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The Latest SPAC News and Rumors: March 8, 2023
by Marlena Haddad on 2023-03-08 at 11:40am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Lordstown Motors says it’s looking for a partner to fund EV output, House Subcommittee on Capital Markets to hold hearing on decline in public firms, and Drew Barrymore collaborates with Grove


Lordstown Motors warns startup needs a partner to fund EV output

Lordstown Motors Corp. (NASDAQ:RIDE), the EV startup that bought a former General Motors Co. plant in Ohio, said it will delay expanded production of its debut EV if it can’t find a partner to share costs.

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The US has recorded several of its worst years on record for IPOs: House Subcommittee on Capital Markets to Address Decline in Public Firms

Later this week, the Subcommittee on Capital Markets, part of the House Financial Services Committee, will hold a hearing entitled U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital.

As the title infers, the hearing will address the dramatic decline in public firms as more companies strive to remain private for as long as possible due to the ongoing rule-upon-regulation strategy policymakers have incorporated for years. As one should have anticipated, the onslaught of excessive regulation has compelled firms to remain private as the cost to become a public firm has risen dramatically. While recently, IPOs did increase; this was due to the hot SPAC market that is now in retreat – partially due to additional rules.

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Drew Barrymore launches new limited edition collection with Grove Co

Drew Barrymore is launching her first sustainable collection of home care products with Grove Co.(NYSE:GROV).

Grove Collaborative is a leading sustainable consumer products company and Certified B Corp, and merged with Virgin Group Acquisition Corp. II, a publicly-traded special purpose acquisition company, in 2022.

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Recent Posts
by Marlena Haddad on 2023-03-20 at 4:27pm

Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...

by Marlena Haddad on 2023-03-20 at 12:50pm

AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...

by Marlena Haddad on 2023-03-20 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...

by Nicholas Alan Clayton on 2023-03-20 at 10:51am

Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...

by Nicholas Alan Clayton on 2023-03-20 at 7:15am

two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...

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