Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: First Africa cannabis SPAC to go ahead with Cilo Cybin listing, United places ‘conditional’ order for electric air taxis from Eve, and Cazoo pulls plug on European operations
First Africa Cannabis SPAC to Go Ahead With Cilo Cybin Listing
Africa is about to get its first listing of a medical cannabis-focused SPAC when Cilo Cybin Holdings Ltd. raises money in Johannesburg later this year.
The company is seeking as much as 2 billion rand ($114 million), said Gabriel Theron, who leads the business. The share offer will open on Sept. 12 and close in November.
United makes ‘conditional’ order for electric air taxis from Florida company
United Airlines thinks that in a few years, plenty of big-city customers will pay $100 or more for a one-way ride to the airport in a four-seat, electric-powered air taxi.
The Chicago-based airline said Thursday that it invested $15 million in a startup manufacturer, and signed a “conditional” agreement to buy 200 of the tiny aircraft with options for 200 more.
United said it expects to receive the first taxis — which will take off and land vertically, like helicopters — from Eve Air Mobility as soon as 2026.
Eve Holding Inc. is a publicly traded company formed this year by a combination of a special purpose acquisition company called Zanite and a unit of Brazilian aircraft manufacturer Embraer.READ
UK online car seller Cazoo pulls plug on European operations
Cazoo is to pull out of continental Europe and focus on the UK as the lossmaking online car seller reverses its international expansion drive, cutting hundreds of jobs and threatening sponsorship deals with some of the region’s biggest football clubs.
The company, founded by Alex Chesterman, spent close to €200mn across Spain, Germany and Italy to broaden its business, as well as striking multiyear sponsorship deals with European football clubs to promote its brand. The group said on Thursday it would wind down its entire European operations in an attempt to preserve cash, resulting in the loss of a further 750 staff in Europe, on top of the 750 roles it axed in the UK earlier this year.
AJAX I Corp. completed its combination with online car retailer Cazoo in August 2021.READ
Cineworld Explored Sale, SPAC, and ‘Meme’ Listing Before Bankruptcy
Cineworld Group Plc explored options including a secondary US listing, selling non-US assets, merging with a rival, and a SPAC deal, but ultimately had no choice but to file for bankruptcy with less than $4 million cash on hand, according to Deputy Chief Executive Officer Israel Greidinger.
The world’s second-largest cinema chain filed for Chapter 11 bankruptcy protection in Texas on Wednesday to pay off heavy debts, finance future operations, and “rationalize its theater portfolio,” Greidinger said in the court documents. Enforced Covid-19 theater shutdowns froze the group’s income stream and its ability to pay for costs including billions of dollars in debts incurred when it bought US company Regal in 2018.READ
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...
FAST II (NYSE:FZT) announced this morning that it has amended its combination with resort operator Falcon’s Beyond, shifting more value from both sides into earn-outs. The deal’s $1 billion enterprise value technically remains, but Falcon’s Beyond shareholders will receive less equity at close. The valuation is now made up of a $620 million enterprise value...