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.READ
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.READ
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.”READ
PublicSq. Values-Aligned Marketplace Announces Growth Milestone; Adds Nearly 300,000 New Consumer Members in a Single Week, Bringing Total to More Than One Million
PSQ Holdings, Inc. (“PublicSq.”), a leading marketplace of patriotic businesses and consumers, today announced that its consumer member base increased by over 300,000 from May 23, 2023, to the end of May. PublicSq.’s consumer membership grew by more than 40% in a single week, fast-tracking the platform to more than one million consumer members in less than 11 months since its nationwide launch on July 4th, 2022.
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...