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The Latest SPAC News and Rumors: November 4, 2022
by Marlena Haddad on 2022-11-04 at 11:34am


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

Latest SPAC News: Helios in talks to merge with Onyx, Alec Gores plans to shut down trio of SPACs early, and Nikola says electric-truck deliveries to fall short of plans

Citadel Alum’s SPAC Is in Talks to Merge With Helios Assets

Africa-focused private equity firm Helios Investment Partners is in talks to merge two of its portfolio companies with blank-check firm Onyx Acquisition Co. I (NASDAQ:ONYX)., according to people with knowledge of the matter.

The transaction features Helios-backed Axxela and Access LNG, said the people, who asked not to be identified discussing private talks. The deal values the combined entity at more than $1 billion, and aims to create a platform to invest in energy transition infrastructure in Africa, including flare-gas capture and liquefaction, said one of the people.


Alec Gores Aims to Shutter Trio of SPACs Early as Industry Resets

Serial SPAC sponsor Alec Gores plans to shut down three blank check firms early as the industry grapples with what he calls a “necessary” reset.

The special-purpose acquisition companies, which raised a combined $1.3 billion last year, are aiming to shut down and return cash back to investors before the end of the year, according to regulatory filings. The push to close up before the end of the year comes as the SPAC industry deals with a backlog of needy firms and a global market rout.

Gores Holdings VII Inc., the largest of the three, raised $550 million in February 2021, while Gores Technology Partners II Inc. pulled in $460 million and Gores Technology Partners Inc. gathered $275 million in March 2021. The SPACs plan to get shareholder approval to accelerate their liquidation sometime next month.


Nikola Says Electric-Truck Deliveries to Fall Short of Plans

Nikola Corp. (NASDAQ:NKLA) said deliveries of its battery-electric trucks will fall short of expectations due to worsening economic conditions, dragging down shares even as quarterly sales and earnings beat Wall Street’s estimates.

The company will hand over fewer than the 300 planned for this year, with deliveries trending below expectations in the final three months, Chief Financial Officer Kim Brady said Thursday on a conference call with analysts. Next year is also shaping up worse than expected, though Nikola declined to offer a specific forecast.


Tim Hortons gains grounds globally but closes stores in Canada

Restaurant Brands International (RBI) has cited Tim Hortons (NASDAQ:THCH) as a leading performer among its hospitality brands after achieving 14% sales growth to reach $10.4bn for the third quarter of 2022.

Strong trading for Canadian coffee chain Tim Hortons, which operates 3,900 stores in Canada, achieved 12% sales growth in its native market to reach $1.6bn.

However, the company closed net 18 stores across Canada during the three months ended 30 September 2022, totalling 41 net store closures for Tim Hortons in Canada this year to date. Tims China, the operator of the coffee chain in China, completed its merger with special purpose acquisition company Silver Crest in September 2022 and began trading on New York’s Nasdaq stock exchange at the end of that month.


Jupiter Wellness Photocil Product Approved for Sale in India

Jupiter Wellness, Inc. (Nasdaq:JUPW), a wellness company focused on hair loss, eczema, burns, and sexual wellness announced today that its Photocil product (branded as PhotoFirst in India) has been approved by the CDSCO for sale in India. The Central Drugs Standard Control Organisation (CDSCO), under the Directorate General of Health Services, Ministry of Health & Family Welfare, is the National Regulatory Authority (NRA) of India.



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