Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
VinFast’s second-quarter deliveries jump over fivefold sequentially
Vietnamese electric-vehicle maker VinFast said on Monday it had delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter.
The company, whose U.S.-listed shares fell 1.2% on Monday, reported 11,315 deliveries for the first half of this year.
VinFast’s blockbuster debut on Wall Street in August through a merger Black Spade Acquisition Co. with saw its shares more than triple in value, but the company’s small amount of publicly available shares has made the stock prone to volatility.READ
Latch, Soon to Be Door.com, Announces New 48,000+ Square Foot Headquarters, Bringing 30 Jobs to St. Louis
Latch, Inc., soon to be rebranded to Door.com, today announced it is moving its headquarters from New York City to St. Louis. Located at 1220 N. Price Road in the Olivette community, the leased facility features both warehouse and office space, bringing all inventory and select core business functions together under one roof.
The company, which combined with TS Innovation Acquisitions Corp. in 2021, believes this streamlining of activities in St. Louis will enable better support to its customers and will continue to drive more operational discipline and efficiency. With 16 new team members already based in St. Louis, Latch plans to bring more than 30 total jobs to the city to support future growth and strengthen its team in the area.
“The new headquarters will allow us to bring key teams together, such as sales and finance, centralize inventory, process returns, and perform testing in-house to create a strong foundation for building the business long term and handling potential future accelerated growth”READ
UpHealth Puts Unit in Bankruptcy After Losing SPAC Fee Ruling
A unit of UpHealth Inc. filed for bankruptcy after a judge recently ruled the telemedicine provider must pay investment bank Needham & Co. a $31.3 million fee for arranging its 2021 merger with a publicly traded blank-check company.
UpHealth Holdings Inc. filed for Chapter 11 on Tuesday, listing assets and liabilities each of between $100 million and $500 million, according to a Delaware bankruptcy petition.
The company completed a combination with GigCapital2 Inc. and Cloudbreak Health LLC in June 2021 and began trading on the New York Stock Exchange. The deal is the latest involving a former special purpose acquisition company, or SPAC, transaction to collapse into a bankruptcy.READ
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...
LatAmGrowth SPAC (NASDAQ:LATG) announced in a filing this morning that it will once adjourn its special meeting to liquidate early a second time and will reconvene it at October 5. The proposals on its ballot would initiate the process of winding down the SPAC and return all trust capital to investors outside of $100,000 for...
Jaguar Global (NASDAQ:JGGC) announced this morning that its shareholders approved its combination with glass-maker GLAAM at a special meeting September 27. The parties have not yet released redemption figures or a timeline to close, but the combined company is expected to change its name to Captivision. Upon close its shares and warrants are to trade...
Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has tacked on $1.7 million more to the PIPE for its combination with Brazilian software firm Nuvini. The move comes as its shareholders are to vote to complete the deal later today and adds to $11.1 million in PIPE funds it secured earlier this...
Crixus BH3 (NASDAQ:BHAC) announced in an 8-K this morning that it will sell its most of its sponsor shares and warrants to a new sponsor entity, which will continue to lead the SPAC. The new sponsor is to buy up 3,746,303 promote shares (65.1%) and 4,160,000 (65%) of the original sponsor’s private placement warrrants for...