Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Lucid to raise $3B in a common stock offering from Saudi owners, Betsy Cohen says SPACs will make a comeback, and SatixFy makes another leadership change 

Lucid Raising $3 Billion With More Money From Saudi Owners

Lucid Group Inc. (NASDAQ:LCID) is raising about $3 billion in a common stock offering with the majority of the money coming from the electric vehicle maker’s Saudi owners after a more than 60% stock slump in the last year. The shares plunged more than 7% in extended trading.

The company announced the raise along with a corresponding investment by its owners — Saudi Arabia’s Public Investment Fund — in a statement, confirming an earlier Bloomberg News report. PIF, the kingdom’s largest sovereign wealth fund, is purchasing $1.8 billion of the stock in a private placement.

Why Dealmaker Betsy Cohen Believes SPACs Will Make A Comeback

Reverse merger vehicles – better known as SPACs – have fallen out of flavor amid rising interest rates and slumping stock valuations. But one prominent dealmaker, Betsy Cohen, says they’re due for a comeback.

“It will come back, because it serves a need,” says Cohen, who helped take seven companies public through SPACs between 2015 and 2021, making her one of the industry’s more prolific “sponsors.” These deals helped Cohen, age 81, build her estimated $245 million fortune, which puts her at No. 98 on Forbes’ just-published annual list of America’s Richest Self-Made Women.

Space SPAC Startup SatixFy Sees Fifth CEO In Year

Satellite computer chip startup SatixFy (NYSE:SATX), which saw a rotation of executives pass through its corner office even before it became a publicly traded company, said Nir Barkan will be acting CEO effective June 1, replacing Ido Gur, “who is stepping down.”