Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy
Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk
Vietnamese electric vehicle (EV) maker VinFast said it is recalling all of the first batch of vehicles it shipped to the United States last year following a safety warning issued by U.S. authorities.
The move came after the U.S. National Highway Traffic Safety Administration (NHTSA) said 999 of VinFast’s VF 8 vehicles suffered a software error in the dashboard display that prevented critical safety information from being shown and “may increase the risk of a crash”.
The recall statement comes less than two weeks after VinFast announced it would list in the United States via a merger with SPAC Black Spade Acquisition Co (NYSE:BSAQ).
READBritish EV maker Arrival seeks second chance with US EV tax credits
British electric van startup Arrival (NASDAQ:ARVL) , which has hit many road bumps in its quest to become the next Tesla Inc (NASDAQ:TSLA), now hopes huge subsidies from the U.S. Inflation Reduction Act and a second reverse merger will give it a fresh shot at survival.
Since it was founded in 2015, Arrival has developed vehicles for high-profile customers like United Parcel Service Inc (NYSE:UPS) and Uber Technologies Inc (NYSE:UBER), but has burned through piles of cash without ever hitting mass production and is winding down its UK operations in favor of refocusing on the United States.
Telecom servicer QualTek enters bankruptcy to cut $307 mln debt
Telecommunications and power contractor QualTek Services Inc (NASDAQ:QTEK) filed for bankruptcy on Wednesday, armed with a restructuring deal that could slash $307 million of the company’s $625 million debt.
QualTek went public through a SPAC deal in February 2022, just before the Federal Reserve began raising interest rates in an effort to curb inflation in the U.S. economy.
QualTek filed for Chapter 11 protection in Houston, saying that increasing debt costs were beginning to cut into its operating budget, at a time when inflation was already causing it to pay more for labor and energy.
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News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...
At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...
News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...
Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...
At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....