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The Latest SPAC News and Rumors: September 1, 2022
by Marlena Haddad on 2022-09-01 at 11:32am

 


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Polestar doubles revenue, SeatGeek raises $238M after cancelling SPAC deal, and crypto miner PrimeBlock’s CEO leaves firm


Polestar revenue doubles as it rides electric car boom

Electric vehicle maker Polestar (NASDAQ: PSNY) said on Thursday that its revenue nearly doubled in the first half of 2022 on soaring demand and that it may have to raise its prices further if material costs continue to rise.

“We continue to have a very strong order book,” Chief Financial Officer Johan Malmqvist told Reuters. “In regards to inflationary pressures, we have increased prices and that is something that we are closely monitoring to see if there’s a need to take additional actions to protect our margins.”

Polestar, which listed on the Nasdaq in June via a merger with a Gores Guggenheim, has expanded into new markets this year but the cost of doing so meant it reported a net loss of $502.7 million for January-June, up from a $368.2 million loss a year earlier.

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SeatGeek snaps $238M after cancelling SPAC deal

New York-based SeatGeek, a mobile ticketing platform, has raised $238M after abandoning plans to go public. Long-time investor Accel led the round privately as part of a Series E funding round, with participation from Wellington Management, Arctos Sports Partners, and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group (SEG), which includes the Utah Jazz.

SeatGeek is now valued at around $1.2B, down from as much as $2B in its proposed SPAC merger deal.

RedBall Acquisition Corp. (NYSE:RBAC) announced in June that it had mutually terminated its combination agreement with ticket marketplace SeatGeek.

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Crypto Miner PrimeBlock’s CEO Has Left Firm After Cancelled SPAC Deal

The CEO of crypto miner PrimeBlock, which canceled a merger with 10X Capital Venture Acquisition Corp. II (VCXA) that would’ve made it a public company, has left the firm, according to two people familiar with the move.

Gaurav Budhrani, the now-former CEO, was with PrimeBlock for about a year, according to his LinkedIn profile. He had come aboard from Goldman Sachs (GS), where he’d spent more than a decade, most recently as a vice president who helped run crypto investment banking.

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Audit Regulator Sees Room to Improve Going Concern, SPAC Reviews

Audit firms fell short in their going concern reviews and some struggled with testing the financial statements of blank-check companies, the US audit regulator said in a report Wednesday.

Inspectors with the Public Company Accounting Oversight Board reviewed 40 audits as part of its 2021 cross-firm reviews, which target a few audit areas across a range of firms. PCAOB staff looked at fraud risks and cash in addition to going concern evaluations and quarterly reviews of SPACs, according to a recap of the reviews the board released.

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