Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Polestar posts $304M loss amid delays, Starry emerges from bankruptcy with new growth goals, and Oklo selected to provide clean power to Air Force Base
Polestar Posts $304 Million Loss Amid Delays, Competition
Polestar Automotive Holding (NASDAQ:PSNY) posted another operating loss in the second quarter as the electric-vehicle maker struggled with software delays and intensifying competition.
While revenue surged in the UK and Sweden, it declined in key markets including the US and China during the three months through June, the EV maker said Thursday. Polestar, which is owned by Volvo Car AB and Chinese billionaire Li Shufu’s private investment company, posted a net loss of $304 million.
Polestar combined with special purpose acquisition company Gores Guggenheim Inc, raising $890 million in the process.
Internet Startup Starry Emerges From Bankruptcy With New Growth and Profit Goals
Oklo Selected to Provide Clean and Resilient Power to Eielson Air Force Base
The Defense Logistics Agency Energy on behalf of the United States Air Force has issued a Notice of Intent to Award a contract to Oklo Inc. to provide power and heat at the Eielson Air Force Base as part of the Air Force’s micro-reactor pilot program. This project represents a significant stride towards ensuring a clean and resilient energy supply for critical national security infrastructure.
On July 11, Oklo and AltC Acquisition Corp. (NYSE: ALCC) announced that they have entered into a definitive business combination agreement that upon closing would result in the combined company to be listed on the New York Stock Exchange under the ticker symbol “OKLO.”
READPROOF Acquisition Corp I (NYSE: PACI) announced this afternoon that it has closed its business combination with private aviation company Volato after shareholders approved the deal at a meeting on November 28. In total, including previous shareholder votes, shareholders opted to redeem an aggregate of 99.93% of PACI’s trust, leaving it with less than $215,000...
Adit EdTech (NYSE: ADEX) announced this morning that its shareholders have approved its business combination with bitcoin self-mining company Griid Infrastructure at a special meeting held yesterday, November 30. A total of 8,520,710 shares of common stock, representing approximately 95.7% of the outstanding shares entitled to vote, were present at the meeting, constituting a quorum...
At the SPAC of Dawn There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today. The fighting in Gaza continues to not appear to have appreciable affects on the...
Chavant Capital Acquisition Corp. (NASDAQ:CLAY) announced in an 8-K filing this afternoon that it has amended its business combination agreement with Mobix Labs. The amendment involves specific alterations to the exchange ratio, now set at a one-to-one ratio to determine how many shares of Class A Common Stock and Class B Common Stock Mobix Labs’...
ShoulderUp Technology (NYSE:SUAC) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an undisclosed private IT company and has terminated its previous LOI with Airspace Experience Technologies. Terms of the new transaction have not yet been announced, but the parties expect to finalize a definitive agreement by the...