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The Latest SPAC News and Rumors: September 26, 2022
by Marlena Haddad on 2022-09-26 at 12:22am

 


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

Latest SPAC News: Law professor takes deal sponsor to court, and CEO of Wisk Aero predicts electric air taxi shakeout


Enemy of the SPAC: Law Professor Takes Deal Sponsors to Court

Stanford Law Professor Michael Klausner toiled in academic obscurity for decades until 2020, when he wrote a paper slamming special purpose acquisition companies as a rip-off of everyday investors.

Now he’s taking his newfound cache to Delaware Chancery Court. He’ll argue in a Friday hearing that blank-check company GigCapital3 Inc. did what SPACs across the industry do—hide from investors how much money they give to insiders through the promise of nearly free shares.

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Chief of Boeing-backed electric air taxi venture predicts sector ‘shakeout’

The number of companies in the electric air taxi industry is expected to shrink next year as investors tighten their belts amid global economic uncertainty and focus on projects they believe will come to fruition, the chief executive of a Boeing-backed venture has said. “I expect more shakeout next year,” Gary Gysin, chief executive of Wisk Aero, told the Financial Times in an interview. “I would expect two or three more that don’t make it through 2023.”

Investors last year poured close to $7bn into the market for all types of future air mobility solutions, mainly through SPAC such as Joby (NYSE:JOBY) which combined with Reinvent Technology Partners, according to data from McKinsey. While all kinds of vehicles, from cargo planes to surveillance drones, are planned, almost 75 per cent of the money went to companies developing manned electric vertical take-off and landing (eVTOL) craft.

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Recent Posts
by Nicholas Alan Clayton on 2022-12-09 at 11:56am

Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...

by Marlena Haddad on 2022-12-09 at 11:44am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...

by Marlena Haddad on 2022-12-09 at 11:09am

Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...

by Marlena Haddad on 2022-12-09 at 9:48am

InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...

by Marlena Haddad on 2022-12-09 at 9:35am

10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...

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