The Latest SPAC News and Rumors: June 16th, 2021

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

Lordstown Motors shares soar following production announcement, and Hong Kong’s SPAC reform discussed at the China Conference

Lordstown Motors Jumps on Outlook for Production Through May

Lordstown Motors Corp. jumped after saying it has enough money to make its battery-powered trucks through May of next year, paring a record decline the previous day following the departure of two top executives, according to Bloomberg.

The automaker is actively raising additional funds and has reconfirmed orders for its debut vehicle, President Rich Schmidt said Tuesday at an Automotive Press Association event in Detroit.

The shares closed up 11% to $10.31 in New York, clawing back part of a 19% plunge on Monday.

Hong Kong Stock Exchange Would Need Reforms To Allow SPACs And Smaller Companies To Raise Funds

Leading market experts called on the Hong Kong exchange to allow SPACs to raise funds and adopt a disclosure-based model to attract international firms and tweak rules to help smaller companies launch IPOs.

“I don’t think Hong Kong is too late to allow SPACs to raise funds,” Li told the annual China Conference organized by the South China Morning Post on Wednesday.