Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: CEO of Nikola steps down, SEC fines Canoo $1.5M over revenue projection reporting, and new Core Scientific CEO says company will exit bankruptcy by year end
Nikola chief quits
Nikola (NASDAQ: NKLA) said Michael Lohscheller had stepped down as president and CEO effective immediately and would leave the board on August 31.
Steve Girsky, chairman since September 2020, was named replacement CEO.
Lohscheller would remain as an advisor until the end of September.
READUS fines Canoo $1.5 million over revenue projection reporting
The U.S. Securities and Exchange Commission fined electric vehicle company Canoo Inc $1.5 million on Friday for what the regulator alleges were reporting failures related to hundreds of millions of dollars of unreasonable revenue projections.
The SEC said Canoo, former CEO Ulrich Kranz and Paul Balciunas, its former chief financial officer, misled investors about the company’s financial prospects before it went public in a merger with a special purpose acquisition company in December 2020.
Canoo completed its business combination with Hennessy IV in December 2020.
New Core Scientific CEO says company will exit bankruptcy by year end
Adam Sullivan, who started as CEO of Core Scientific (OTCMKTS: CORZQ) last Friday, is no stranger to bitcoin mining.
In fact, he’s been intimately involved in the industry since at least 2016. Back then, Sullivan was running a GPU mining business on the side while he worked full-time at a hedge fund in New York, he told Blockworks in an interview.
Regarding Core Scientific’s bankruptcy proceedings, a spokesperson told Blockworks the process “is proceeding well.” Sullivan added that the definitive exit date is unknown, but said that he expects to be out of it “by the end of this year.”
Core Scientific completed its merger with Power & Digital Infrastructure Acquisition Corp. in January 2022.
READVinFast Breaks Ground At New North Carolina Factory Despite Perception Backlash, Expects Listing Soon
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...