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.
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...