Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: eToro agrees to $120M secondary share sale, Lotus cuts jobs, and ZeroNox announces multi-year partnership with NIO 333 Racing Formula E Team
Israel’s eToro agrees to $120 mln secondary share sale
Israeli digital brokerage eToro has agreed to a $120 million secondary share sale, a source familiar with the matter told Reuters on Monday, more than a year after it scrapped its plans to go public through a merger with FinTech Acquisition Corp.
Through the secondary sale, the company is giving its employees and angel investors a chance to sell shares to eToro’s existing investors, according to an internal memo whose contents were confirmed by a company spokesperson.
Lotus cuts jobs, plans China factory
Lotus Cars will cut up to 200 jobs from its UK workforce after posting heavy financial losses for the second consecutive year.
The move comes as Lotus gears up to make its electric cars at a plant in China for export to the UK and other markets. Lotus announced that it made a pre-tax loss of £145.1 million in 2022, after a £86.6 million loss in the previous year.
Lotus, owned by Chinese company Geely, stated in January that it will seek public listing of the car-maker in the US through a merger with L Catterton Asia (NASDAQ:LCAA). The deal values Lotus at $5.4 billion.READ
ZeroNox Announces Multi-Year Partnership with NIO 333 Racing Formula E Team
ZeroNox Inc., a leading provider of sustainable, off-highway vehicle electrification, today announced a multi-year partnership agreement with the NIO 333 Racing Formula E Team. The agreement marks the Company’s entry into the ABB FIA Formula E World Championship (“Formula E”).
ZeroNox will join Formula E for seasons 10, 11, and 12, and benefit from mutual partnership opportunities including brand awareness, technical synergies and potential collaborations across the Formula E Ecosystem.
As previously announced, ZeroNox signed a definitive business combination agreement with The Growth for Good Acquisition Corporation (Nasdaq: GFGD).READ
JET.AI LAUNCHES AI-POWERED CHARTER BOOKING PLATFORM: CHARTERGPT
Jet Token Inc., doing business as Jet.AI, an innovative private aviation, AI, company, today announced the launch of its AI-powered charter booking application, CharterGPT. This cutting-edge technology automates the manual process of booking a private jet. Through natural language processing, the CharterGPT app communicates with both consumers and charter operators to reduce the time spent by a broker as the “human-in-the-loop.”
CharterGPT is Jet.AI’s most recent product launch comes on the heels of its proposed business combination announcement with Oxbridge Acquisition Corp (NASDAQ: OXAC).READ
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...