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The Latest SPAC News and Rumors: February 3, 2022
by Marlena Haddad on 2022-02-03 at 11:44am

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.

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Bakkt 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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Recent Posts
by Nicholas Alan Clayton on 2022-12-07 at 10:33am

Golden Falcon (NYSE:GFX) has entered into a definitive agreement to combine with freight aviation company MNG Airlines at an enterprise value of $676 million, or 5.8x its LTM adjusted EBITDA. Istanbul-based MNG Airlines operates air freight services to four continents with a fleet of nine jets. The combined company is expected to trade on the...

by Marlena Haddad on 2022-12-07 at 10:20am

Phoenix Biotech Acquisition Corp. (NASDAQ:PBAX) announced this morning that it has mutually agreed to terminate its combination with therapeutics company Intrinsic Medicine. Similar to other SPACs, Phoenix Biotech disclosed that the two parties have decided to nix the deal due to the result of weakened markets. Chris Ehrlich, CEO and director of PBAX, noted in...

by Marlena Haddad on 2022-12-06 at 5:43pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Broadscale, Revolution Healthcare, Research Alliance II, and Kairos Broadscale Acquisition Corp. to Liquidate  On December 6, 2022, stockholders of Broadscale Acquisition Corp. (NASDAQ:SCLE) approved amendments to change the termination date from February 17,...

by Nicholas Alan Clayton on 2022-12-06 at 1:02pm

Roth CH Acquisition IV Co. (NASDAQ:ROCG) has entered into a definitive agreement to combine with renewable energy equipment-maker Tigo for pre-money equity consideration of $600 million. Campbell, California-based Tigo manufacturers components that optimize and enhance safety for solar panel arrays, with installations on seven continents The combined company is expected to trade on the Nasdaq...

by Marlena Haddad on 2022-12-06 at 12:55am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Portugal real estate developer Vic Properties in merger talks with BurTech Caner-Led Aggregate Is Said to Discuss Vic Properties SPAC Deal Aggregate Holdings SA is in talks to take its Portuguese unit Vic...

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