Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Wilbur Ross SPAC in talks to merge with UK’s Atom Bank, eToro targets $1B funding round, and Symbotic expands Walmart partnership to implement automation system
Trump’s Commerce Secretary Ross Plots £700M Merger With UK’s Atom Bank
The SPAC set up by Wilbur Ross, who was President Trump’s commerce secretary between 2017 and 2021, is in detailed talks about a merger with Durham-based Atom Bank.
Under the terms of the prospective merger, Atom Bank would agree to merge with Ross Acquisition Corp II (NYSE:ROSS), a SPAC which listed on the New York Stock Exchange in the spring of last year.
The SPAC would also raise about £150m through a PIPE.
READeToro Targeting $1B Funding Round After SPAC Stalls
The trading company that was bogged down by a protracted prospectus and regulatory process did not manage to complete its SPAC merger at a valuation of $10.3 billion in time and now seems to understand that it will not be able to go public as it has planned. While eToro continues to work to complete the SPAC merger, it is also in advanced stages of completing a massive private funding round of between $800 million and $1 billion. However, the valuation of the company in the round is set to only be around $5-6 billion.
Walmart and Symbotic Expand Partnership to Implement Industry-Leading Automation System
Symbotic LLC, a revolutionary A.I.-powered supply chain technology company, and Walmart Inc. announced an expanded commercial agreement to implement Symbotic’s robotics and software automation platform in all 42 of Walmart’s regional distribution centers over the coming years. This is an expansion of Walmart’s prior commitment to deploy Symbotic Systems in 25 regional distribution centers.
Symbotic has previously announced its entry into a business combination agreement with SVF Investment Corp. 3 (NASDAQ: SVFC) which is expected to make Symbotic a public company listed on Nasdaq.
READMSP Recovery Enters Into Agreement With Mexico’s SeguriTech to Enhance MSPR’s Data Capabilities, Position MSPR for International Growth, and Expand the LifeWallet Platform Across Mexico
MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader today announced it has entered into a Data Transfer Agreement with one of the leaders in Mexican data and cybersecurity, SeguriTech, S.A. de C.V., positioning MSPR to expand its services internationally.
On May 18, 2022, Lionheart Acquisition Corporation II (Nasdaq: LCAP), a publicly traded special purpose acquisition company, announced that shareholders of record as of April 18, 2022 approved the previously announced business combination with MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...