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).READ
British 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.READ
GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...
Anzu Special Acquisition Corp I (NASDAQ:ANZU) announced this afternoon that its stockholders voted in favor of the proposed business combination with Envoy Medical Corporation (“Envoy”), held earlier today. Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the business combination to be consummated on September 29, 2023....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...