The Latest SPAC News and Rumors: August 15, 2023
by Marlena Haddad on 2023-08-15 at 11:54am

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

Latest SPAC News: Grove Collaborative replaces CEO and raises $10M, VinFast surges in Nasdaq trading debut, and Crowe pays $750k to settle SEC charges over SPAC audit failures


Grove Collaborative Changes CEO, Raises $10 Million After SPAC Flameout

Grove Collaborative Holdings (NYSE:GROV) is replacing its longtime chief executive officer after the seller of household essentials struggled since being taken public during the SPAC craze of the past few years.

Stuart Landesberg, who co-founded the company that would become Grove in 2012, is stepping down from his post to become executive chairman, the firm said in a statement Monday. Jeff Yurcisin, a 48-year-old Amazon.com Inc. alum, will become CEO on Aug. 16. Grove also raised $10 million by selling shares to investment firm Volition Capital through a private placement.

Grove went public in June 2022 after a special-purpose acquisition company sponsored by Richard Branson’s Virgin Group acquired the product maker.

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Vietnamese EV Maker VinFast Surges in Nasdaq Trading Debut

VinFast Auto Ltd. (NASDAQ:VFS) soared in a volatile first day of trading as the Vietnamese electric-vehicle maker looks to raise its profile and take on established car manufacturers.

The company’s shares doubled to $20.88 as of 10:06 a.m. in New York. The stock surged as much as 130% shortly after the market opened, triggering multiple trading halts.

VinFast debuted on the Nasdaq Global Select Market under the symbol VFS after completing a merger with blank-check company Black Spade Acquisition Co. that valued it at $23 billion. The company is backed by Vietnam’s richest man.

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Crowe pays $750,000 to settle SEC charges over Spac audit failures

London-based auditors Crowe LLP have been hit with a $750,000 penalty over deficient audit work for music streaming company Akazoo Limited.

In an August 14 statement, which also fined chief executive Nigel Bostock and senior auditor Matthew Stallabrass, the Securities and Exchange Commission in the US said the firm issued a clean audit of Akazoo’s 2018 statements, but the business – which went public via a special purpose acquisition company – was later revealed to have falsely claimed in 2018 statements that it had $120m in revenue.

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Recent Posts
by Nicholas Alan Clayton on 2023-09-27 at 9:02am

Integrated Wellness (NYSE:WEL) announced this morning that it has nixed its combination with vending machine operator Refreshing USA due to conditions of the combination remaining unfulfilled. The SPAC did not elaborate on what conditions those were, but the two sides have been past their initial outside date since July 31. Integrated Wellness still plans to...

by Nicholas Alan Clayton on 2023-09-26 at 5:45pm

Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...

by Kristi Marvin on 2023-09-26 at 5:41pm

Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...

by Nicholas Alan Clayton on 2023-09-26 at 3:54pm

Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...

by Nicholas Alan Clayton on 2023-09-26 at 2:26pm

Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...

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