Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ecarx weighs $4B SPAC merger, road-side assistance firm Urgently in Graf merger talks, and Polestar unveils concept car
Geely-Backed Ecarx Weighs SPAC Merger at $4 Billion Value
Smart car technology company Ecarx Co., whose backers include Zhejiang Geely Holding Group Co., is considering seeking a U.S. listing via a merger with a blank-check company.
Ecarx is working with an adviser to explore a deal that could value the combined entity at about $4 billion. The company is weighing reaching out to regulators in the country for approval for a SPAC merger in order to satisfy new requirements unveiled in December.
READRoadside-Assistance Firm Urgently Said in Graf SPAC Merger Talks
Roadside-assistance startup Urgently has held talks to go public through a merger with Graf Acquisition Corp. IV (NYSE:GFOR).
A transaction features a potential PIPE, and could value the combined entity at more than $700 million.
READPolestar Unveils Concept Car Ahead of $20 Billion Public Debut
Polestar, the electric vehicle maker spun out of the Volvo corporate garage, is suggesting as much today as it pulls the cover off of a sporty concept car with a removable roof. The machine also features a drone onboard that can be launched while driving. It’s a car engineered for Instagram likes and, fittingly, it’s ready to influence autonomously and at speed.
Shareholders of Cannabis Co in Jay-Z Empire Can Sue Over de-SPAC Deal
For the second time in recent months, Delaware’s Chancery Court has ruled that shareholders can sue board members for breaching their duties in a de-SPAC deal.
On Monday, Vice Chancellor Morgan Zurn refused to dismiss a lawsuit by shareholders of Left Coast Ventures Inc, a privately-held cannabis company that was acquired in 2021 by Subversive Capital Acquisition Corp. Subversive subsequently partnered with entrepreneur Shawn Carter, better known as Jay-Z, to form The Parent Co, which bills itself as California’s leading cannabis business.
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InterPrivate II Acquisition Corp. (NYSE:IPVA) disclosed this morning that it has restructured its bonus share agreement in connection to its proposed merger with carsharing marketplace Getaround. The parties previously agreed to reserve and set aside the bonus shares, consisting of 9,333,333 shares, to be allocated to the non-redeeming public stockholders, the designees of EarlyBirdCapital and the...
Iris Acquisition Corp. (NASDAQ:IRAA) has entered into a definitive agreement to combine with biotech firm Liminatus at an enterprise value of $334 million. La Palma, California-based Liminatus is a clinical-stage drug developer working on a range of cancer treatments utilizing both preventative vaccines and CAR-T therapies. The combined company is expected to trade on the...
Lakeshore Acquisition Corp. I (NASDAQ:LAAA) announced this morning that it has entered into a non-redemption agreement and amended its purchaser support agreement with initial shareholders in connection to its proposed merger with medical device company ProSomnus. The SPAC entered into non-redemption agreements with certain institutional investors for an aggregate of 200,339 shares of the purchaser. These investors...
The companies and sponsors of six SPAC deals are set to see their lock-ups expire before the end of the year. This is a relatively small monthly total as the wave of deals from 2020 and 2021 are still hitting this milestone. The list nonetheless includes some major names starting with Forafric (NASDAQ:AFRI), which is...
Pacifico Acquisition Corp. (NASDAQ:PAFO) disclosed this afternoon that its shareholders have approved its business combination with sustainable shipping company Caravelle during a special meeting held earlier today. At today’s special meeting, 6,194,813 shares voted by proxy or in person, representing 82.65% of the total outstanding shares. The business combination was overwhelmingly approved as it received a...