Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Co-founders of Electric Last Mile Solutions resign, and Bakkt provides preliminary financial results for 4Q21
Co-Founders of Embattled EV SPAC Exit After Bumpy Last Mile
The co-founders of Electric Last Mile Solutions Inc. have resigned following an internal investigation that discovered the top executives purchased equity in the company at substantial discounts to market value shortly before the commercial electric vehicle startup went public via a merger with Forum Merger III Corp. (NASDAQ:FIII).
President and CEO James Taylor and Chairman Jason Luo both resigned effective immediately following the internal investigation conducted by a special committee, according to a regulatory filing posted late Tuesday.
READBakkt Provides Details on Certain Preliminary Financial Results for Fourth Quarter 2021
Bakkt Holdings, Inc. (NYSE: BKKT) announced today details on certain preliminary financial results for fourth quarter 2021, which reflect, among other things, certain impacts of its business combination with VPC Impact Acquisition Holdings (VIH) that closed on October 15, 2021.
Intercontinental Exchange, Inc. (NYSE: ICE) announced today that its fourth quarter results will include an estimated $92 million loss on its equity method investment associated with its initial 68% non-controlling investment in Bakkt for the post-business combination period from October 15 – December 31, 2021. In order to provide additional context, Bakkt expects a pre-tax loss of approximately $150 – $155 million for the post-business combination period.
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Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...