Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Tim Hortons China nears $1.8 billion SPAC deal, green fintech startup Aspiration in talks to merge with Interprivate III, and Vietnam’s VNG Corp. considers $3 billion merger
Tim Hortons China Is Said Near $1.8 Billion Deal With SPAC
The joint venture that runs the Chinese locations of iconic Canadian coffee shop chain Tim Hortons is nearing a deal to go public through a merger with blank-check company Silver Crest Acquisition Corp.(NASDAQ:SLCR), Bloomberg said.
A transaction could value the combined entity at about $1.8 billion and an announcement could come as early as this week.READ
Green Fintech Startup Aspiration Said in Interprivate SPAC Talks
Fintech startup Aspiration is in talks to go public through a merger with Interprivate III Financial Partners Inc. in a transaction that’s slated to value the combined entity at more than $2 billion, according to people with knowledge of the matter.
The vehicle is in talks to raise capital to support the transaction via a PIPE.READ
GIC-Backed Vietnam Tech Firm Considers $3 Billion SPAC Merger
Vietnam’s VNG Corp., whose investors include a unit of Singaporean sovereign wealth fund GIC Pte, is considering going public in the U.S. through a reverse merger with a blank-check company, according to Bloomberg.
The online gaming and technology firm is working with financial advisers to hold discussions with SPACs for a potential deal and a transaction could value VNG at $2 billion to $3 billion.READ
China’s Tech Crackdown Thwarts Pony.ai’s U.S. Listing Plans
Autonomous driving startup Pony.ai has put on hold plans to go public in New York through a merger with blank-check firm VectoIQ Acquisition II (NASDAQ:VTIQ) at a $12 billion valuation, after it failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies, Reuters said.
The decision makes Pony.ai one of the biggest companies to suspend its U.S. listing plans after China banned ride-sharing giant Didi Global Inc. (NYSE:DIDI) from signing up new users just days after its blockbuster IPO in June.READ
Bad Tomatoes at SPAC’s Indoor Farm Empire Send Shares Tumbling
AppHarvest Inc.’s (NASDAQ:APPH) early efforts at indoor farming aren’t bearing financial fruit for shareholders of the SPAC that bought the startup in February.
The stock tumbled as much as 40% on Wednesday to as little as $7.20, far below the typical $10 starting point for SPACs after a disappointing second-quarter report. The recent crop at AppHarvest’s first facility in Kentucky was marred by historically low tomato prices, and sales were hurt by lower-than-expected quality, the company said.READ
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...