Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Tims China extends retail distribution partnership with Alibaba’s Freshippo, Anghami reduces headcount by 22%, and Grindr shares soar 400% after SPAC merger
Tims China extends RTD reach with Alibaba’s Freshippo
Tims China (NASDAQ:THCH) has announced a two-year ready-to-drink (RTD) retail distribution partnership with Chinese grocery chain Freshippo.
Launched in 2015 by Chinese e-commerce company Alibaba Group, Freshippo currently operates more than 300 retail stores across China. The partnership will see Freshippo introduce co-branded Tims China coffee products online and via its bricks-and-mortar stores from December 2022.
In September 2022 the Chinese operator of Canadian coffee chain Tim Hortons completed its merger with special purpose acquisition company Silver Crest.
READSpotify rival Anghami reduces headcount by 22% as part of ‘sustained focus on profitability’
A wave of layoffs has started to bite in the global music business, mirroring a trend in the wider technology sector.
In August, SoundCloud started the process of reducing its global workforce by approximately 20%, blaming a “challenging economic climate”. Now, as rumors swirl that Spotify is mulling a takeover bid for it’s MENA-focused rival Anghami (NASDAQ:ANGH), the latter company has revealed that it’s cut nearly a quarter of its own headcount. Twenty two percent of Anghami’s staff are losing their jobs.
Anghami revealed the news about reducing its headcount within its preliminary unaudited Q3 results, which were filed on Tuesday (November 15).
READGrindr Shares Soar After SPAC Merger
Shares of Grindr Inc. (NYSE:GRND) surged more than 400% to nearly $60 in morning trading after the LGBTQ-focused social network and dating app completed its merger with special-purpose acquisition company Tiga Acquisition Corp.
Nearly all of the SPAC investors pulled their money out of the deal, as has become common for such mergers recently. That left few shares trading publicly, setting the stage for today’s jump.
New financing could quicken pace of NioCorp niobium mine project
NioCorp, the Colorado-based company hoping to dig a Niobium mine in southeast Nebraska, visited there to assure area residents a new financing opportunity may speed up the development of the long-delayed project.
In September, the company merged with GX Acquisition II (NASDAQ:GXII), a special purpose acquisition company, hoping to move NioCorp onto the NASDAQ stock exchange and attract needed investment. The deal made an estimated $285 Million available to advance additional development of the Elk Creek Mine.
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AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...