The Latest SPAC News and Rumors: August 15, 2023
by Marlena Haddad on 2023-08-15 at 11:54am

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

Latest SPAC News: Grove Collaborative replaces CEO and raises $10M, VinFast surges in Nasdaq trading debut, and Crowe pays $750k to settle SEC charges over SPAC audit failures


Grove Collaborative Changes CEO, Raises $10 Million After SPAC Flameout

Grove Collaborative Holdings (NYSE:GROV) is replacing its longtime chief executive officer after the seller of household essentials struggled since being taken public during the SPAC craze of the past few years.

Stuart Landesberg, who co-founded the company that would become Grove in 2012, is stepping down from his post to become executive chairman, the firm said in a statement Monday. Jeff Yurcisin, a 48-year-old Amazon.com Inc. alum, will become CEO on Aug. 16. Grove also raised $10 million by selling shares to investment firm Volition Capital through a private placement.

Grove went public in June 2022 after a special-purpose acquisition company sponsored by Richard Branson’s Virgin Group acquired the product maker.

READ


Vietnamese EV Maker VinFast Surges in Nasdaq Trading Debut

VinFast Auto Ltd. (NASDAQ:VFS) soared in a volatile first day of trading as the Vietnamese electric-vehicle maker looks to raise its profile and take on established car manufacturers.

The company’s shares doubled to $20.88 as of 10:06 a.m. in New York. The stock surged as much as 130% shortly after the market opened, triggering multiple trading halts.

VinFast debuted on the Nasdaq Global Select Market under the symbol VFS after completing a merger with blank-check company Black Spade Acquisition Co. that valued it at $23 billion. The company is backed by Vietnam’s richest man.

READ


Crowe pays $750,000 to settle SEC charges over Spac audit failures

London-based auditors Crowe LLP have been hit with a $750,000 penalty over deficient audit work for music streaming company Akazoo Limited.

In an August 14 statement, which also fined chief executive Nigel Bostock and senior auditor Matthew Stallabrass, the Securities and Exchange Commission in the US said the firm issued a clean audit of Akazoo’s 2018 statements, but the business – which went public via a special purpose acquisition company – was later revealed to have falsely claimed in 2018 statements that it had $120m in revenue.

READ


The Latest SPAC News and Rumors: August 15, 2023
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved