Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Polestar doubles revenue, SeatGeek raises $238M after cancelling SPAC deal, and crypto miner PrimeBlock’s CEO leaves firm
Polestar revenue doubles as it rides electric car boom
Electric vehicle maker Polestar (NASDAQ: PSNY) said on Thursday that its revenue nearly doubled in the first half of 2022 on soaring demand and that it may have to raise its prices further if material costs continue to rise.
“We continue to have a very strong order book,” Chief Financial Officer Johan Malmqvist told Reuters. “In regards to inflationary pressures, we have increased prices and that is something that we are closely monitoring to see if there’s a need to take additional actions to protect our margins.”
Polestar, which listed on the Nasdaq in June via a merger with a Gores Guggenheim, has expanded into new markets this year but the cost of doing so meant it reported a net loss of $502.7 million for January-June, up from a $368.2 million loss a year earlier.
READSeatGeek snaps $238M after cancelling SPAC deal
New York-based SeatGeek, a mobile ticketing platform, has raised $238M after abandoning plans to go public. Long-time investor Accel led the round privately as part of a Series E funding round, with participation from Wellington Management, Arctos Sports Partners, and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group (SEG), which includes the Utah Jazz.
SeatGeek is now valued at around $1.2B, down from as much as $2B in its proposed SPAC merger deal.
RedBall Acquisition Corp. (NYSE:RBAC) announced in June that it had mutually terminated its combination agreement with ticket marketplace SeatGeek.
READCrypto Miner PrimeBlock’s CEO Has Left Firm After Cancelled SPAC Deal
The CEO of crypto miner PrimeBlock, which canceled a merger with 10X Capital Venture Acquisition Corp. II (VCXA) that would’ve made it a public company, has left the firm, according to two people familiar with the move.
Gaurav Budhrani, the now-former CEO, was with PrimeBlock for about a year, according to his LinkedIn profile. He had come aboard from Goldman Sachs (GS), where he’d spent more than a decade, most recently as a vice president who helped run crypto investment banking.
Audit Regulator Sees Room to Improve Going Concern, SPAC Reviews
Audit firms fell short in their going concern reviews and some struggled with testing the financial statements of blank-check companies, the US audit regulator said in a report Wednesday.
Inspectors with the Public Company Accounting Oversight Board reviewed 40 audits as part of its 2021 cross-firm reviews, which target a few audit areas across a range of firms. PCAOB staff looked at fraud risks and cash in addition to going concern evaluations and quarterly reviews of SPACs, according to a recap of the reviews the board released.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...
Seaport Calibre Materials Acquisition Corp. (Nasdaq: SCMA) announced this afternoon that it is pushing today’s special meeting back until January 31. The SPAC is currently facing a completion deadline of February 1, but is looking to extend its timeline by an additional six months to August 1. Stockholders may elect to redeem their shares for a pro rata...