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.
READUS 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.
READVinFast Breaks Ground At New North Carolina Factory Despite Perception Backlash, Expects Listing Soon
Terms Tracker for the Week Ending September 6, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was a short holiday week and while it was light on filings, SPACs did manage to price two IPOs. That means 2024 has now...
Compass Digital (NASDAQ:CDAQ) has entered into a definitive agreement to combine with renewable energy firm EEW at a pro forma enterprise value of $386 million. London-based EEW is a solar, hydrogen and energy storage project developer with 1.4 GW of solar projects sold to date in Australia, the UK, Spain, and Sweden. The combined company...
Evergreen (NASDAQ:EVGR) has entered into a definitive agreement to combine with enterprise software firm Forekast at a pre-money enterprise value of $105 million. The company provides data analytics and customer engagement tools backed by some degree of AI automation to improve efficiencies for its business clients. The combined company is expected to trade on the...
At the SPAC of Dawn The auto-reply messages are off. SPACs are definitively back from vacation and in the thick of it. Two new SPACs are set to debut in trading today in Vine Hill (NASDAQ:VCICU) and Andretti II (NASDAQ:POLEU) and two SPACs have also landed their search on new targets, which could pull a...
Vine Hill Capital Investment Corp. announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VCICU”, Friday, September 6, 2024. The new SPAC intends to focus its search on a target business in the industrial and services industries, where it believes the expertise...