Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Michael Andretti hunts for SPAC target beyond Formula One and Trinity Capital provides $25M growth capital to Cepton Technologies
Michael Andretti Hunts for SPAC Target Beyond World of Formula One
Michael Andretti speaks with Bloomberg on trying to find a target to merge with his SPAC Andretti Acquisition Corp. (NYSE:WNNR.UN) before the clock expires next year. The interview includes a Q&A with Andretti and his team, including the SPAC CEO Bill Sandbrook (former CEO of U.S. Concrete) and CFO Matt Brown on how the effort is going.
While McLaren Racing CEO Zak Brown sits on the SPAC’s board, Andretti’s ambitions to own an F1 team are separate and he wouldn’t use the SPAC to buy a team. Andretti recently filed an application to have a Formula One team starting in 2024.
READTrinity Capital Inc. Provides $25 Million Growth Capital to Cepton Technologies, Inc.
Trinity Capital Inc. (Nasdaq: TRIN), a leading specialty lending company that provides debt, including loans and equipment financing, to growth-stage companies backed by technology banks, venture capital, and private equity firms, is pleased to support Cepton’s growth with a $25 million facility.
The transaction was completed prior to Cepton Technologies’ closing of the merger with Growth Capital Acquisition Corp, now renamed to Cepton Inc. (Nasdaq: CPTN). $10 million was drawn under the facility and Cepton has the option to draw an additional $15 million at any time prior to July 1, 2022.
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Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...