Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base
Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project
Southland Holdings, LLC (“Southland”) announced today that a subsidiary in its Civil segment, Southland Contracting, has been awarded a $70 million contract for Denver International Airport’s West Gates Pond Expansion.
On May 25, 2022, Southland entered into an Agreement and Plan of Merger with publicly-traded Legato Merger Corp. II, a special purpose acquisition company (NASDAQ: LGTO).
READBakkt reduces 15% of employee base
Earlier today, Gavin Michael, President and CEO of Bakkt, sent out a note to Bakkt employees stating, “We are making a 15% reduction across our exempt employee base, both to right-size our expenses and to position the company for continued strength and stability as we navigate the challenging macroeconomic and crypto environments.”
Michael continued by saying, “As the environment continues to be turbulent across almost every sector of the economy, we are taking this action to be prudent and strategic with our resources. While we don’t have direct exposure to any of the companies impacted by the FTX failure or its related contagion, we anticipate the current crypto downturn may prolong partner engagement and activation timelines.”
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...