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 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.


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.


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.


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....


Copyright © 2023 SPACInsider, Inc. All Rights Reserved