Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: BurTech eyes deal with CleanBay Renewables, Lordstown halts production, and MercadoLibre Tops Estimates
CleanBay Renewables In Talks Over BurTech SPAC Deal
CleanBay Renewables Inc., an environmental technology company, is in talks to go public through a merger with blank check firm BurTech Acquisition Corp. (NASDAQ:BRKH), people with knowledge of the matter said.
The combination could value CleanBay at as much as $660 million including debt and earn-out provisions, according to the people, who asked not to be identified discussing confidential information. A letter of intent could be signed as soon as Friday, they said.
Lordstown halts production, shipments of Endurance electric trucks to address quality issues
Lordstown Motors (NASDAQ: RIDE) said Thursday it will suspend production and deliveries of its all-electric Endurance pickup to address performance and quality issues with certain components.
The electric vehicle startup, which partnered with Foxconn for vehicle production at an Ohio plant, said the team is working with suppliers on the root cause analysis of each issue and potential solutions, which “in some cases may include part design modifications, retrofits, and software updates.”READ
MercadoLibre Tops Estimates, Will Be ‘Tactical’ in Brazil
Latin America e-commerce giant MercadoLibre Inc. (Nasdaq:MELI) reported a surge in profits in the fourth quarter, even before the meltdown of Brazil’s Americanas SA brought “tactical” opportunities in its largest market.
Operating margins jumped to 11.6% from 1.1% a year earlier, above the 6.8% forecast by Wall Street, fueled by growth from its highly-profitable digital advertising business. Net income totaled $164.7 million, topping all estimates, while net sales for the three months through Dec. 31 rose to record $3 billion, in line with forecasts.
MELI Kaszek Pioneer Corp (MEKA), a SPAC created by Mercado Libre (Nasdaq:MELI) and Kaszek, completed its IPO, raising $287M, in October 2021.READ
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy Saudi Arabia Explores Setting Up Framework for SPAC Listings Saudi Arabia’s market regulator is looking into setting up a...