The Latest SPAC News and Rumors: December 22, 2022
by Marlena Haddad on 2022-12-22 at 12:02pm

 


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  Bird gets lifeline from independent Canadian subsidiary, Disruptive Capital launches £125m share buyback, and Core Scientific files for bankruptcy  


E-scooter company Bird gets lifeline from independent Canadian subsidiary 

E-scooter sharing firm Bird Canada Inc. (NYSE:BRDS) has swooped in to rescue the troubled Miami-based parent company from which it licenses its branding and software.

Bird Global Inc. announced Wednesday that it will merge with the independent Canadian company in a deal that will see an estimated US$32 million in new capital injected into the struggling micromobility company, including US$4 million which has already been funded.
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City financier Truell to keep SPAC alive £125m share buyback

Sky News has learnt that Disruptive Capital Acquisition Co, which was listed on Amsterdam’s Euronext exchange by Edi Truell, will announce on Wednesday that it is launching a share buyback to return up to £128.5m to investors.

Under the terms of the offer, shareholders in the special purpose acquisition company (SPAC) will be able to tender up to 95% of their stock at a price equivalent to £10.25-a-share.

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Cryptominer Core Scientific files for bankruptcy, but will keep on mining

One of the largest publicly traded US cryptocurrency miners has filed for Chapter 11 bankruptcy.

Core Scientific (NASDAQ:CORZ) was valued at $4.3 billion when it went public via a SPAC in July 2021.

It was worth $78 million this Tuesday. The company is still generating positive cashflow and will keep on mining. But that small profit does not cover its financing debt on equipment it is leasing.

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Geely-Backed Tech Startup Ecarx Erases Big Drop in Debut Trading

Smart-car tech startup Ecarx Holdings Inc.(NASDAQ:ECX) erased big losses to finish in the green on its first day of trading, the latest sign that the reverse-merger path for automotive technology firms remains rocky.

The five-year-old company, which was co-founded by Chinese billionaire Li Shufu and backed by his Zhejiang Geely Holding Group Co., raised $410 million in its listing.

Ecarx shares reversed a drop of about 40% midday Wednesday to finish up 1.9% in New York.

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