SPACInsider Logo
The Latest SPAC News and Rumors: August 30, 2022
by Marlena Haddad on 2022-08-30 at 11:39am


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

Latest SPAC News: Amazon seller Packable to shut down in bankruptcy, and Otonomo to lay off dozens after losing 90% of value

Amazon Seller Packable to Shut Down in Bankruptcy After SPAC Deal Sinks

Packable Holdings LLC, a Carlyle Group-backed e-commerce platform valued at more than $1 billion less than two years ago, is shutting down in bankruptcy after it failed to go public through a merger with Highland Transcend Partners I Corp.

The Hauppauge, N.Y.-based company made the filing in the U.S. Bankruptcy Court in Wilmington, Del., on Sunday, days after it said it was laying off 138 employees. Packable, which entered bankruptcy with 372 workers, had nearly 1,300 employees at its peak.


Otonomo to lay off dozens of employees after losing over 90% of value

Israeli autotech company Otonomo (NASDAQ:OTMO) is expected to lay off dozens of employees, Calcalist has learned. The company, which built a marketplace for the trading of information coming from connected vehicles and went public a year ago on Nasdaq, employs close to 200 people – more than half of them at its R&D center in Herzliya.

Otonomo, which was issued during the wave of IPOs of companies in the autonomous vehicle sector alongside REE and Innoviz, is on its way to the title of “the worst Israeli IPO of 2021”, after its stock plunged from a value of $1.26 billion in the IPO to only $62 million last Friday. The company even announced on the same day that it received a non-compliance letter from Nasdaq regarding the possible delisting of its shares, after its stock traded below the price of a dollar for more than 30 days.



Recent Posts
by Kristi Marvin on 2023-01-28 at 1:59pm

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...

by Marlena Haddad on 2023-01-27 at 11:34am

  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...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

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...

by Kristi Marvin on 2023-01-27 at 7:33am

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...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

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...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved