The Latest SPAC News and Rumors: February 10, 2023
by Marlena Haddad on 2023-02-10 at 11:53am

 


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

Latest SPAC News: Southland awarded $102M from Louisiana Dept. of Transportation, REE lays off 11% of team


Southland Awarded $102 Million Louisiana Department of Transportation and Development Nelson Road Extension and Bridge Project

Southland Holdings, LLC announced today that a subsidiary in its Transportation segment, Johnson Bros., has been awarded a $102 million contract to construct the Nelson Road Extension and Bridge for the Louisiana Department of Transportation and Development in Lake Charles, Louisiana.

On May 25th, 2022, Southland entered into an Agreement and Plan of Merger with publicly-traded Legato Merger Corp. II, a special purpose acquisition company (NASDAQ: LGTO, LGTOU, and LGTOW).

READ

REE laying off 11% of team after losing 95% of market cap

Israeli auto-tech company REE Automotive notified its employees on Thursday that it will be laying off 31 team members, accounting for 11% of the workforce. REE is still not generating revenue and as of the end of September 2022 had $185 million left in its account after losing $100 million in the first nine months of the year.

REE completed a merger with a SPAC in July 2021 at an astronomical value of $3.1 billion, but is currently trading at a value of only about $120 million.

 

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