The Latest SPAC News and Rumors: May 23, 2022
by Marlena Haddad on 2022-05-23 at 11:43am

 


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.

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eToro 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.

The Betsy Cohen-backed blank-check company FinTech Acquisition Corp V (NASDAQ:FTCV) which was set to merge with eToro already announced back in January that the fintech company’s valuation has been cut by over 15% to $8.8 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.

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MSP 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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