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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A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...