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 A new conservative stock with meme potential is further taking shape as the market finds its footing this week. Firearms marketplace GrabAGun nominated its Board that will take their seats after the company completes its combination with Colombier II (NYSE:CLBR) anticipated later this summer. This Board includes Donald Trump Jr.,...
Berto Acquisition Corp. (NASDAQ:TACOU) has filed for a $250 million SPAC to continue a long-running series by a repeat sponsor under a new name and this will be its first go-around with underwriter Cohen & Company. This new SPAC is not overfunded and will have 24 months initially to complete a transaction with 1/2 warrants...
At the SPAC of Dawn March’s penultimate week is slated to be its busiest in terms of SPAC votes with four special meetings to approve business combinations on the docket as well as two extension votes. A pair of these votes has already been postponed once, so some events may be punted into the next...
Terms Tracker for the Week Ending March 21, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After two weeks of waiting, March finally saw two IPOs price this week, giving us some data to measure for IPO performance. SPACs also saw...
Perimeter Corp I (NASDAQ:PMTRU) has filed for a $150 million SPAC to hunt for a target among space and defense companies, aiming to repeat a de-SPAC play that has been the most resilient to this year’s market downturn. The new SPAC is the third to file an initial S-1 with Citigroup since the start of...