Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: WeWork CEO to step down to join private equity firm and AppHarvest discloses that it could run out of money by October
WeWork CEO Sandeep Mathrani to Step Down to Join Private Equity Firm Sycamore Partners as Director
WeWork (NYSE:WE) CEO Sandeep Mathrani is stepping down effective May 26, the co-working space firm announced this week. The Indian American will join private equity firm Sycamore Partners as a director to lead its real estate activity, “improving and optimizing real estate often embedded within Sycamore’s target companies, according to a press release from the company.
During his three years at the company, Mr. Mathrani helped take the co-working company public through a special purpose acquisition company last year.
READAppHarvest to reopen listeria-impacted CEA farm in “a few weeks” but could run out of cash “as soon as October”
US-based high-tech greenhouse grower AppHarvest (NASDAQ:APPH) could run out of money as soon as October of this year “absent additional sources of financing,” according to the indoor farming company’s quarterly regulatory report filed on May 10.
It noted in the filing that it has “incurred losses from operations and generated negative cash flows from operating activities since inception.”
AppHarvest’s struggles are well documented and have burdened the indoor farming company since shortly after it went public in February 2021 via a special purpose acquisition company at a $1 billion valuation.
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Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that it has come to a forward purchase agreement (FPA) with Meteora Capital Partners involving up to 2,500,000 shares for its combination with NKGen Biotech. Meteora is to purchase up to that amount on the open market prior to close, capped at 9.9% of...
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....
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...
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...
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...