Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
British-based electric van group races to secure Arrival of rescue bid
A British-based company that boasted that it would be a global pioneer in electric vehicle manufacturing is trying to seal a rescue takeover within weeks.
Sky News has learnt that advisers to Arrival, which is listed on New York’s Nasdaq stock exchange in a merger with CIIG, have told prospective bidders that the company’s financing requirements mean a deal would need to be completed imminently.
Alvarez & Marsal (A&M) was appointed during the summer to advise Arrival’s board on a range of restructuring options, including contingency planning for administration.
It is now seeking offers for Arrival’s business and assets, either in whole or in part, according to industry sources. […] It is said to require at least $500m of additional funding to get it to break-even, making a rescue bid for the whole business unlikely.
READGigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...
Anzu Special Acquisition Corp I (NASDAQ:ANZU) announced this afternoon that its stockholders voted in favor of the proposed business combination with Envoy Medical Corporation (“Envoy”), held earlier today. Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the business combination to be consummated on September 29, 2023....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...