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).READ
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.READ
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.READ
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.READ
Latest SPAC Liquidations: JAWS Hurricane JAWS Hurricane Acquisition Corporation (HCNE) to Liquidate on June 16 JAWS Hurricane Acquisition Corporation (Nasdaq: HCNE) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the special meeting of its stockholders,...
Jupiter Wellness Acquisition Corp. (NASDAQ:JWAC) announced this afternoon that it has completed its combination with Chinese carmaker Chijet. The deal was already approved by shareholders at a special meeting held on May 2, but at that time, the SPAC did not provide a timeline for the closing of the transaction. Although redemption numbers have still not...
The advent of summer is bringing nine lock-up expirations for de-SPAC’d companies and 10 on the sponsor side. The first change is to come for the sponsor of European Biotech Acquisition Corp., which closed its combination with Swiss pharma firm Oculis SA (NASDAQ:OCS) just three months ago. The sponsor is getting flexibility at a good...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Lucid to raise $3B in a common stock offering from Saudi owners, Betsy Cohen says SPACs will make a comeback, and SatixFy makes another leadership change Lucid Raising $3 Billion With More Money From...
An article on Bloomberg yesterday announced what many in SPAC Land have been wondering after UBS acquired Credit Suisse – where was Niron Stabinsky, the Head of SPACs at Credit Suisse, going to land? The answer is Banco Santander SA, in what appears to be a massive lift of most (or nearly all) of Credit...