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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.
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PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
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Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....
Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...