Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Kolors acquires Urbvan from Swvl to transform corporate bus travel in Mexico and Faze Clan loses its hype
Kolors acquires Urbvan to transform corporate bus travel in Mexico
Kolors, a Mexico City-based startup that connects intercity bus riders with bus drivers, is acquiring B2B van pooling provider Urbvan for $12 million cash, the company shared Wednesday.
The purchase of Urbvan, which was previously owned by a Dubai-based Kolors competitor Swvl (NASDAQ:SWVL), brings a door-to-door solution to Kolors’s service in Mexico. Urbvan has a similarly asset-light business model with over 500 vans and shuttles on its platforms and hundreds of B2B clients.
Urbvan is already a profitable and growing business, according to Martínez, so it’s not entirely clear why Swvl would decide to sell. The company acquired Urbvan in July 2022 to expand its reach into Mexico, but sources familiar with the matter told TechCrunch Swvl has been selling off parts of its business internationally for the past year as it struggles to stay afloat. Swvl went public in 2021 through a merger with a special purpose acquisition company.
From $1 Billion to Almost Worthless: FaZe Clan Runs Out of Hype
Three months after its July 2022 debut on the Nasdaq, FaZe Holdings Inc. (NASDAQ:FAZE) threw an exclusive party at a San Diego nightclub, hiring the rapper Travis Scott to promote its stable of video-game stars and YouTube personalities.
The party, which cost $1.7 million, got the company and a sponsor’s name in hundreds of Google search results, YouTube videos and Instagram stories. Lee Trink, FaZe’s chief executive officer at the time, hailed the event as a great success.
But with losses mounting and the shares tumbling, the company fired Trink, 55, on Sept. 9, replacing him on an interim basis with Chief Financial Officer Christoph Pachler. Interviews with seven former employees describe a mismanaged organization marked by poor spending decisions, excessive pay and expansion into unprofitable categories like esports.
In the first half of 2023, FaZe posted a loss of $28 million. Sales tumbled 30% to $24.2 million.
FaZe became a publicly traded company on July 19, 2022, paying off its debt and receiving $57.8 million in net proceeds, less than originally anticipated. B. Riley Financial Inc. remains the company’s largest stockholder, with a 14% stake worth about $2 million.
Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...