Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: GE sells generator technology to Hyliion, Trump’s Truth Social faces financial fallout, and Royalty Management partners with Land Betterment
GE Sells Generator Technology for Stake in EV Startup
General Electric Co. (NYSE:GE) is selling new generator technology to startup Hyliion Holdings Corp. (NYSE:HYLN) and will take a roughly 3% stake in the electric trucking startup in a cash-and-stock transaction.
The system, cooked up by engineers at GE’s 3-D printing unit, can use as many as 20 different types of fuel and will be integrated into Hyliion’s next-generation electric truck powertrain platform. Cedar Park, Texas-based Hyliion is also paying $15 million in cash for the GE assets as well as related intellectual property and some 3D-printing machines needed to manufacture the generators.
Tortoise Acquisition Corp. completed its combination with electric vehicle (EV) component-maker Hyliion in October 2020.READ
Trump’s social media app facing financial fallout
Former President Donald Trump’s social media outfit, Truth Social, is locked in a bitter battle with one of its vendors claiming that the platform is stiffing the company out of more than $1 million in contractually obligated payments, FOX Business has learned.
If the allegations are true, they would suggest that Truth Social’s finances are in significant disarray, people with direct knowledge of the matter say. Internet infrastructure company RightForge is said to be among Truth Social’s largest vendors and creditors, these people say.
American Acquisition Opportunity’s Merger Target Company, Royalty Management Corporation, Funds the Acquisition and Deployment of Initial Beehives in Partnership With Restored Spirits
American Acquisition Opportunity Inc.’s (NASDAQ:AMAO) merger target company, Royalty Management Corporation, a sustainably driven, cash flow-oriented, royalty investment and development company, announced that it has acquired the initial 50 beehives for its apiary (bee keeping) partnership with Land Betterment Corporation’s Pollinate division.
RMC has provided the capital required to acquire and place these beehives, in exchange for a royalty on the honey produced and sold, with an initial offtake agreement with Land Betterment’s Restored Spirits divisions for the first honey produced from RMC’s investment. Land Betterment uses the bees to help facilitate natural land rehabilitation, and the honey produced will be used in its distilling process to produce spirits at its upcoming planned distillery in central Indiana.READ
Alliance Entertainment Exclusive Naruto — Hashirama & Tobirama Limited Edition Collectible from Funko Sells Out Complete Run of 28,000 Units in One Hour
Alliance Entertainment Holding Corporation (“Alliance Entertainment”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today announced the sale of its complete run of 28,000 units of its latest exclusive from Funko® FUNKO POP! ANIMATION: Naruto 2 Pack Hashirama & Tobirama.
On June 23, 2022, Alliance Entertainment announced that it will become publicly listed through a merger transaction with Adara Acquisition Corp. (NYSE: ADRA) a publicly traded special purpose acquisition company.READ
Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...