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
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....