Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lucid Air Grand Touring fails to meet EPA mileage range, Embark Trucks to cut 70% of workforce, and Sonder to reduce employees by 14%
2022 Lucid Air Grand Touring Fails to Meet EPA Mileage Range
The highly anticipated 2022 Lucid Air Grand Touring (NASDAQ:LCID) needs to catch up to its EPA mileage range. According to a recent test, the luxury electric vehicle missed its estimated range by nearly 80 miles. This is a significant setback for the vehicle’s manufacturers, who have been promoting its long-range capabilities.
Lucid completed its merger with Churchill Capital IV in July 2021.
READEmbark Trucks lays off workers, explores liquidation of self-driving truck assets
Embark Trucks (NASDAQ:EMBK), the autonomous trucking company that went public in 2021 via a merger with a special purpose acquisition company, is cutting 70% of its workforce and shutting down two offices. And the pain may not be over as CEO Alex Rodrigues noted in an email to employees that the remaining 30% of workers will focus on winding down operations.
READSonder reduces workforce by 14% in latest layoff round
Short-term rental lodging firm Sonder (NASDAQ:SOND) is making around 100 corporate employees redundant, amounting to close to 14 per cent of the startup’s overall workforce.
The news was revealed by Francis Davidson, co-founder and CEO of Sonder, in the startup’s earnings call on Wednesday. The layoffs are set to take effect at the end of the first quarter next month.
Sonder went public last January via a business combination with SPAC Gores Metropoulos II, when it was valued in the region of $1.9 billion.
READAltimeter Partner Chris Conforti to Leave the Investment Firm
Altimeter Capital Management partner Chris Conforti plans to leave the investment firm, according to people with knowledge of the matter.
Conforti plans to join a new firm as a co-founder with former Whale Rock Capital Management partner Kristov Paulus, said one of the people, who asked not to be identified because the information is private.
Conforti was involved in an Altimeter-backed SPAC’s merger that took Grab Holdings Ltd. (NASDAQ:GRAB), according to securities filings.
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Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...