Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Heard on the Street: VinFast’s SPAC Backers Are Backing Out
Even by the standards of electric-vehicle startups, the $40 billion market value of Vietnamese electric-vehicle startup VinFast is wild, following its combination with Black Spade last month.
The company reported results on Thursday. More interesting than the second-quarter numbers, though, was an update on the capital structure. The company last week filed documentation with the Securities and Exchange Commission to release lockup restrictions on 3.1% of its shares, worth about $1.25 billion at the current price. The shares were down 7% in morning trading.
Yubico SPAC Trading Offers Glimmer of Light to Swedish Listings
As Sweden’s first SPAC completed a deal, five months after announcing it and more than two years after launching, it may also give a small jolt to an otherwise dormant listings market, Bloomberg reports.
The Nordic country, which back in 2021 vied for the top spot as Europe’s hottest IPO market, has seen its listings scene grind to a halt as investors adjust to a world of surging financing costs.
ACQ Bure AB, one of Sweden’s few SPACs, merged Wednesday with cybersecurity firm Yubico AB at a valuation of $800 million. Yubico’s key product is the YubiKey, a physical key used to add a layer of security when logging in on websites or computers.
Maxeon to acquire shingled cell solar patents from Complete Solaria
Maxeon Solar Technologies says that it is acquiring Complete Solaria’s dealer channel operations, as well as its solar panel patent portfolio relating to shingled cell solar panel technology.
The shingled cell technology, originally developed by SunPower, is incorporated into Maxeon’s Performance line of solar modules. The 425 W modules use bifacial mono-PERC solar cells made on large-format eight-inch G12 wafers, and have an efficiency of 20.6%, according to Maxeon. Maxeon was spun off from SunPower in 2020, when both became separate entities. […]
According to Will Anderson, CEO of Complete Solaria, which combined with Freedom 1 in July, after the transaction is complete, the company plans to concentrate on it core systems segment.
READAchari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...