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 Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...