The Latest SPAC News and Rumors: May 26, 2023
by Marlena Haddad on 2023-05-26 at 11:32am

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

Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy 


Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk

Vietnamese electric vehicle (EV) maker VinFast said it is recalling all of the first batch of vehicles it shipped to the United States last year following a safety warning issued by U.S. authorities.

The move came after the U.S. National Highway Traffic Safety Administration (NHTSA) said 999 of VinFast’s VF 8 vehicles suffered a software error in the dashboard display that prevented critical safety information from being shown and “may increase the risk of a crash”.

The recall statement comes less than two weeks after VinFast announced it would list in the United States via a merger with SPAC Black Spade Acquisition Co (NYSE:BSAQ).

READ

British EV maker Arrival seeks second chance with US EV tax credits

British electric van startup Arrival (NASDAQ:ARVL) , which has hit many road bumps in its quest to become the next Tesla Inc (NASDAQ:TSLA), now hopes huge subsidies from the U.S. Inflation Reduction Act and a second reverse merger will give it a fresh shot at survival.

Since it was founded in 2015, Arrival has developed vehicles for high-profile customers like United Parcel Service Inc (NYSE:UPS) and Uber Technologies Inc (NYSE:UBER), but has burned through piles of cash without ever hitting mass production and is winding down its UK operations in favor of refocusing on the United States.


Telecom servicer QualTek enters bankruptcy to cut $307 mln debt

Telecommunications and power contractor QualTek Services Inc (NASDAQ:QTEK) filed for bankruptcy on Wednesday, armed with a restructuring deal that could slash $307 million of the company’s $625 million debt.

QualTek went public through a SPAC deal in February 2022, just before the Federal Reserve began raising interest rates in an effort to curb inflation in the U.S. economy.

QualTek filed for Chapter 11 protection in Houston, saying that increasing debt costs were beginning to cut into its operating budget, at a time when inflation was already causing it to pay more for labor and energy.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-06-21 at 11:46am

Future Vision II (NASDAQ:FVNNU) has filed for a $50 million IPO to hunt for a TMT target in Asia including intelligent chips, 5G and other emerging technologies there. Given the heightened competition and trade protectionism around these technologies lately, it is interesting that Future Vision II hasn’t ruled out combining with a Chinese target. In...

by Nicholas Alan Clayton on 2024-06-21 at 8:12am

At the SPAC of Dawn Every public company wants retail investor engagement, but once brought along, those investors require a bit of educating as well. Nuclear fission firm Oklo (NYSE:OKLO) is discovering that this week as it made a point to put out a press release explaining that its most recent S-1 filing was a...

by Nicholas Alan Clayton on 2024-06-20 at 3:41pm

Voyager (NASDAQ:VASHU) has filed for a SPAC IPO featuring many of the now increasingly familiar terms pushed by underwriter Cantor Fitzgerald over the past month, but does include a novel dollar figure for its raise at $261 million, before any over-allotments. Outside of this, Voyager’s trust is funded to 100.00% with $10.00 per unit to...

by Kristi Marvin on 2024-06-20 at 12:29pm

Eleven new SPACs have filed since the beginning of June, and the number is 12 if we count the May 31st filing of Graf Global Corp.  Seven of those 12 are being underwritten by Cantor, which has always been a very active SPAC underwriter. But you know who else used to be very active? Credit...

by Nicholas Alan Clayton on 2024-06-20 at 12:12pm

Aimei Health (NASDAQ:AFJK) has entered into a definitive agreement to combine with energy firm United Hydrogen at a pro-forma enterprise value of $1.6 billion. Shanghai-based United Hydrogen provides services for clients in the hydrogen energy space including storage, transportation and power generation. The combined company is expected to trade on the Nasdaq once the deal...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved