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.
READGreen 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.
READGIC-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.
READChina’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.
READBad 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.
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Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...
Clover Leaf Capital Corp. (NASDAQ: CLOE) has entered into a definitive agreement to combine with Digital Ally, Inc.’s (NASDAQ: DGLY) ticketing platform Kustom Entertainment at a pro forma equity value of approximately $222.2 million. Kansas City, Kansas-based Kustom Entertainment is a primary and secondary ticket platform that manages wholly-owned subsidiaries TicketSmarter and Kustom 440. Transaction Overview Clover...