Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: eToro agrees to $120M secondary share sale, Lotus cuts jobs, and ZeroNox announces multi-year partnership with NIO 333 Racing Formula E Team
Israel’s eToro agrees to $120 mln secondary share sale
Israeli digital brokerage eToro has agreed to a $120 million secondary share sale, a source familiar with the matter told Reuters on Monday, more than a year after it scrapped its plans to go public through a merger with FinTech Acquisition Corp.
Through the secondary sale, the company is giving its employees and angel investors a chance to sell shares to eToro’s existing investors, according to an internal memo whose contents were confirmed by a company spokesperson.
Lotus cuts jobs, plans China factory
Lotus Cars will cut up to 200 jobs from its UK workforce after posting heavy financial losses for the second consecutive year.
The move comes as Lotus gears up to make its electric cars at a plant in China for export to the UK and other markets. Lotus announced that it made a pre-tax loss of £145.1 million in 2022, after a £86.6 million loss in the previous year.
Lotus, owned by Chinese company Geely, stated in January that it will seek public listing of the car-maker in the US through a merger with L Catterton Asia (NASDAQ:LCAA). The deal values Lotus at $5.4 billion.READ
ZeroNox Announces Multi-Year Partnership with NIO 333 Racing Formula E Team
ZeroNox Inc., a leading provider of sustainable, off-highway vehicle electrification, today announced a multi-year partnership agreement with the NIO 333 Racing Formula E Team. The agreement marks the Company’s entry into the ABB FIA Formula E World Championship (“Formula E”).
ZeroNox will join Formula E for seasons 10, 11, and 12, and benefit from mutual partnership opportunities including brand awareness, technical synergies and potential collaborations across the Formula E Ecosystem.
As previously announced, ZeroNox signed a definitive business combination agreement with The Growth for Good Acquisition Corporation (Nasdaq: GFGD).READ
JET.AI LAUNCHES AI-POWERED CHARTER BOOKING PLATFORM: CHARTERGPT
Jet Token Inc., doing business as Jet.AI, an innovative private aviation, AI, company, today announced the launch of its AI-powered charter booking application, CharterGPT. This cutting-edge technology automates the manual process of booking a private jet. Through natural language processing, the CharterGPT app communicates with both consumers and charter operators to reduce the time spent by a broker as the “human-in-the-loop.”
CharterGPT is Jet.AI’s most recent product launch comes on the heels of its proposed business combination announcement with Oxbridge Acquisition Corp (NASDAQ: OXAC).READ
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...