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.READ
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.READ
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. JSE reviewing listing requirements with aim to simplify them The Johannesburg Stock Exchange will be reviewing all its listings requirements with the objective of further simplifying its requirements, as part of its ongoing efforts to create an...
Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast. The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close. A further...
M3-Brigade III (NYSE:MBSC) announced this morning that it has closed its combination with Canadian energy producer Greenfire and the combined company is expected to trade on the NYSE under the symbol “GFR” later today. Concurrent with close, Greenfire also issued $300 million in new senior secured notes at a 2% discount, priced at $980 per...
Murphy Canyon Acquisition Corp. (NASDAQ:MURF) announced this afternoon that its stockholders voted in favor of the proposed business combination with Conduit Pharmaceuticals Limited (“Conduit”). Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the closing to occur as soon as practicable, subject to the satisfaction or waiver...
Latest SPAC Liquidations: Juniper II Corp. Juniper II Corp. (JUN) to Liquidate on October 10, 2023 Juniper II Corp. (NYSE: JUN), today announced that its board of directors has determined to redeem all of its outstanding shares of Class A common stock with such redemption anticipated to be effective as of October 10, 2023. The...