The Latest SPAC News and Rumors: August 11, 2023

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The Latest SPAC News and Rumors: August 11, 2023

by Marlena Haddad on 2023-08-11 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Cano Health reduces workforce by 17%, and Vertical Aerospace to pause flight tests after crash

Cano Health sinks on raising going concern doubts; announces job cuts

Cano Health (NYSE:CANO) said on Thursday there is substantial doubt about the company’s ability to continue as a going concern this year, sending its shares down about 48% after the bell.

Under its restructuring plan, the company expects to lower costs by reducing 17% of its current workforce, about 700 employees, in the third quarter of 2023.

The primary care provider, which went public in 2021 after merging with a Sternlicht-backed SPAC, also said it is pursuing a process to sell itself and is continuing efforts to divest its non-core assets and business lines.

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Air-Taxi Startup Vertical to Pause Flight Tests After Crash

The crash of Vertical Aerospace Ltd.’s (NYSE:EVTL) only electric air-taxi prototype this week will force the startup to pause flight tests until regulators complete an investigation.

The VX4, a five-person tilt-rotor craft, crashed on Aug. 9 during a flight test at Cotswold Airport, the UK company said in a regulatory filing this week. The exercise was meant to test maneuverability during a staged motor failure, a key requirement to progress to crewed operations.

Vertical Aerospace combined with Broadstone in 2021.

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