Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Heard on the Street: VinFast’s SPAC Backers Are Backing Out
Even by the standards of electric-vehicle startups, the $40 billion market value of Vietnamese electric-vehicle startup VinFast is wild, following its combination with Black Spade last month.
The company reported results on Thursday. More interesting than the second-quarter numbers, though, was an update on the capital structure. The company last week filed documentation with the Securities and Exchange Commission to release lockup restrictions on 3.1% of its shares, worth about $1.25 billion at the current price. The shares were down 7% in morning trading.
Yubico SPAC Trading Offers Glimmer of Light to Swedish Listings
As Sweden’s first SPAC completed a deal, five months after announcing it and more than two years after launching, it may also give a small jolt to an otherwise dormant listings market, Bloomberg reports.
The Nordic country, which back in 2021 vied for the top spot as Europe’s hottest IPO market, has seen its listings scene grind to a halt as investors adjust to a world of surging financing costs.
ACQ Bure AB, one of Sweden’s few SPACs, merged Wednesday with cybersecurity firm Yubico AB at a valuation of $800 million. Yubico’s key product is the YubiKey, a physical key used to add a layer of security when logging in on websites or computers.
Maxeon to acquire shingled cell solar patents from Complete Solaria
Maxeon Solar Technologies says that it is acquiring Complete Solaria’s dealer channel operations, as well as its solar panel patent portfolio relating to shingled cell solar panel technology.
The shingled cell technology, originally developed by SunPower, is incorporated into Maxeon’s Performance line of solar modules. The 425 W modules use bifacial mono-PERC solar cells made on large-format eight-inch G12 wafers, and have an efficiency of 20.6%, according to Maxeon. Maxeon was spun off from SunPower in 2020, when both became separate entities. […]
According to Will Anderson, CEO of Complete Solaria, which combined with Freedom 1 in July, after the transaction is complete, the company plans to concentrate on it core systems segment.READ
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...