Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Foris Ventures backs Complete Solaria and Rigetti Computing to lay off 28% of staff
John Doerr to Back Solar Company Ahead of Merger With Thiam’s SPAC
The investment firm of John Doerr, the billionaire chairman of Kleiner Perkins, will put $10 million into Complete Solaria, the solar company that’s merging with the blank-check vehicle started by Tidjane Thiam, a former CEO at Credit Suisse Group AG.
Last October, Freedom Acquisition I Corp. (NYSE:FACT), a special purpose acquisition company set up by Thiam, agreed to combine with solar startup Complete Solaria. Complete Solar Solution Inc. and Solaria merged into Complete Solaria as part of the deal, which is expected to close in the first half.
READQuantum computing Rigetti Computing to lay off 28% of staff, replace CFO & CTO
Hybrid quantum-classical computing company Rigetti Computing (NASDAQ:RGTI) plans to lay off 28 percent of its staff, and replace its CFO and CTO.
The company faces a possible delisting from the Nasdaq stock exchange over the low value of its stock, and has until July 24 to maintain a $1 stock price for 10 consecutive days.
Rigetti went public in March 2022 via a SPAC merger with Supernova Partners Acquisition Company II, Ltd. Its stock reached a high of around $8.81 in May 2022 and has been trending downwards since.
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Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...