Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Polestar Q3 loss narrows, DWAC has wild ride triggered by midterm elections, and Cvent partners with Zoom for live events
Polestar Q3 loss narrows, expects hit from rising costs
Polestar (NASDAQ:PSNYW) on Friday reported a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, sending shares soaring 29% in early trading.
However, the electric vehicle (EV) maker warned that higher raw material costs would start to hurt later in the year.
Polestar, which listed on the Nasdaq exchange in June via a merger with a SPAC, said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts.
Trump-Tied SPAC Has Wild Ride Triggered by Midterm Elections
The blank-check company trying to merge with Donald Trump’s nascent social-media business is more than ever a bet on the former president’s political prospects.
The shares of Digital World Acquisition Corp. (NASDAQ:DWAC) soared 66% Monday, after Trump — campaigning for candidates he endorsed in the midterm elections — teased a possible announcement next week that he’s running for the White House again. The stock tumbled 20% Wednesday after those politicians fared worse than expected, prompting some pundits to say the Republican Party was moving on from Trump.
Cvent Partners with Zoom for Live, Hybrid Events
Cvent (NASDAQ:CVT) and Zoom Video Communications (NASDAQ:ZM) have expanded a partnership to further hybrid and live event offerings, the two companies announced this week.
The collaboration allows Cvent platform users the ability to incorporate Zoom Events technology as an addition to the Cvent app’s hybrid capabilities and offerings, according to the companies.
Zoom was among the companies that invested in 2021 in the special purpose acquisition company that merged with Cvent, allowing it to go public late last year.