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.
READ
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...