The Latest SPAC News and Rumors: August 2, 2023
by Marlena Haddad on 2023-08-02 at 11:42am

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

Latest SPAC News: QEV Technologies to list in Amsterdam through merger with SPEAR Investments I, Alteration Earth discusses SPAC deal with Verdant Earth, and Planet CEO blames himself for 10% staff cut


Spanish electric vehicle company to list in Amsterdam with Spac deal

A Spanish electric vehicle maker specializing in racing cars is to list in Amsterdam through a merger with SPEAR Investments I (AMS:SPR1), testing investor appetite into a market that has all but collapsed. The decade-old QEV Technologies, which is set to be valued at more than €200mn, comes to a once red-hot EV Spac market which has been hit by a series of high profile failures and frauds.

Lordstown Motors (OTCMKTS:RIDEQ) filed for bankruptcy protection in June, while Arrival (NASDAQ:ARVL) and Canoo (NASDAQ: GOEV) have issued “going concern” warnings that they expect to run out of funds within a year.

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Verdant Earth Technologies discusses SPAC deal worth GBP 125m

Australian biomass technologies firm Verdant Earth Technologies Limited is working on a GBP-125-million (USD 160.6m/EUR 145.7m) deal to list on the London Stock Exchange (LSE) through a merger with special purpose acquisition company (SPAC) Alteration Earth PLC (LON:ALTE).

Alteration Earth announced today that it signed a non-binding agreement to acquire Verdant in an all-stock transaction that hinges on the completion of due diligence and regulatory clearances, among other conditions. The parties target completion of the transaction by the end of the year.

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Planet CEO blames himself for 10% staff cut, 85 San Francisco layoffs

Planet (NYSE:PL), a San Francisco-based satellite imagery company that merged with dMY Technology Group IV, is laying off 117 employees — 10% of its workforce — as it burns through its once-massive coffers.

The job cuts, announced Tuesday in an SEC filing and a note to employees from CEO William Marshall, hit every division in Planet’s global workforce. Marshall said in his note that laid-off employees will get at least 14 weeks of severance pay, plus cash for health care, immigration support and career counseling.

“At the outset, I want to be clear that I am responsible for the decisions that led us here,” Marshall wrote. “I know this has significant effects on the lives of our team and their families, and for that I am sorry.”

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GigCapital5 and QT Imaging Secure Non-Binding $50M Equity Facility From Yorkville Advisors Global

GigCapital5 (NYSE:GIA) and merger partner QT Imaging entered into a non-binding term sheet with Yorkville Advisors Global for an equity facility, according to an 8-K filing. Yorkville would commit to purchase up to $50 million in QT Imaging stock, which may be sold by QT with written notice to Yorkville over a 36-month period. The shares would be purchased at 97% of the market price.

At deal announcement in December, QT Imaging was to receive approximately $41 million in gross proceeds from GigCapital5’s trust account, assuming no redemptions by GigCapital5’s stockholders, and up to $26 million in additional financing.

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First Patient Enrolled in LEOPARD, an Investigator-Initiated Trial, with OCS-01 Eye Drops for the Treatment of Cystoid Macular Edema

Oculis Holding AG (Nasdaq: OCS) (“Oculis”), a global biopharmaceutical company purposefully driven to save sight and improve eye care, announces that the first patient has been enrolled in the investigator-initiated LEOPARD trial evaluating the potential of OCS-01 eye drops, Oculis’ novel high concentration preservative-free topical OPTIREACH formulation of dexamethasone, for the treatment of cystoid macular edema (CME).

Oculis completed its business combination with European Biotech in February.

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