The Latest SPAC News and Rumors: August 11, 2023
by Marlena Haddad on 2023-08-11 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Cano Health reduces workforce by 17%, and Vertical Aerospace to pause flight tests after crash


Cano Health sinks on raising going concern doubts; announces job cuts

Cano Health (NYSE:CANO) said on Thursday there is substantial doubt about the company’s ability to continue as a going concern this year, sending its shares down about 48% after the bell.

Under its restructuring plan, the company expects to lower costs by reducing 17% of its current workforce, about 700 employees, in the third quarter of 2023.

The primary care provider, which went public in 2021 after merging with a Sternlicht-backed SPAC, also said it is pursuing a process to sell itself and is continuing efforts to divest its non-core assets and business lines.

READ


Air-Taxi Startup Vertical to Pause Flight Tests After Crash

The crash of Vertical Aerospace Ltd.’s (NYSE:EVTL) only electric air-taxi prototype this week will force the startup to pause flight tests until regulators complete an investigation.

The VX4, a five-person tilt-rotor craft, crashed on Aug. 9 during a flight test at Cotswold Airport, the UK company said in a regulatory filing this week. The exercise was meant to test maneuverability during a staged motor failure, a key requirement to progress to crewed operations.

Vertical Aerospace combined with Broadstone in 2021.

READ

 

Recent Posts
by Kristi Marvin on 2023-09-29 at 5:48pm

Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...

by Nicholas Alan Clayton on 2023-09-29 at 4:28pm

October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...

by Nicholas Alan Clayton on 2023-09-29 at 3:51pm

Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....

by Nicholas Alan Clayton on 2023-09-29 at 3:50pm

Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...

by Nicholas Alan Clayton on 2023-09-29 at 1:54pm

Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved