Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nikola buys Romeo Power for 11% of SPAC valuation, Morgan Stanley’s top SPAC banker exits for Elliott, and SeaStar Medical reports successful treatment
Nikola Buys Romeo Power for 11% of Battery Maker’s SPAC Valuation
Nikola Corp. (NASDAQ:NKLA) will acquire Romeo Power Inc. (NYSE:RMO) for a sliver of what the battery maker was worth when it merged with a special purpose acquisition company less than two years ago.
The all-stock transaction between two manufacturers that went public via blank-check deals in 2020 values Romeo Power at about $144 million, according to a statement Monday. That’s only about 11% of the roughly $1.33 billion value at which California-based Romeo Power agreed to merge with a SPAC.
READMorgan Stanley SPAC Banker Bennett Schachter Exits for Elliott
Bennett Schachter, the top SPAC banker at Morgan Stanley and its global head of alternative capital, is leaving for a role at Elliott Investment Management, according to people with knowledge of the matter.
Schachter, who joined the New York-based bank in 2019 after more than two decades at Goldman Sachs Group Inc., is set to join the Paul Singer-led hedge fund later this year, said the people, asking not to be identified as the move isn’t yet public.
READSeaStar Medical Reports First Successful Treatment of Pediatric Patient with Hemophagocytic Lymphohistiocytosis and Multi-Organ Failure with its SCD
SeaStar Medical, a medical technology company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, and LMF Acquisition Opportunities, Inc. (NASDAQ: LMAO), a special purpose acquisition company, today announced that SeaStar Medical’s novel Selective Cytopheretic Device (SCD) was successfully used in a pediatric patient with hemophagocytic lymphohistiocytosis (HLH), a dysregulated immune disorder in children associated with Epstein Barr virus (EBV), the virus that causes mononucleosis.
In its most severe form, HLH presents with signs and symptoms of hyperinflammation that can progress to multiorgan failure with life-threatening consequences. This is the first case of SCD therapy in a pediatric patient with HLH and multiorgan failure.
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...
At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...