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.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...