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Latest SPAC News: Hyzon Motors ousts CEO as financial probe continues and Geely Auto earnings squeeze by Covid lockdowns and chip shortage
Hyzon Motors ousts CEO Craig Knight as financial probe continues
Hyzon Motors (NASDAQ:HYZN) has ousted CEO Craig Knight because of a financial quagmire over how the trucking fuel cell maker reported revenue in China and managed internal financial controls.
Parker Meeks, most recently Hyzon’s chief strategy officer, was named president and interim CEO effective immediately. Knight also was removed as a company director. The board plans to search for a new CEO externally and internally.
It merged with Decarbonization Plus Acquisition Corp. in February 2021, receiving more than $550 million when the business combination closed in July 2021.
READGeely Auto earnings squeezed by Covid lockdowns and chip shortage
Chinese carmaker Geely Auto said its profits had more than halved as a semiconductor shortage and Covid-19 restrictions hit demand for vehicles and disrupted production. Pre-tax profits dropped 55 per cent to Rmb1.3bn ($191mn) in the first six months of the year, compared with the same period in 2021, the group said on Thursday. Total vehicle sales fell 3 per cent to 613,845, though revenues rose 29 per cent to Rmb58.2bn.
Geely is an existing investor in ECARX, which entered into a definitive agreement to combine with COVA Acquisition Corp.(NASDAQ:COVA), at an enterprise value of $3.522 billion.
Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...