Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Tims China extends retail distribution partnership with Alibaba’s Freshippo, Anghami reduces headcount by 22%, and Grindr shares soar 400% after SPAC merger
Tims China extends RTD reach with Alibaba’s Freshippo
Tims China (NASDAQ:THCH) has announced a two-year ready-to-drink (RTD) retail distribution partnership with Chinese grocery chain Freshippo.
Launched in 2015 by Chinese e-commerce company Alibaba Group, Freshippo currently operates more than 300 retail stores across China. The partnership will see Freshippo introduce co-branded Tims China coffee products online and via its bricks-and-mortar stores from December 2022.
In September 2022 the Chinese operator of Canadian coffee chain Tim Hortons completed its merger with special purpose acquisition company Silver Crest.
READSpotify rival Anghami reduces headcount by 22% as part of ‘sustained focus on profitability’
A wave of layoffs has started to bite in the global music business, mirroring a trend in the wider technology sector.
In August, SoundCloud started the process of reducing its global workforce by approximately 20%, blaming a “challenging economic climate”. Now, as rumors swirl that Spotify is mulling a takeover bid for it’s MENA-focused rival Anghami (NASDAQ:ANGH), the latter company has revealed that it’s cut nearly a quarter of its own headcount. Twenty two percent of Anghami’s staff are losing their jobs.
Anghami revealed the news about reducing its headcount within its preliminary unaudited Q3 results, which were filed on Tuesday (November 15).
READGrindr Shares Soar After SPAC Merger
Shares of Grindr Inc. (NYSE:GRND) surged more than 400% to nearly $60 in morning trading after the LGBTQ-focused social network and dating app completed its merger with special-purpose acquisition company Tiga Acquisition Corp.
Nearly all of the SPAC investors pulled their money out of the deal, as has become common for such mergers recently. That left few shares trading publicly, setting the stage for today’s jump.
New financing could quicken pace of NioCorp niobium mine project
NioCorp, the Colorado-based company hoping to dig a Niobium mine in southeast Nebraska, visited there to assure area residents a new financing opportunity may speed up the development of the long-delayed project.
In September, the company merged with GX Acquisition II (NASDAQ:GXII), a special purpose acquisition company, hoping to move NioCorp onto the NASDAQ stock exchange and attract needed investment. The deal made an estimated $285 Million available to advance additional development of the Elk Creek Mine.
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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....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...