Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: BurTech eyes deal with CleanBay Renewables, Lordstown halts production, and MercadoLibre Tops Estimates
CleanBay Renewables In Talks Over BurTech SPAC Deal
CleanBay Renewables Inc., an environmental technology company, is in talks to go public through a merger with blank check firm BurTech Acquisition Corp. (NASDAQ:BRKH), people with knowledge of the matter said.
The combination could value CleanBay at as much as $660 million including debt and earn-out provisions, according to the people, who asked not to be identified discussing confidential information. A letter of intent could be signed as soon as Friday, they said.
Lordstown halts production, shipments of Endurance electric trucks to address quality issues
Lordstown Motors (NASDAQ: RIDE) said Thursday it will suspend production and deliveries of its all-electric Endurance pickup to address performance and quality issues with certain components.
The electric vehicle startup, which partnered with Foxconn for vehicle production at an Ohio plant, said the team is working with suppliers on the root cause analysis of each issue and potential solutions, which “in some cases may include part design modifications, retrofits, and software updates.”
READMercadoLibre Tops Estimates, Will Be ‘Tactical’ in Brazil
Latin America e-commerce giant MercadoLibre Inc. (Nasdaq:MELI) reported a surge in profits in the fourth quarter, even before the meltdown of Brazil’s Americanas SA brought “tactical” opportunities in its largest market.
Operating margins jumped to 11.6% from 1.1% a year earlier, above the 6.8% forecast by Wall Street, fueled by growth from its highly-profitable digital advertising business. Net income totaled $164.7 million, topping all estimates, while net sales for the three months through Dec. 31 rose to record $3 billion, in line with forecasts.
MELI Kaszek Pioneer Corp (MEKA), a SPAC created by Mercado Libre (Nasdaq:MELI) and Kaszek, completed its IPO, raising $287M, in October 2021.
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Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...
Chain Bridge I (NASDAQ:CBRG) has entered into a definitive agreement to combine with cannabinoid pharmaceuticals firm Phytanix Bio at a pre-deal valuation of $58 million. Santa Barbara, California-based Phytanix is working to develop bladder and seizure treatments using cannabis-based substances. The combined company is expected to trade on the Nasdaq under the symbol “PHYX” once...
At the SPAC of Dawn A new ripple is expected to come to the market today in the form of Ethereum spot ETFs after the SEC gave final approval to several yesterday. BlackRock, Fidelity, Bitwise, Franklin, and VanEck all received approval for their new funds and all but BlackRock plan to waive fees until they...
Maquia Capital (NASDAQ:MAQC) has entered into a definitive agreement to combine with AI infrastructure firm Velocium at a valuation of $445 million. Miami-based Velocium is developing data center processors designed to be particularly efficient for use by AI applications and Web 3.0. The combined company is expected to trade on the Nasdaq under the symbol...
At the SPAC of Dawn The third week of July brings just three votes and only ARYA IV‘s (NASDAQ:ARYD) is to complete a transaction, but plenty more is turning in SPACland. For one, this week’s anticipated IPO for M3-Brigade V (NASDAQ:MBAV) now looks notably different with 1/2 warrants in its units and its trust overfunded...