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).
READRichard 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.
READFreightos 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.
READAnthemis 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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At the SPAC of Dawn Last week’s hot streak continues this week in the form of a high volume of votes for SPACs. Two are seeking approvals for their business combinations while six more aim to get the stamp on their extension votes. Investors will also have an eye on upcoming Fed comments on Wednesday...
Terms Tracker for the Week Ending May 2, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. April wrapped with some real momentum. Over the course of the month, 19 SPACs filed new S-1s, while 12 IPOs priced. Furthermore, nine deal announcements...
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...