The Latest SPAC News and Rumors: April 21, 2023
by Marlena Haddad on 2023-04-21 at 11:35am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Pagaya Technologies weighs takeover of Sunlight Financial, Lanvin Group sales rise 37% to €422 million, and Mexico’s Covalto delays Nasdaq listing to 2024


Pagaya Technologies Weighs Takeover of Sunlight Financial 

Pagaya Technologies Ltd. (NASDAQ:PGY) is exploring an acquisition of Sunlight Financial Holdings Inc.(NYSE:SUNL), which helps homeowners finance rooftop solar panels, people with knowledge of the matter said.

The Tel Aviv-based financial technology company has expressed interest in Sunlight, according to the people, who asked not to be identified discussing confidential information.

Shares of Sunlight soared as much as 122%. They were up 81% to 59 cents each at 1:33 p.m. in New York trading Thursday, giving the company a market value of $79 million. Pagaya’s shares were up 4.2% to 95 cents, giving it a market value of $672 million.

Both Pagaya, whose technology is used to originate consumer loans, and Sunlight went public via mergers with blank-check companies.

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Post-SPAC, Lanvin Group sales rise 37% to €422 million 

Lanvin Group (NYSE:LANV) said revenues rose 37 percent to €422 million in 2022 and the company is pushing ahead with its plans to break even in 2024. It follows the group’s debut on the New York Stock Exchange in December through a SPAC deal with Primavera Capital Acquisition Corporation, when it was valued at $1.3 billion.

Flagship brand Lanvin was the biggest sales driver in 2022, reporting a 64 percent year-on-year increase to €120 million. Revenues at the luxury Italian footwear brand Sergio Rossi, which the group acquired in July 2021, increased 116 percent to €62 million. All other brands in the portfolio saw double-digit sales growth. Revenues at Italian menswear tailoring brand Caruso grew 25 percent to €31 million; American luxury knitwear brand St John reached €86 million, up 17 percent; and Wolford, known for its tights, bodysuits and underwear, saw revenues reach €125 million, up 15 percent from the previous year.


Mexico’s Covalto quietly delays Nasdaq listing to 2024

Mexican digital and banking services platform Covalto has pushed back its much-anticipated plans to list on the Nasdaq exchange through a SPAC to 2024, according to a filing to the U.S. Securities and Exchange Commission

The company had initially sought to go public in the first quarter, seeking to be the first Mexican fintech to trade publicly on a U.S. stock bourse. However, dampened markets have seen few listings and a near-hiatus of SPACs globally so far this year.

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