The Latest SPAC News and Rumors: May 17, 2023
by Marlena Haddad on 2023-05-17 at 11:36am

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

Latest SPAC News:  Martin Franklin’s new buyout vehicle raises $550 million in IPO, and VinFast targets profit after 2025

Martin Franklin’s New Buyout Vehicle Raises $550 Million in IPO

An acquisition company backed by serial dealmaker Martin E. Franklin has raised $550 million, exceeding an earlier goal for the initial public offering.

Admiral Acquisition Ltd. priced 55 million units at $10 each after earlier marketing 50 million units, according to a term sheet for the listing. The shares are expected to begin trading Wednesday on the London Stock Exchange.


Vietnam EV Maker VinFast Targets Profit After 2025, Founder Says

VinFast founder Pham Nhat Vuong said the electric vehicle maker could be profitable after 2025 if operations are “smooth” and break even by the end of 2024.

Vuong, speaking at a Hanoi shareholders’ meeting of parent company Vingroup JSC, forecast sales of EVs to reach 45,000-50,000 this year. The company may produce electric pickup trucks, a mini car and other models, subject to market demand.

Vingroup said last week it plans to go public in the US through a merger with special purpose acquisition company Black Spade Acquisition Co. (NYSE:BSAQ) in the second half of the year.



Recent Posts
by Nicholas Alan Clayton on 2023-09-22 at 11:26am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Heard on the Street: VinFast’s SPAC Backers Are Backing Out Even by the standards of electric-vehicle startups, the $40 billion market value of Vietnamese electric-vehicle startup VinFast is wild, following its combination with Black Spade last month....

by Nicholas Alan Clayton on 2023-09-22 at 10:54am

Murphy Canyon (NASDAQ:MURF) announced this morning that it has closed its combination with Conduit Pharmaceuticals and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “CDT” and “CDTTW” on September 25. The company also closed a purchase of $20 million in Murphy Canyon units at close, which is to...

by Nicholas Alan Clayton on 2023-09-22 at 10:28am

Indie Semiconductor (NASDAQ:INDI), which merged with Thunder Bridge II in June 2021, announced this morning that it has launched an exchange offer to convert each outstanding warrant to 0.285 Class A shares in the company. At Indie’s last closing price of $6.22, this is $1.77 of value each, although the stock has been rising since...

by Nicholas Alan Clayton on 2023-09-22 at 10:10am

Atlantic Coastal II (NASDAQ:ACAB) has entered into a definitive agreement to combine with drug developer Abpro at a valuation of $725 million. Woburn, Massachusetts-based Abpro is advancing a series of drug candidates to potentially treat COVID, cancer and diabetic blindness. The combined company is expected to trade on the Nasdaq once the deal is completed...

by Kristi Marvin on 2023-09-22 at 9:07am

Graf Acquisition Corp. IV (NYSE:GFOR) announced that it adjourned Wednesday’s completion vote for its combination with NKGen Biotech without conducting any business and will reopen proceedings at 4:00 p.m., Eastern time, on September 25, 2023 Once again, the adjournment is being done to provide additional time to continue its efforts to obtain additional financing. This new...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved