Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Australian Oilseeds secures $7M investment, NKGen Biotech announces first patient dosed in Phase 1 clinical trial, and Nauticus announces $2.1M contract with Leidos
Arena Investors, Australian Oilseeds Holdings Limited and EDOC Announce an Investment of up to $7 Million and Plans for a $50 Million ELOC
Arena Investors has entered into an agreement with Australian Oilseeds, a holding company whose subsidiaries have engaged for more than 20 years in the business of processing, manufacturing and selling of non-GMO oilseeds, and EDOC Acquisition Corp. (NASDAQ: ADOC), to make a convertible debenture and warrant PIPE investment of up to $7 million in connection with the previously announced business combination between Australian Oilseeds and EDOC.
The PIPE is contemplated to be funded in three tranches for consideration of secured convertible debentures and warrants. The first closing of the PIPE for gross proceeds of $2 million is conditioned upon completion of the business combination, subject to approval of EDOC’s shareholders. Additional tranches are subject to certain stock performance metrics of the combined company after the transaction.
Among the closing conditions is the execution of a $50 million equity line of credit (“ELOC”) between an affiliate of Arena and Australian Oilseeds at closing.
NKGen Biotech, Inc. Announces First Patient Dosed in Phase I Clinical Trial of SNK02, Allogeneic NK Cell Therapy Product Candidate, for the Treatment of Solid Tumors
NKGen Biotech, Inc., a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous, allogeneic, and CAR-NK natural killer cell therapies, today announced the first patient has been dosed in a Phase I, multi-center, open-label, dose-escalation study evaluating its cryopreserved investigational allogeneic blood-derived NK cell therapy (“SNK02”). In October 2022, the Food and Drug Administration allowed NKGen’s Phase I SNK02 clinical trial to proceed per its Investigational New Drug application. NKGen previously announced a proposed business combination with Graf Acquisition Corp. IV (NYSE: GFOR).READ
Houston robotics startup secures $2.1M contract extension with engineering tech co.
Houston startup has just secured an extended contract with a major customer.
Webster-based Nauticus Robotics (NASDAQ:KITT), a maker of autonomous oceangoing robots, has bulked up its current contract with Reston, Virginia-based Leidos in a $2.1 million extension. That brings Leidos’ total financial commitment from $14.5 million to $16.6 million.
Founded in 2014 as Houston Mechatronics, Nauticus adopted its current branding in 2021. Last year, Nauticus became a publicly traded company through a merger with a blank check company called CleanTech Acquisition Corp.READ
WeWork taps restructuring advisers in effort to stave off bankruptcy
WeWork (NYSE:WE) is rounding up advisers for help with restructuring as it struggles with a heavy debt load and poor financial performance, according to people with knowledge of the matter.
The co-working giant has hired real estate adviser Hilco Global, once again tapped consultant Alvarez & Marsal and re-engaged law firm Kirkland & Ellis for advice on its options, according to the people, who spoke on the condition of anonymity because the matter is private.
The company is seeking to avoid a Chapter 11 bankruptcy filing and restructure its debts out of court, one of the people said.READ
Better.com’s stock tanks after SPAC combination brings it to the public markets
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...