Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: United Airlines puts down $10 million deposit on flying taxis from Archer Aviation and Swvl announces $20 million private placement
United Airlines bets $10 million on flying taxis
The days of a Jetsons-like society zipping around in flying cars are still a long, long way away, but United Airlines is making a $10 million bet on flying cars. The carrier has put down a deposit for 200 four-passenger flying taxis from Archer Aviation, a San Francisco–based startup working on the aircraft/auto hybrid.
To be clear, the Federal Aviation Administration has not yet approved those vehicles to begin ferrying passengers, but the down payment is a sign of support from United that the technology is valid. American Airlines, last year, announced it would invest $25 million in a separate electric aircraft company, but that money has reportedly not yet been delivered, reports the Wall Street Journal.
Archer (NYSE:ACHR) completed its business combination with Atlas Crest Investment Corp. on September 14, 2021.
READSwvl Announces $20 Million Private Placement
Swvl Holdings Corp (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that it has entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 12,121,214 of its ordinary shares together with series A warrants and series B warrants at a combined purchase price of $1.65 per ordinary share, pursuant to a private placement, resulting in total gross proceeds at closing of approximately $20 million before deducting placement agent commissions and other estimated offering expenses.
The series A warrants may purchase up to 12,121,214 of the Company’s ordinary shares and the series B warrants may purchase up to 6,060,607 of the Company’s ordinary shares.
Swvl completed its business combination with Queen’s Gambit on March 30, 2022.
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Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...