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The Latest SPAC News and Rumors: September 23, 2022
by Marlena Haddad on 2022-09-23 at 11:34am

 


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

Latest SPAC News: SPAC deal makes CEO of Rumble a billionaire, Cano Health explores sale after receiving buyout interest, and Givaudan and LanzaTech announce collaboration 


SPAC Deal Makes CEO of Conservative Video Platform a Billionaire 

A SPAC deal has made the founder of a conservative social media platform a billionaire — and it’s not Donald Trump.

Chris Pavlovski, chief executive officer of Rumble Inc.(NASDAQ:RUM), is worth more than $1.8 billion after the lightly moderated video network — which features daily shows from hosts including Glenn Greenwald and Russell Brand — went public Monday by merging with a blank-check firm led by Cantor Fitzgerald’s Howard Lutnick. Pavlovski, who is Canadian, owns almost 140 million shares in the company, which he founded in 2013.

Also benefitting was Lutnick, the CEO and chairman of blank-check firm CF Acquisition Corp. VI. Through the SPAC sponsor, he now controls shares in Rumble valued at more than $148 million.

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Cano Health exploring sale after receiving buyout interest 

U.S. primary care provider Cano Health (NYSE:CANO) is exploring a sale and working with advisors after receiving acquisition interest, according to people familiar with the matter.

Cano Health has received buyout interest from potential buyers including Humana Inc and CVS Health Corp (NYSE:CVS), the sources said.

Cano, which went public last year through a merger with a special purpose acquisition company backed by billionaire Barry Sternlicht, received buyout interest after their poor results last month, prompting them to explore a sale, one of the sources said.

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Givaudan and LanzaTech announce their collaboration on developing fragrance ingredients from renewable carbon

Givaudan, a global industry leader in the world of scent and beauty, and LanzaTech NZ, Inc. (“LanzaTech”), an innovative Carbon Capture and Transformation (“CCT”) company have announced a collaboration for the development of sustainable fragrance ingredients from renewable carbon.

As previously announced LanzaTech has entered into a merger agreement for a business combination transaction with AMCI Acquisition Corp. II (Nasdaq: AMCI). Upon closing, the combined company is expected to trade on Nasdaq under the ticker symbol “LNZA”.

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More Acquisition suspends shares due to planned Megasteel acquisition 

More Acquisitions PLC on Friday suspended its shares from trading due to a planned acquisition of Wiltshire, England-based steel distributor Megasteel Ltd.

The special purpose acquisition company said Megasteel is valued at between GBP49.5 million to GBP63 million on completion of the acquisition. Consideration will involve the issue of between 2.2 billion to 2.8 billion new shares, at a price of 2.25 pence per share.

Megasteel is a distributor of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market.

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