Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Terran Orbital Closes 432.5 Million Public Offering
Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 23,214,290 shares of common stock, at a combined public offering price of $1.40 per share (or common stock equivalent in lieu thereof) and accompanying warrant.
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Alto Pharmacy raises $120 million in new funding
Online pharmacy Alto Pharmacy has raised $120 million in new funding at an $800 million post-money valuation, the company confirmed to Axios.
The company was reportedly valued at over $1 billion when it raised $250 million in a round led by SoftBank in 2020. It’s unclear what valuation it had when it raised again in January 2022. Talks toward a merger with a special purpose acquisition company backed by billionaire Alec Gores that would have taken the company public in 2021 fell apart, per Reuters.
Carbon Revolution Appoints Former GM Executive Bob Lutz to Board, Expanding Expertise for U.S Listing and Global Growth
Carbon Revolution, the Australian carbon-fiber wheel supplier, has announced the appointment of former General Motors Vice Chairman Bob Lutz and other veteran U.S. auto executives to its board. The appointments are pending the completion of the company’s merger with special purpose acquisition company Twin Ridge (NYSE:TRCA).
The company is banking on electric vehicles to drive its growth, with its carbon-fiber wheels offering a lighter alternative to boost EV battery range. Carbon Revolution has been awarded 181 programs with six automakers and has seen its order backlog double since October 2022 to $680 million.
Better cuts mortgage sales team 2 weeks after $500M SPAC raise
The lender has become more reliant on its B2B channel, with partnerships alongside companies like Ally Bank and American Express accounting for nearly half of its mortgage originations.
Saying it expects the mortgage market to continue to get tougher, tech-based mortgage lender Better has reportedly laid off one-quarter of its U.S. mortgage sales and origination team, with pink slips going out just two weeks after the company closed a SPAC merger with Aurora Acquisition Corp. that netted more than $500 million in funding.
OriginClear Merges Its Water On Demand and Progressive Water Treatment Subsidiaries
OriginClear Inc. (OTC Other: OCLN), the Clean Water Innovation Hub™, announces that it recently merged its subsidiaries, Water On Demand™ Inc. (WODI) and Progressive Water Treatment Inc. (PWT). The consolidation, which was approved by WODI shareholders, is intended to create better enterprise value for a potential merger opportunity with Fortune Rise Acquisition Corporation (NASDAQ: FRLA), as OCLN announced in January.
In April, OriginClear transferred its Modular Water Systems division to WODI. Including PWT, combined revenues for 2022 were $10,376,573, compared with $4,143,744 in 2021, a 250% increase, with a similar increase in gross profits.
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....