The Latest SPAC News and Rumors: March 15, 2023
by Marlena Haddad on 2023-03-15 at 11:34am

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

Latest SPAC News:  Trump’s Truth Social cuts staff, Redbox expects boost in business, and Arrival raises $300M


Donald Trump’s Truth Social Cuts Staff as SPAC Languishes

The company behind former President Donald Trump’s Truth Social has trimmed staff while awaiting regulatory approval for a merger that offers a financial lifeline, according to two people with knowledge of the matter.

Trump Media & Technology Group, Truth Social’s parent company, laid off about half a dozen people, including senior members of its ranks, such as Chief Technology Officer William “BJ” Lawson, according to the people, who asked not to be identified because the information is private. Lawson was the third person to hold the role at the company. Some close to Trump Media estimate it can fund operations through September at present spending levels, according to the people.

READ

Redbox Expects Boost in Business Thanks to Robust Theatrical Slate

Chicken Soup for the Soul Entertainment Inc. is hoping a revitalized slate of strong theatrical features will boost business at its Redbox (NASDAQ:RDBX)subsidiary.

The company says more than 40 major titles are expected to be available this year and early next year, both on DVD/Blu-ray Disc at the approximately 34,000 Redbox kiosks and digitally through Redbox On Demand for digital rental (TVOD) and purchase (electronic sellthrough, or EST).

In May 2022, Redbox agreed to be acquired by Chicken Soup for the Soul Entertainment (NASDAQ:CSSE) in an all-stock deal just over six months after Redbox closed a SPAC deal with Seaport Global.

READ

Cash-guzzling Arrival raises £250m

Embattled EV startup Arrival (NASDAQ: ARVL) has raised $300m (£246.5m) from Westwood Capital but is seeking even more funding as it looks to slow the rate it burns through cash and start production.

Arrival said the new cash influx extends its runway to “late 2023”. The company is aiming to start production of its Class 4 XL van in its Charlotte, US, factory in late 2024.

Arrival, which was founded in Britain but listed on the US Nadaq exchange in 2021 through a merger with a special purpose acquisition company, is yet to report any revenue. It anticipates losses for 2022 to be as high as £840m.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-06-12 at 10:12am

Perceptive Capital Solutions Corp announced the pricing of its $75 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “PCSC”, Wednesday, June 12, 2024. The new SPAC intends to focus its target search on the North American and European life sciences and medical technology sectors where its management...

by Nicholas Alan Clayton on 2024-06-12 at 8:23am

At the SPAC of Dawn The ARYA team has been among the SPAC market’s most steady dealmakers and they dropped a new presentation this morning for ARYA Sciences IV‘s (NASDAQ:ARYD) pending combination with medical device manufacturer Adagio Medical. Much of the deck rehashes already released information, but it has given more texture on how the...

by Nicholas Alan Clayton on 2024-06-11 at 12:22pm

EQV Ventures (NYSE:EQV.U) is the largest SPAC to file since April 2023 as it seeks a $350 million IPO that reflects the ongoing experimentation in underwriting approaches over the last two months of 2024. It is BTIG’s first new SPAC filed for 2024, and it is structured to compensate the firm in a unique way....

by Nicholas Alan Clayton on 2024-06-11 at 8:14am

At the SPAC of Dawn As both SPAC and traditional-way IPO activity picks back up in 2024, SPAC teams might want to brush up on their Spanish as they compete for targets. Spain has not traditionally been considered a tech innovation hotbed, but the combined enterprise value of Spanish startups hit €100 billion last year,...

by Nicholas Alan Clayton on 2024-06-10 at 8:08pm

Centurion Acquisition Corp announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ALFUU”, Tuesday, June 11, 2024. The new SPAC aims to combine with a technology company with a focus on video gaming, interactive entertainment and enabling services and technologies, cybersecurity, artificial...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved