Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid to raise $3B in a common stock offering from Saudi owners, Betsy Cohen says SPACs will make a comeback, and SatixFy makes another leadership change
Lucid Raising $3 Billion With More Money From Saudi Owners
Lucid Group Inc. (NASDAQ:LCID) is raising about $3 billion in a common stock offering with the majority of the money coming from the electric vehicle maker’s Saudi owners after a more than 60% stock slump in the last year. The shares plunged more than 7% in extended trading.
The company announced the raise along with a corresponding investment by its owners — Saudi Arabia’s Public Investment Fund — in a statement, confirming an earlier Bloomberg News report. PIF, the kingdom’s largest sovereign wealth fund, is purchasing $1.8 billion of the stock in a private placement.
READWhy Dealmaker Betsy Cohen Believes SPACs Will Make A Comeback
Reverse merger vehicles – better known as SPACs – have fallen out of flavor amid rising interest rates and slumping stock valuations. But one prominent dealmaker, Betsy Cohen, says they’re due for a comeback.
“It will come back, because it serves a need,” says Cohen, who helped take seven companies public through SPACs between 2015 and 2021, making her one of the industry’s more prolific “sponsors.” These deals helped Cohen, age 81, build her estimated $245 million fortune, which puts her at No. 98 on Forbes’ just-published annual list of America’s Richest Self-Made Women.
READSpace SPAC Startup SatixFy Sees Fifth CEO In Year
Satellite computer chip startup SatixFy (NYSE:SATX), which saw a rotation of executives pass through its corner office even before it became a publicly traded company, said Nir Barkan will be acting CEO effective June 1, replacing Ido Gur, “who is stepping down.”
READPublicSq. Values-Aligned Marketplace Announces Growth Milestone; Adds Nearly 300,000 New Consumer Members in a Single Week, Bringing Total to More Than One Million
PSQ Holdings, Inc. (“PublicSq.”), a leading marketplace of patriotic businesses and consumers, today announced that its consumer member base increased by over 300,000 from May 23, 2023, to the end of May. PublicSq.’s consumer membership grew by more than 40% in a single week, fast-tracking the platform to more than one million consumer members in less than 11 months since its nationwide launch on July 4th, 2022.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...