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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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...
PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...
Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....
Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...