Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Amazon seller Packable to shut down in bankruptcy, and Otonomo to lay off dozens after losing 90% of value
Amazon Seller Packable to Shut Down in Bankruptcy After SPAC Deal Sinks
Packable Holdings LLC, a Carlyle Group-backed e-commerce platform valued at more than $1 billion less than two years ago, is shutting down in bankruptcy after it failed to go public through a merger with Highland Transcend Partners I Corp.
The Hauppauge, N.Y.-based company made the filing in the U.S. Bankruptcy Court in Wilmington, Del., on Sunday, days after it said it was laying off 138 employees. Packable, which entered bankruptcy with 372 workers, had nearly 1,300 employees at its peak.
Otonomo to lay off dozens of employees after losing over 90% of value
Israeli autotech company Otonomo (NASDAQ:OTMO) is expected to lay off dozens of employees, Calcalist has learned. The company, which built a marketplace for the trading of information coming from connected vehicles and went public a year ago on Nasdaq, employs close to 200 people – more than half of them at its R&D center in Herzliya.
Otonomo, which was issued during the wave of IPOs of companies in the autonomous vehicle sector alongside REE and Innoviz, is on its way to the title of “the worst Israeli IPO of 2021”, after its stock plunged from a value of $1.26 billion in the IPO to only $62 million last Friday. The company even announced on the same day that it received a non-compliance letter from Nasdaq regarding the possible delisting of its shares, after its stock traded below the price of a dollar for more than 30 days.
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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...