Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bed Bath & Beyond draws interest from Tailwind SPAC, Swvl buys Turkish transit firm, and crypto platform investors sue SPAC execs over accounting
Bed Bath & Beyond Stock Jumps on Report Company Received Bids for BuyBuy Baby Unit
Bed Bath & Beyond’s (NASDAQ:BBY) shares jumped Friday on news that the company is considering offers to buy its BuyBuy Baby business.
Shares closed Friday at $17.46, up 6.85%. The news was reported by The Wall Street Journal, which cited unnamed sources. According to the report, private equity firm Cerberus Capital Management and Tailwind Acquisition, which originally announced a business combination with risk analytics firm QOMPLX before terminating the deal, are among the companies interested in the baby apparel and supplies retailer.
The home goods retailer recently struck a deal with activist investor Ryan Cohen, chair of GameStop and co-founder of Chewy, who owns a stake in the company through his firm RC Ventures. As part of the deal, Bed Bath agreed to do a strategic review of BuyBuy Baby, one of the bright spots of the company’s business. It also agreed to add three new directors to its board as part of the truce.READ
Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree
Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
Ride-sharing startup Swvl made its debut on the Nasdaq Stock Market on April 1 after merging with blank-check company Queen’s Gambit Growth Capital.READ
Crypto Platform Investors Sue SPAC Execs Over Accounting
Shareholders in cryptocurrency platform Bakkt Holdings Inc (NYSE:BKKT) sued the investment managers who took the company public via a blank check company, alleging they misled investors by improperly classifying shares.
An investor filed the lawsuit in Brooklyn on Thursday against Bakkt and five individuals associated with Chicago-based Victory Park Capital Advisors. The Chicago-based investment manager sponsored the special purpose acquisition company that took the company public last year in a deal that valued Bakkt at $2.1 billion.READ
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...