Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
$1 bln metals SPAC deal backed by Glencore, automakers collapses
A $1 billion metals deal by blank-cheque fund ACG Acquisition Co has been terminated following delays when the different sides, which included a leading global miner and top automakers as anchor investors, tried to revise it, ACG said on Thursday.
ACG , a London-listed special purpose acquisition company (SPAC), planned to buy a nickel mine and a copper mine from Appian Capital, betting on rising demand for metals needed for the global green energy transition.
In June, global miner Glencore , Chrysler parent Stellantis and Volkswagen’s battery unit PowerCo agreed to back the deal through an equity investment. It was expected to close in August.
Olympique Lyonnais plan to raise €300m, sell assets and scrap SPAC deal
Textor’s Eagle Football Holdings completed the takeover of Lyon at the end of last year, with the club valued at €884 million (US$932.21 million). The deal, backed by US private equity firm Ares Management, made the Ligue 1 team the fourth to be affiliated with Eagle Football, joining Premier League side Crystal Palace, Brazilian outfit Botafogo and Belgian team RWD Molenbeek. […]
Judge halts SPAC dissolution after law firm sues for fees from failed merger
A Delaware judge is temporarily blocking a special purpose acquisition company’s plan to dissolve after its former law firm Schulte, Roth & Zabel sued to recover more than $1.9 million in legal fees for work on a now-failed merger with the Philippines’ largest casino.
Vice Chancellor Travis Laster of Delaware Chancery Court on Wednesday granted Schulte’s motion for a temporary restraining order to prevent its former SPAC client 26 Capital Acquisition Corp from liquidating and dissolving before it pays its legal fees.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...