Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Byju in talks to go public via SPAC, Vistas Media announces joint venture between Anghami and Sony Music Entertainment Middle East, and Canoo revs up U.S. EV production plan
India’s Startup Byju’s in Talks to Go Public Via SPAC Deal
The online education provider Byju’s, India’s most valuable startup, is in advanced discussions to go public through a merger with one of Churchill Capital’s SPACs.
The startup held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital. Churchill Capital VII (NYSE:CVII) raised more than $1.3 billion in an offering in February.
Under the preliminary terms discussed, Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion. The startup was valued at $21 billion, according to market research firm CB Insights.
READVistas Media Acquisition Company Inc. and Anghami Announce Joint Venture Between Sony Music Entertainment Middle East and Anghami For New Record Label ‘Vibe Music Arabia’
Anghami Inc., the leading music streaming platform and service in the Middle East and North Africa, and Vistas Media Acquisition Company Inc. (NASDAQ:VMAC) a publicly traded SPAC led by CEO F. Jacob Cherian and co-founders Saurabh Gupta and Abhayanand Singh, announced the launch of a new joint venture record label, “Vibe Music Arabia”, between Sony Music Entertainment Middle East and Anghami.
On March 3, 2021, Vistas Media Acquisition Company Inc. entered into a definitive merger agreement to combine with Anghami.
READCanoo Revs Up U.S. Electric Vehicle Production Plan As it Drops Overseas Deal
Electric vehicle startup Canoo Inc. (NASDAQ:GOEV) on Wednesday said it was accelerating its production plans in the United States while ending its deal for VDL Nedcar in Netherlands to serve as its contract manufacturer in Europe.
Canoo shares were up 3% in after hours trading.
Hennessy Capital Acquisition Corp. IV completed its combination with Canoo on December 21, 2020.
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At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...