The Latest SPAC News and Rumors: May 10, 2023
by Marlena Haddad on 2023-05-10 at 11:37am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  Martin Franklin launches London IPO, Momentis to lay off 60% of its employees, and Freightos unveils Freightos Terminal


Blank-Check Pioneer Martin Franklin Launches London IPO

Serial dealmaker Martin E. Franklin, who warned of excesses in blank-check companies last year, is raising money for a new buyout company.

Admiral Acquisition Ltd. is selling units at $10 each on the London Stock Exchange, according to terms seen by Bloomberg. The sponsor is Mariposa Capital, a Miami-based family office owned by Franklin. The offering, which will be at least $500 million, will raise funds for an acquisition, with no limit on the geography or industry of the target.

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Surgical robotics startup Momentis cutting 60% of team one year after $1 billion SPAC fell through

Israeli surgical robotics company Momentis (NASDAQ: MNTS), formerly Memic, is laying off 60% of its employees. Following the layoffs, only 50 employees will remain at the company, which until recently had 120 employees. Around 40 of the remaining employees are based in Israel, with the rest headquartered in the U.S.
Momentis, which develops robotic-assisted surgery solutions, announced in August 2021 that it reached an agreement to merge with MedTech Acquisition Corporation, a publicly-traded special purpose acquisition company (SPAC) focused on medical technology.

Freightos Terminal Launches Today With Industry-Leading Market Intelligence Data and Insights to Keep International Supply Chains Moving

Today, Freightos® (NASDAQ: CRGO), a leading freight booking and payment platform, unveiled Freightos Terminal, a one-stop dashboard that provides industry stakeholders with the data and market updates, trends and insights that they need to stay informed. This allows logistics professionals to optimize their international shipping and keep supply chains running smoothly and cost-effectively in an uncertain world.

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