Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Canoo shares double following Walmart order, ReNew becomes first Indian renewable energy company to refinance dollar-denominated bonds, and Getaround brings contactless carsharing to NYC
Canoo Shares Double on Walmart Order for 4,500 Electric Vans
Canoo Inc. (NASDAQ:GOEV) shares doubled in value after the struggling electric-vehicle startup won an order for 4,500 vans from Walmart Inc.
The deal announced in a statement Tuesday is a boon to Canoo, which ended the first quarter with just $105 million in cash. The company recently moved its headquarters to Walmart’s hometown of Bentonville, Arkansas, and warned in May of substantial doubt about its ability to continue as a going concern.
Canoo shares jumped $2.45 to $4.84 at 9:35 a.m. in New York, valuing the company at about $1.2 billion. Its market capitalization is still down from about $4.8 billion in late 2020, when the startup went public by merging with a special purpose acquisition company.
READReNew Becomes First Indian Renewable Energy Company To Refinance Dollar-Denominated Bonds
ReNew Energy Global plc (‘ReNew’ or ‘the Company’) (NASDAQ: RNW) (NASDAQ: RNWWW), India’s leading renewable energy company, announced today that it has successfully refinanced its 2024 maturity dollar-denominated bonds with amortising project debt from an Indian nonbank financial company, becoming the first Indian renewable energy company to do so.
ReNew issued bonds (‘RPVIN 6.67% 24s’ or ‘Bonds’) worth US$ 525 million in 2019, which were set to mature in 2024. By refinancing the dollar-denominated bonds ahead of time, ReNew has shown strong and continued access to domestic debt capital, as well as an ability to proactively manage refinancing risk.
RMG Acquisition Corporation II completed its business combination with ReNew Power Private Ltd. last summer on August 16, 2021.
READGetaround Brings Contactless Carsharing to New York City
Getaround, the world’s leading digital peer-to-peer carsharing marketplace, today announced that the groundbreaking Peer-to-Peer Car Sharing Program Act will now allow the platform to be widely available for all New Yorkers. At today’s press conference, city and state representatives, including Lincoln Restler, Andrew Gounardes and Carlina Rivera spoke alongside Getaround executives to share how this shift will enable New York residents to access a convenient, contactless, sustainable, and affordable mobility solution via carsharing.
On May 11, 2022, Getaround announced its entry into a definitive business combination agreement with InterPrivate II Acquisition Corp. (NYSE: IPVA).
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The pace of lock-up expirations is picking up in the final month of the year after a relatively quiet November. Seven de-SPACs and sponsors will be freed to run downstairs and see what the public markets have brought them, but not all are likely to find treats in their wooden clogs. The fastest kid into...
Innovative International (NASDAQ:IOAC) announced in an 8-K that it has removed its earnout shares in connection to its combination with car sharing program Zoomcar. On November 30, IOAC and Zoomcar agreed to a letter agreement regarding the release of 20 million earnout shares, which were originally intended to be placed in an escrow account upon...
Nukkleus (OTC:NUKK) announced “the completion of its strategic merger” with Brilliant (NASDAQ:BRLI) this morning, which has caused some ripples in the market, but it does not appear to represent an actual closing of the business combination. The two sides may have dotted the Is and crossed the Ts on their own internal documents, but Brilliant...
ClimateRock (NASDAQ: CLRC) announced this morning that it has terminated its business combination with solar plant developer EEW. The SPAC noted that it decided to part ways with its target since the conditions to closing were not satisfied or waived by the outside date of September 30. ClimateRock inked the $650 million deal with EEW in...
10x Capital Venture II (NASDAQ:VCXA) filed a variety of changes to its combination with African Agriculture while also postponing its completion vote to 8 am ET December 5. The tweaks waive African Agriculture’s requirement to secure an offtake agreement and also shift 3,000,000 shares to a bonus pool for all combined company shareholders. Of these,...