Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot
Embark Director Elaine Chao, Others Sued Over SPAC Merger
A special acquisition company misclassified some of its shares to buy Embark Technology Inc. (NASDAQ:EMBK) and ultimately overpaid for the autonomous truck startup, a shareholder says in a derivative suit against the companies’ directors.
Former Secretary of Labor and of Transportation Elaine Chao serves on Embark’s board and is among the individual defendants in the suit. Others include Embark’s CEO, Alex Rodrigues, its chief financial officer, and officers and directors of the SPAC. Shareholder Robert Manning II filed the suit Wednesday in the US District Court for the Northern District of California.
Alvotech Switches CEO and Takes COO From Teva
Major leadership changes are being made at the top of Alvotech (NASDAQ:ALVO), with founder Robert Wessman stepping in to replace Mark Levick as CEO at the same time as Teva’s former head of global R&D, Hafrun Fridriksdottir, becomes COO of the biosimilars developer.
Uber Freight and Aurora Expand Pilot to Autonomously Haul Goods for 2022 Holiday Season
Uber Freight, a leading logistics platform and partner for shippers and carriers, and Aurora Innovation (NASDAQ: AUR), a leading autonomous vehicle company, have announced the expansion of their autonomous pilot with a new commercial lane between Fort Worth and El Paso. The 600-mile lane across Texas launched in October and is supporting Uber Freight customers as they prepare for the 2022 holiday season.
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Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...
Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...
Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...
Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...