks
Embark Trucks Inc., a leading developer of autonomous technology for the trucking industry, today announced a collaboration with Cummins to accelerate the integration of next-generation truck components and controls in self-driving trucks.
Under this collaboration, Embark is testing Cummins’ automated driving system (ADS) powertrain interface to manage powertrain operations.
In June 2021, Embark entered into a definitive business combination agreement with Northern Genesis Acquisition Corp. II (NYSE: NGAB).READ
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...