The Latest SPAC News and Rumors: July 25, 2023
by Marlena Haddad on 2023-07-25 at 11:35am

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

Latest SPAC News: FaZe Clan partners with McDonalds, American Battery Materials acquires substantial mining claims, and Inspirato announces second round of job cuts

FaZe Clan Explores Acquisition Offers and Partners with McDonalds in Pursuit of Growth and Innovation in Esports and Gaming

On July 24, 2023, it has been reported that FaZe Clan (NASDAQ:FAZE), a prominent esports and gaming content organization headquartered in Los Angeles, is currently assessing acquisition proposals from Gamesquare and Enthusiast Gaming.

This development follows FaZe Clan’s successful transition into a publicly traded company in July 2022, facilitated by its merger with B. Riley Principal 150 Merger Corp, a SPAC. As a result, FaZe Clan is now officially listed on the NASDAQ stock exchange, solidifying its market value at an impressive $1 billion.


American Battery Materials Acquires Substantial Mining Claims to Increase Domestic Production of Lithium

American Battery Materials, Inc. (OTC Pink: BLTH), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced that it has acquired and staked additional lithium mining claims adjacent to its Lisbon Valley Project, located in San Juan County, Utah.

On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”), a publicly-listed special purpose acquisition company, announced the signing of a definitive merger agreement for a business combination that will result in ABM becoming a wholly-owned subsidiary of SGII.


Inspirato announces second round of job cuts this year

In news first revealed by Skift, Jeff Hartman, executive vice president of marketing at Inspirato (NASDAQ: ISPOW), said that the company was prioritising “right-sizing” its business. Departments believed to be affected by the cuts include tech, business intelligence and human resources divisions.

The subscription-based platform previously trimmed its team by 12 per cent with immediate effect in January. At the time, it was revealed that Inspirato would continue operating with a headcount of 800 employees, although that figure was still up by more than 300 staff members compared to December 2020.

In February 2022, the private travel club closed its business combination with special purpose acquisition company Thayer Ventures Acquisition Corporation and began trading on the Nasdaq Stock Market.


Lotus Technology Inc Expands Globally in Luxury Electric Vehicles while L Catterton Asia Acquisition Corp Facilitates Business Combinations

As of July 24, 2023, Lotus Technology Inc. proudly announces its global expansion in the realm of luxury electric vehicles. With an impressive retail network of 1931 stores, the company has recently opened 24 new outlets within the first half of this year. Determined to further enhance their presence, Lotus Technology Inc. aims to surpass the 300-store milestone by the end of 2025.


Recent Posts
by Marlena Haddad on 2023-11-28 at 10:03am

Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...

by Nicholas Alan Clayton on 2023-11-28 at 8:43am

L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...

by Nicholas Alan Clayton on 2023-11-28 at 7:43am

At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...

by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...

by Nicholas Alan Clayton on 2023-11-27 at 7:43am

At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...


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