Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hedge fund accuses Concord SPAC backers of pocketing breakup fee, Virgin Group puts another $20M into Virgin Orbit, and X-Energy completes key safety system prototype
Hedge Fund Accuses Concord SPAC Backers of Pocketing Breakup Fee
Concord Acquisition Corp.’s (NYSE:CND) sponsors are facing investor litigation over claims they misappropriated a $20 million breakup fee—instead of distributing it to shareholders—after calling off a blank-check merger with a cryptocurrency business.
The lawsuit targets members of the special purpose acquisition company’s board and management, all allegedly with formal or informal ties to Atlas Merchant Capital LLC. It was filed Monday in Delaware’s Chancery Court by Funicular Funds LP, an affiliate of hedge fund sponsor Cable Car Capital LLC.
Virgin Group Puts Another $20 Million into Struggling Virgin Orbit
The Virgin Group has put another $20 million into Virgin Orbit (NASDAQ: VORB) less than seven weeks after pumping $25 million into the struggling launch provider. The latest infusion came through the sale of a senior secured convertible note to Virgin Investments Ltd.
Virgin Orbit has struggled to ramp up flights of its LauncherOne booster while dealing with dwindling cash reserves. The rocket is air launched from a modified Boeing 747 aircraft.
Virgin Orbit successfully launched two times in 2021 after LauncherOne failed on its maiden flight in 2020. The company launched only twice this year, well short of the four to six flights it had planned.READ
X-Energy Completes Key Safety System Prototype for Xe-100 Advanced Nuclear Reactors
X-Energy Reactor Company, LLC, a leading developer of small modular nuclear reactor and fuel technology for clean energy generation, in partnership with Paragon Energy Solutions, a leading specialist in the design and manufacturing of critical safety systems, today announced the completion of a Reactor Protection System prototype, a key safety feature of X-energy’s Xe-100 advanced nuclear reactors. The four-division RPS prototype utilizes Paragon’s highly integrated protection system and marks the first time that Paragon has deployed HIPS to a Generation IV high-temperature gas reactor, an evolution of their robust, reliable, and secure technology that is intended to further advance nuclear safety.
As previously announced, X-Energy has entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC), which will establish X-Energy as a public company.
AEON Biopharma Completes Enrollment in Phase 2 Trial of ABP-450 for Preventive Treatment of Episodic Migraine
AEON Biopharma, Inc., a private clinical-stage biopharmaceutical company focused on the development of its proprietary botulinum toxin complex ABP-450 (prabotulinumtoxinA) for therapeutic indications, and Priveterra Acquisition Corp. (NASDAQ: PMGM), a special purpose acquisition company, today announced the completion of patient enrollment in the Phase 2 study of ABP-450 for the preventive treatment of episodic migraine. The Company expects to announce topline data from the study in the second half of 2023.READ
Nikola and E.ON Announce Plans to Achieve CO2 Savings of 560,000 Metric-Tons Annually by 2027
Nikola Energy and E.ON Hydrogen, confirmed their goal of making hydrogen fuel cell electric vehicles (FCEVs) cost competitive to diesel trucks, in terms of total cost of ownership. This is an important step on the road to decarbonizing heavy-duty transport. Nikola Energy is a wholly-owned subsidiary of Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emission transportation and energy infrastructure solutions. E.ON Hydrogen is a wholly-owned subsidiary of E.ON SE, one of Europe’s largest operators of energy networks and energy infrastructure and a provider of innovative customer solutions.READ
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that it has come to a forward purchase agreement (FPA) with Meteora Capital Partners involving up to 2,500,000 shares for its combination with NKGen Biotech. Meteora is to purchase up to that amount on the open market prior to close, capped at 9.9% of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Heard on the Street: VinFast’s SPAC Backers Are Backing Out Even by the standards of electric-vehicle startups, the $40 billion market value of Vietnamese electric-vehicle startup VinFast is wild, following its combination with Black Spade last month....
Murphy Canyon (NASDAQ:MURF) announced this morning that it has closed its combination with Conduit Pharmaceuticals and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “CDT” and “CDTTW” on September 25. The company also closed a purchase of $20 million in Murphy Canyon units at close, which is to...
Indie Semiconductor (NASDAQ:INDI), which merged with Thunder Bridge II in June 2021, announced this morning that it has launched an exchange offer to convert each outstanding warrant to 0.285 Class A shares in the company. At Indie’s last closing price of $6.22, this is $1.77 of value each, although the stock has been rising since...
Atlantic Coastal II (NASDAQ:ACAB) has entered into a definitive agreement to combine with drug developer Abpro at a valuation of $725 million. Woburn, Massachusetts-based Abpro is advancing a series of drug candidates to potentially treat COVID, cancer and diabetic blindness. The combined company is expected to trade on the Nasdaq once the deal is completed...