Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
British-based electric van group races to secure Arrival of rescue bid
A British-based company that boasted that it would be a global pioneer in electric vehicle manufacturing is trying to seal a rescue takeover within weeks.
Sky News has learnt that advisers to Arrival, which is listed on New York’s Nasdaq stock exchange in a merger with CIIG, have told prospective bidders that the company’s financing requirements mean a deal would need to be completed imminently.
Alvarez & Marsal (A&M) was appointed during the summer to advise Arrival’s board on a range of restructuring options, including contingency planning for administration.
It is now seeking offers for Arrival’s business and assets, either in whole or in part, according to industry sources. […] It is said to require at least $500m of additional funding to get it to break-even, making a rescue bid for the whole business unlikely.
READPlum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...