Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lordstown Motors says it’s looking for a partner to fund EV output, House Subcommittee on Capital Markets to hold hearing on decline in public firms, and Drew Barrymore collaborates with Grove
Lordstown Motors warns startup needs a partner to fund EV output
Lordstown Motors Corp. (NASDAQ:RIDE), the EV startup that bought a former General Motors Co. plant in Ohio, said it will delay expanded production of its debut EV if it can’t find a partner to share costs.
READThe US has recorded several of its worst years on record for IPOs: House Subcommittee on Capital Markets to Address Decline in Public Firms
Later this week, the Subcommittee on Capital Markets, part of the House Financial Services Committee, will hold a hearing entitled U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital.
As the title infers, the hearing will address the dramatic decline in public firms as more companies strive to remain private for as long as possible due to the ongoing rule-upon-regulation strategy policymakers have incorporated for years. As one should have anticipated, the onslaught of excessive regulation has compelled firms to remain private as the cost to become a public firm has risen dramatically. While recently, IPOs did increase; this was due to the hot SPAC market that is now in retreat – partially due to additional rules.
READDrew Barrymore launches new limited edition collection with Grove Co
Drew Barrymore is launching her first sustainable collection of home care products with Grove Co.(NYSE:GROV).
Grove Collaborative is a leading sustainable consumer products company and Certified B Corp, and merged with Virgin Group Acquisition Corp. II, a publicly-traded special purpose acquisition company, in 2022.
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At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
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...