Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Volato announces strategic reorganization and DoD expands X-energy contract for mobile microreactor prototype
Volato Announces Strategic Reorganization to Fuel Sustained Growth and Business Maturity
In a move that underscores its pace of growth and strategic foresight, Volato today announced a reorganization of its leadership team. This action is being taken just two years after the company took delivery of its first HondaJet and is part of the company’s long-term strategic plan to more than double its fleet in the next two years.
“As a rapidly scaling company, it’s tempting to focus solely on meeting the immediate demands of growth,” said Matt Liotta, Co-Founder and CEO of Volato. “However, we understand the importance of maturation alongside expansion. Today’s announcement demonstrates our commitment to evolving our business structure, optimizing operations, and setting new benchmarks for excellence in private aviation.”
In August 2023, Volato entered into a definitive merger agreement with PROOF Acquisition Corp I (“PACI”) (NYSE: PACI), a special purpose acquisition company, that upon close would result in Volato becoming a publicly traded company listed on the NYSE.
READDepartment of Defense Expands X-energy Contract for Mobile Microreactor Prototype
X-Energy, a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and the U.S. Department of Defense announced today an agreement to an expanded contract under the department’s Project Pele initiative to develop a transportable, cost-effective advanced nuclear microreactor prototype for use in remote military locations. X-energy expects to advance the design of its prototype – which could ultimately be used for commercial or industrial use in civilian applications – through an award of an additional $17.49 million within an existing contract with the DoD.
The department’s Strategic Capabilities Office launched Project Pele in 2019 to develop a fourth-generation nuclear microreactor to deliver reliable, carbon-free energy to support military installations and deployments. X-energy was one of two teams selected from a preliminary design competition to deliver a final design to the department in 2022.
In December 2022, X-energy entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC).
READAt the SPAC of Dawn September’s busy, but short, first week is set to keep rolling with three completion votes by Achari I (OTC:AVHI), Nova Vision (NASDAQ:NOVV) and Focus Impact (NASDAQ:FIAC) this week. All three of these have been postponed at least once, and could do so again, but Focus Impact has its transaction deadline...
Terms Tracker for the Week Ending September 6, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was a short holiday week and while it was light on filings, SPACs did manage to price two IPOs. That means 2024 has now...
Compass Digital (NASDAQ:CDAQ) has entered into a definitive agreement to combine with renewable energy firm EEW at a pro forma enterprise value of $386 million. London-based EEW is a solar, hydrogen and energy storage project developer with 1.4 GW of solar projects sold to date in Australia, the UK, Spain, and Sweden. The combined company...
Evergreen (NASDAQ:EVGR) has entered into a definitive agreement to combine with enterprise software firm Forekast at a pre-money enterprise value of $105 million. The company provides data analytics and customer engagement tools backed by some degree of AI automation to improve efficiencies for its business clients. The combined company is expected to trade on the...
At the SPAC of Dawn The auto-reply messages are off. SPACs are definitively back from vacation and in the thick of it. Two new SPACs are set to debut in trading today in Vine Hill (NASDAQ:VCICU) and Andretti II (NASDAQ:POLEU) and two SPACs have also landed their search on new targets, which could pull a...