The Latest SPAC News and Rumors: May 24, 2023
by Marlena Haddad on 2023-05-24 at 11:33am

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

Latest SPAC News: Carbon Revolution secures $60M loan, Virgin Orbit sells assets to Rocket Lab, and Freightos freezes hiring plan


Carbon Revolution Secures $60 Million Loan

Carbon Revolution Limited, a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, announced the establishment of a $60 million debt financing arranged and insured by PIUS Limited LLC, a Gallagher company, and its affiliates. Net proceeds from the four-year program will be partly used to repay key existing lenders, with the remainder of the capital used to fund further Mega-line automation, capacity expansion, and provide general working capital to support the Company’s forecast growth.

The Financing was secured in connection with the SPAC merger process following the November 2022 signing of a definitive business combination agreement with Twin Ridge Capital Acquisition Corp. (NYSE: TRCA).

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Richard Branson’s Virgin Orbit to Liquidate, Sell Off Assets to Stratolaunch, Rocket Lab

Stratolaunch LLC and Rocket Lab USA Inc.(NASDAQ:RKLB) are among the buyers for assets of Virgin Orbit Holdings Inc. (OTCMKTS:VORBQ), the bankrupt space-launch company tied to billionaire Richard Branson.

Virgin Orbit will sell its modified Boeing 747, known as Cosmic Girl, to Stratolaunch for $17 million after no better bids emerged, according to bankruptcy court papers filed Tuesday. Meanwhile, Rocket Lab is buying Virgin Orbit’s primary rocket factory in California for $16.1 million.

Rocket Lab completed its business combination with Vector Acquisition in August 2021.

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Freightos freezes hiring plan as it absorbs SPAC costs

High SPAC costs, and public scrutiny in a “cynical” market has clouded Freightos’ (NASDAQ:CRGO) Q1 results, resulting in a hiring freeze, even as the company tried to focus on its record growth.

Revenues rose nearly 10% year-on-year, to $4.8m, but the company, which has only announced its results publicly in the last two quarters since listing, made a loss of $49.28m, compared with a loss of $4.2m a year earlier. However, noted Freightos, the SPAC and listing cost some $46.7m, while another $3.7m went on transaction-related costs, essentially accounting for the entire loss.

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Anthemis targets $200M for new fund after layoffs and canceled SPAC

Anthemis Group is trying to raise $200 million for a third fund, according to an SEC filing. It has been in the market since last year and has so far secured commitments of just $36.4 million. The firm separately had to scrap plans to raise a SPAC late last month.

Founded in 2010, London-based Anthemis is focused on financial technology — a sector which has been hard hit by the economic downturn and venture capital slowdown.

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