Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: CEO of Nikola steps down, SEC fines Canoo $1.5M over revenue projection reporting, and new Core Scientific CEO says company will exit bankruptcy by year end
Nikola chief quits
Nikola (NASDAQ: NKLA) said Michael Lohscheller had stepped down as president and CEO effective immediately and would leave the board on August 31.
Steve Girsky, chairman since September 2020, was named replacement CEO.
Lohscheller would remain as an advisor until the end of September.READ
US fines Canoo $1.5 million over revenue projection reporting
The U.S. Securities and Exchange Commission fined electric vehicle company Canoo Inc $1.5 million on Friday for what the regulator alleges were reporting failures related to hundreds of millions of dollars of unreasonable revenue projections.
The SEC said Canoo, former CEO Ulrich Kranz and Paul Balciunas, its former chief financial officer, misled investors about the company’s financial prospects before it went public in a merger with a special purpose acquisition company in December 2020.
Canoo completed its business combination with Hennessy IV in December 2020.
New Core Scientific CEO says company will exit bankruptcy by year end
Adam Sullivan, who started as CEO of Core Scientific (OTCMKTS: CORZQ) last Friday, is no stranger to bitcoin mining.
In fact, he’s been intimately involved in the industry since at least 2016. Back then, Sullivan was running a GPU mining business on the side while he worked full-time at a hedge fund in New York, he told Blockworks in an interview.
Regarding Core Scientific’s bankruptcy proceedings, a spokesperson told Blockworks the process “is proceeding well.” Sullivan added that the definitive exit date is unknown, but said that he expects to be out of it “by the end of this year.”
Core Scientific completed its merger with Power & Digital Infrastructure Acquisition Corp. in January 2022.READ
VinFast Breaks Ground At New North Carolina Factory Despite Perception Backlash, Expects Listing Soon
Terms Tracker for the Week Ending December 1, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the most part, this was a quiet week for filings being that it followed the Thanksgiving holiday. Ideally, bankers, lawyers and teams got a...
Aimei Health Technology Co., Ltd (NASDAQ: AFJKU) announced the pricing of its $60 million IPO this evening. Its units are expected to begin trading on the Nasdaq under the symbol “AFJKU” on Monday, December 4, 2023. After the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to...
PROOF 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...