Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Marti takes on Istanbul’s top cab group in legal battle, Faraday Future on track to start production of electric SUV, and Presto to use ChatGPT AI
Turkish Ride App Marti Takes on Taxi Boss in Fight for Istanbul’s Megacity Market
Turkish mobility app Marti is in a legal battle over its new taxi-hailing service with Istanbul’s top yellow cab group, as the tech company prepares to list on the New York Stock Exchange through a merger with Galata (NYSE:GLTA).
Marti has appealed a court decision to block access to the Marti TAG and Marti Motosiklet apps, co-founder and CEO Oguz Alper Oktem said on Twitter on Thursday. The original complaint from a group representing Istanbul’s yellow taxis claimed the ride-hailing service created unfair competition that amounted to piracy.
READFaraday Future on track to start production of FF 91 this month if funds come through
Faraday Future (NASDAQ:FFIE) said Wednesday it plans to start production of its all-electric FF 91 Futurist SUV at the end of March after years of delay, lack of capital and internal drama that threatened the company’s existence.
Faraday Future had previously indicated that production would start in March, but had yet to select a date.
The company has grappled with delays and drama for years, which escalated after going public in July 2021 via a merger with special purpose acquisitions company Property Solutions Acquisition Corp.
READPresto Embeds ChatGPT AI in Drive-Thru Voice Assistants
Restaurant voice AI developer Presto Automation (NASDAQ:PRST) has begun working with OpenAI to incorporate generative AI chatbot ChatGPT’s API into its drive-thru voice assistant. Presto will leverage ChatGPT’s large language model to pursue more natural conversations with customers, which it hopes will enhance the experience for both consumers and its restaurant clients.
The startup recently went public on Nasdaq as PRST by leveraging a merger with Ventoux CCM Acquisition Corp.
READWeWork Seeks Fresh Cash, $3B Debt Restructure
WeWork (NYSE:WE), the struggling co-working giant that spent last year in a valuation nosedive and burning through cash, is looking to put out the fire by restructuring its debt and raising new investments.
The company is close to a deal to restructure more than $3 billion in outstanding debt and raise additional cash, people with knowledge of the talks told the New York Times. The cash boost would be in the hundreds of millions, enough to keep the company afloat for another few years.
WeWork said at the start of the year it would be cutting 300 positions. Since the company went public by merging with a special purpose acquisition company in October 2021, WeWork’s stock is down 90 percent, hovering around $1.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director DWAC rises in wake of Donald Trump’s indictment Shares of Digital World...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13. The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures...
Latest SPAC Liquidations: JAWS Juggernaut Acquisition Corp., Talon 1 Acquisition Corp. JAWS Juggernaut Acquisition Corporation (JUGG) to Liquidate on June 22 JAWS Juggernaut Acquisition Corporation (Nasdaq: JUGG) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the...
Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power. The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust. NET Power is to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial BlackSky and Momentus Win Contracts Momentus (NASDAQ:MNTS) has won a contract with Apogeo...