Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter
Founder of troubled electric van maker Arrival steps aside as CEO
The founder of the electric van start-up Arrival (NASDAQ:ARVL) has stepped aside as chief executive shortly after a chaotic strategy U-turn in which it shifted focus from the UK to the US.
Denis Sverdlov, a Russian telecoms billionaire, will be replaced by Peter Cuneo, the former head of Marvel Entertainment until its sale to Disney. Cuneo led the stock market listing early last year that injected $660m into the company at the height of a global electric vehicle investment frenzy.
CIIG Merger Corp. shareholders approved its combination with EV-maker Arrival in March 2021.READ
Paysafe planning reverse stock split
While Paysafe Ltd. (NYSE:PSFE) expands its business with plans to open a North American headquarters in Jacksonville, the payment processing company is trying to rebuild investor confidence and lift its sagging stock price.
London-based Paysafe’s stock has plunged from $15.10 when it went public in March 2021 to $1.18 before its Nov. 10 earnings report, a 92.2% decrease. Paysafe went public by merging with a SPAC formed by Bill Foley, chairman of Jacksonville-based title insurer Fidelity National Financial Inc.
As it reported earnings, it also announced a 1-for-12 reverse stock split to reduce the number of shares outstanding and increase the listing price.READ
Pursuing a bank charter is a down-the-road option for fintech Dave, CEO says
The neobank Dave Inc.(NASDAQ:DAVE) may eventually pursue a bank charter, but it is not currently on the horizon for the Chicago-based specialty lender.
In an interview, Dave CEO, Chairman and President Jason Wilk said the company would need a large enough deposit base that leads to net interest income becoming a meaningful revenue stream before it pursued a charter. Evolve Bank & Trust currently holds deposits of Dave’s consumers and issues Dave’s debit card product, but Wilk declined to disclose the deposit total his company has originated.
The company has a $100 million credit facility backed by Victory Park Capital Advisors LLC whose leadership helped establish VPC Impact Acquisition Holdings III Inc., a blank-check company that took Dave public in January.READ
DLTx Acquires NachoNodes’ Pocket Network Assets and IP
DLTx ASA (“DLTx”, OSE: DLTX) announced the purchase of NachoNodes’ Pocket Network assets and intellectual property as part of its expansion of Web 3 infrastructure services. Pocket Network is a decentralized API designed to help Web 3 applications communicate with blockchain networks through an extensive network of nodes that are designed to enable greater decentralization of Web 3 protocols.
Through its purchase of NachoNodes, DLTx has added decentralized technology experts to its team and has acquired advanced software that enables at-scale decentralized nodes and the Pocket Network staking business.
On October 15, Blockchain Moon (NASDAQ: BMAQ), announced that it executed a business combination with Malibu Parent Inc., a Delaware corporation (“New BMAC”), Hermosa Merger Sub LLC, and DLTx, to acquire all the Web3 assets of DLTx, listed on the Euronext Oslo (DLTX.OL).READ
Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...
Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...
Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...
Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...