Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lordstown to sell $400 million in stock, the London Stock Exchange has its first SPAC listing, and Sebi explores framework for SPACs in India
Lordstown Is Selling Some Stock
Electric-vehicle startup Lordstown Motors Corp. reached a deal to sell as much as $400 million in stock over the next three years to an investment fund managed by Yorkville Advisors Global.
The terms allow the Ohio-based truckmaker to direct the fund to buy a tranche of Class A shares equal to as much as 30% of a day’s trading value of the stock or a block of $30 million, the EV maker said in a regulatory filing Monday.READ
U.K.’s SPAC Market Rouses From Its Slumber
Almost eight months into 2021, the London Stock Exchange finally has its first listing of a SPAC for the year. The deal is likely to be a harbinger of more, bigger offerings to come, according to Bloomberg.
The tiny blank-check firm, Spinnaker Acquisitions Plc, surged as much as 25% Wednesday after raising 2 million pounds ($2.77 million).READ
Sebi Exploring Framework for SPACs in India, Says Chairman Tyagi
The Primary Market Advisory Committee of Sebi is exploring whether the regulator should introduce a framework for SPACs in India, chairman Ajay Tyagi said today at a FICCI event.
“We have few other proposals in pipeline that are in the early discussion stage – IPO reforms on the book building & fixed price framework and provisions relating to price band and further reforms on preferential issue – being some of them,” Tyagi said.READ
A SPAC Earnings Disaster Has Advent Facing $800 Million Loss
ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. ATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC.
Earlier this month, the company pulled a $570 million loan transaction to refinance its capital structure. The offering, led by Barclays Plc, was the first to be withdrawn from syndication since late May.
Boston-based Advent, with $75 billion in assets under management, owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million.READ
Latest SPAC Liquidations: 26 Capital Acquisition Corp. 26 Capital Acquisition Corp.(ADER) to Liquidate on September 21, 2023 26 Capital Acquisition Corp. (Nasdaq: ADER), today announced that it will be unable to complete an initial business combination within the time period required due to the Delaware Court of Chancery’s decision denying 26 Capital’s request for an order...
LatAmGrowth SPAC (NASDAQ:LATG) announced in an 8-K that it adjourned its special meeting yesterday to liquidate early and will reconvene it at 2 pm ET September 28. The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. JSE reviewing listing requirements with aim to simplify them The Johannesburg Stock Exchange will be reviewing all its listings requirements with the objective of further simplifying its requirements, as part of its ongoing efforts to create an...
Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast. The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close. A further...
M3-Brigade III (NYSE:MBSC) announced this morning that it has closed its combination with Canadian energy producer Greenfire and the combined company is expected to trade on the NYSE under the symbol “GFR” later today. Concurrent with close, Greenfire also issued $300 million in new senior secured notes at a 2% discount, priced at $980 per...