Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Arrival appoints new CEO after laying off 50% of workforce, Hambro SPAC ditches merger talks with Istesso, and DocGo partners with Dollar General
EV startup Arrival appoints new CEO, posts plan to lay off 50% of its workforce
UK-based electric vehicle startup Arrival has announced plans to lay off half of its workforce as part of its efforts to cut costs. The company also named Igor Torgov as its new CEO. Prior to his appointment as CEO, Torgov served as the executive vice president of digital at the electric vehicle company.
Arrival, which was founded in 2015, has been developing electric delivery vans for UPS, ride-hailing cars for Uber, and zero-emission public buses. The company has received support from Hyundai and Kia, and it went public after via a special purpose acquisition company (SPAC) in March 2021.
READHambro SPAC ditches merger talks with biotech firm
Hambro Perks Acquisition Company, a pioneering SPAC, has abandoned plans for a merger with biotech firm Istesso.
Sky News reported yesterday that HPAC had set its sights on a merger with the firm. However, both companies said the talks have since been ditched.
READDollar General enters mobile clinic market via partnership with DocGo
To expand access to low-cost healthcare in rural communities, Dollar General has opened mobile clinics at three of its Tennessee locations, as part of a pilot coordinated with mobile health provider DocGo.
Founded in 2015, DocGo describes itself as a “last-mile provider” that dispatches clinicians to locations where they provide care to patients that otherwise would need to go to a physical clinic. The company was formerly called Ambulnz, and went public in 2021 in a merger with a special purpose acquisition company.
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...