The Latest SPAC News and Rumors: July 19, 2023

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The Latest SPAC News and Rumors: July 19, 2023

by Marlena Haddad on 2023-07-19 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: VinFast to start construction of US factory next week, LanzaTech partners with GAIL, and X-energy and Energy Northwest sign joint development agreement for modular reactor project

Vietnam EV maker VinFast to start construction of US factory next week

Vietnamese automaker VinFast said on Wednesday it would start construction of a $4 billion electric vehicle factory in North Carolina next week as part of its push to expand in the United States market.

The unit of Vietnam’s largest conglomerate Vingroup, which began operations in 2019, announced plans for the U.S. factory last year. It is targeting the start of production in 2025, a year later than its initial plan.

Vinfast had filed for a U.S. initial public offering in hopes of raising funds for its North Carolina plant, but in May announced it would instead go public through a merger with Black Spade Acquisition Co (NYSE:BSAQ).

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GAIL, LanzaTech Enter Strategic Partnership to Explore Biorecycling Carbon Waste into Fuels and Chemicals

GAIL (India) Limited, India’s largest natural gas company and LanzaTech Global, Inc., (Nasdaq: LNZA)—an innovative carbon capture and utilization (“CCU”) company that converts waste carbon into products that people use in their daily lives—have entered a partnership to explore innovative technology solutions that advance GAIL’s Net Zero 2040 goals and have the potential to support wider decarbonization applications globally.

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Energy Northwest and X-energy Sign Joint Development Agreement for Xe-100 Advanced Small Modular Reactor Project

Energy Northwest, a premier provider of carbon-free electricity, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the signing of a joint development agreement (“JDA”) for up to 12 Xe-100 advanced small modular reactors in central Washington capable of generating up to a total of 960 megawatts of carbon-free electricity. Energy Northwest expects to bring the first Xe-100 module online by 2030.

As previously announced on December 6, 2022, X-energy entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC).

Flying electric taxi startup Vertical Aerospace (NYSE:EVTL) has completed its first remotely-operated test flight without being tethered in a key step towards a piloted test run.

The VX4, which takes off and lands vertically, was flown at about 70km per hour at Cotswold Airport. The Bristol-based company said it plans to conduct more flights in the “coming months”, and will continue work on its second prototype aircraft.

Vertical Aerospace listed on the NYSE in 2021 following a merger with special purpose acquisition company Broadstone.

GOP Rep. Meuser presses SEC over delayed Truth Social merger

Pennsylvania Republican Rep. Dan Meuser on Tuesday asked that Securities and Exchange Commission (SEC) Chairman Gary Gensler expeditiously consider a settlement involving Digital World Acquisition Corp. (DWAC) so as to advance its merger with the Trump Media & Technology Group ahead of a looming deadline to complete the deal.

“The SEC’s primary mission is to protect investors, maintain fair markets, and facilitate capital formation,” Meuser wrote. “Yet, the current inaction and delay surrounding the DWAC SPAC settlement and S-4 review contradicts these fundamental objectives.”

Digital World (NASDAQ:DWAC) is a SPAC that aims to merge with the firm operating Truth Social and thereby enable the platform’s appearance on the stock exchange.

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