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The Latest SPAC News and Rumors: November 14, 2022
by Marlena Haddad on 2022-11-14 at 11:43am

 


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

Latest SPAC News: KKR to invest $500 million in Freyr Battery, and ex-CEO of Lordstown Motors sells millions of shares of stock he owns in EV startup 


KKR Is In Talks to Invest $500 Million in Freyr Battery

Freyr Battery SA (NYSE:FREY) is in talks with KKR & Co. Inc. (NYSE:KKR) about raising financing, according to people familiar with the matter, sending shares higher by more than 10%.

The Norwegian battery company is discussing raising $500 million from KKR, said one of the people, who asked to not be identified because the details are private. The company’s financing discussions could be disclosed as soon as this week, the people said.

With a market value of about $1.7 billion, Freyr went public through a special purpose acquisition company last year. It produces so-called clean batteries for reducing emissions, according to its website.

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Ex-CEO of Lordstown Motors sheds more shares, gains millions

The founder and ex-CEO of Lordstown Motors (NASDAQ:RIDE) has once again sold millions of the shares of stock he owns in the electric-vehicle startup, and has earned himself millions of dollars in the process.

This time, Steve Burns sold more than 4.7 million shares of common stock over a two-day period Tuesday and Wednesday for more than $9.2 million, according to a document filed with the U.S. Securities and Exchange Commission.

When Lordstown Motors merged with New York-based DiamondPeak Holdings Corp., a special purpose acquisition, in August 2020 to become a publicly traded company, Burns’ legacy Lordstown Motors stock was converted into 46.3 million shares of common stock for the new company.

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