The Latest SPAC News and Rumors: March 6, 2023
by Marlena Haddad on 2023-03-06 at 12:20pm

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.

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Embark 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.

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Sonder 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.

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Altimeter 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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