Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork CEO to step down to join private equity firm and AppHarvest discloses that it could run out of money by October
WeWork CEO Sandeep Mathrani to Step Down to Join Private Equity Firm Sycamore Partners as Director
WeWork (NYSE:WE) CEO Sandeep Mathrani is stepping down effective May 26, the co-working space firm announced this week. The Indian American will join private equity firm Sycamore Partners as a director to lead its real estate activity, “improving and optimizing real estate often embedded within Sycamore’s target companies, according to a press release from the company.
During his three years at the company, Mr. Mathrani helped take the co-working company public through a special purpose acquisition company last year.
READAppHarvest to reopen listeria-impacted CEA farm in “a few weeks” but could run out of cash “as soon as October”
US-based high-tech greenhouse grower AppHarvest (NASDAQ:APPH) could run out of money as soon as October of this year “absent additional sources of financing,” according to the indoor farming company’s quarterly regulatory report filed on May 10.
It noted in the filing that it has “incurred losses from operations and generated negative cash flows from operating activities since inception.”
AppHarvest’s struggles are well documented and have burdened the indoor farming company since shortly after it went public in February 2021 via a special purpose acquisition company at a $1 billion valuation.
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Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...