Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Australian Oilseeds secures $7M investment, NKGen Biotech announces first patient dosed in Phase 1 clinical trial, and Nauticus announces $2.1M contract with Leidos
Arena Investors, Australian Oilseeds Holdings Limited and EDOC Announce an Investment of up to $7 Million and Plans for a $50 Million ELOC
Arena Investors has entered into an agreement with Australian Oilseeds, a holding company whose subsidiaries have engaged for more than 20 years in the business of processing, manufacturing and selling of non-GMO oilseeds, and EDOC Acquisition Corp. (NASDAQ: ADOC), to make a convertible debenture and warrant PIPE investment of up to $7 million in connection with the previously announced business combination between Australian Oilseeds and EDOC.
The PIPE is contemplated to be funded in three tranches for consideration of secured convertible debentures and warrants. The first closing of the PIPE for gross proceeds of $2 million is conditioned upon completion of the business combination, subject to approval of EDOC’s shareholders. Additional tranches are subject to certain stock performance metrics of the combined company after the transaction.
Among the closing conditions is the execution of a $50 million equity line of credit (“ELOC”) between an affiliate of Arena and Australian Oilseeds at closing.
NKGen Biotech, Inc. Announces First Patient Dosed in Phase I Clinical Trial of SNK02, Allogeneic NK Cell Therapy Product Candidate, for the Treatment of Solid Tumors
NKGen Biotech, Inc., a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic, and CAR-NK natural killer cell therapies, today announced the first patient has been dosed in a Phase I, multi-center, open-label, dose-escalation study evaluating its cryopreserved investigational allogeneic blood-derived NK cell therapy (“SNK02”). In October 2022, the Food and Drug Administration allowed NKGen’s Phase I SNK02 clinical trial to proceed per its Investigational New Drug application. NKGen previously announced a proposed business combination with Graf Acquisition Corp. IV (NYSE: GFOR).READ
Houston robotics startup secures $2.1M contract extension with engineering tech co.
Houston startup has just secured an extended contract with a major customer.
Webster-based Nauticus Robotics (NASDAQ:KITT), a maker of autonomous oceangoing robots, has bulked up its current contract with Reston, Virginia-based Leidos in a $2.1 million extension. That brings Leidos’ total financial commitment from $14.5 million to $16.6 million.
Founded in 2014 as Houston Mechatronics, Nauticus adopted its current branding in 2021. Last year, Nauticus became a publicly traded company through a merger with a blank check company called CleanTech Acquisition Corp.READ
WeWork taps restructuring advisers in effort to stave off bankruptcy
WeWork (NYSE:WE) is rounding up advisers for help with restructuring as it struggles with a heavy debt load and poor financial performance, according to people with knowledge of the matter.
The co-working giant has hired real estate adviser Hilco Global, once again tapped consultant Alvarez & Marsal and re-engaged law firm Kirkland & Ellis for advice on its options, according to the people, who spoke on the condition of anonymity because the matter is private.
The company is seeking to avoid a Chapter 11 bankruptcy filing and restructure its debts out of court, one of the people said.READ
Better.com’s stock tanks after SPAC combination brings it to the public markets
GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...
Anzu Special Acquisition Corp I (NASDAQ:ANZU) announced this afternoon that its stockholders voted in favor of the proposed business combination with Envoy Medical Corporation (“Envoy”), held earlier today. Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the business combination to be consummated on September 29, 2023....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Pinstripes Expands Senior Leadership Team, Hires Chief Financial Officer and Chief Marketing Officer in Advance of Public Listing Pinstripes, Inc, a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced...
Athena Consumer Acquisition Corp. (NYSE: ACAQ) announced this morning that it plans to again adjourn its September 28 special meeting to approve its combination with German EV-maker e.GO without conducting business and will reconvene it at 4 pm ET September 29. The SPAC’s warrant holders are also to vote at at a meeting 30 minutes...
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...