The Latest SPAC News and Rumors: August 3, 2021


The Latest SPAC News and Rumors: August 3, 2021

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

Latest SPAC News: Traveloka to raise up to $400 million, Citadel alumni team up with JDS’s Stern for new blank-check firm, and Roivant aborts plans to buy back its own SPAC

Traveloka in Talks to Raise Up to $400 Million for SPAC Deal

Indonesia’s Traveloka is in talks with potential investors to raise as much as $400 million as part of its plan to go public through merging with a SPAC backed by Richard Li and Peter Thiel.

The PIPE would be part of a deal to merge the Jakarta-based online travel startup with Bridgetown Holdings Ltd. as soon as this year, said Bloomberg. The merger is set to value the combined entity at about $5 billion.


Citadel Alumni Team Up With JDS’s Stern for New Blank-Check Firm

A pair of former Citadel credit analysts are teaming up with real estate developer Michael Stern to launch a new SPAC, according to Bloomberg.

The blank-check company, dubbed Onyx Acquisition Co. I, has filed confidential paperwork with the SEC. It’s set to seek $200 million and plans to target companies in the general industrials and construction-technology sectors with an enterprise value of $1 billion to $2 billion.


SPAC-on-SPAC Deal Falls Apart, And So Does Immunovant’s Stock

A private drugmaker aborted plans to buy back its own SPAC at a hefty premium, sending shares of Immunovant Inc. plunging to an all-time low.

The withdrawal by Roivant Sciences unwinds part of its plan to go public by selling itself to a SPAC, and then using the proceeds to reacquire full ownership of Immunovant, which it merged into another SPAC in 2019.

Immunovant’s stock, which topped $53 last year, closed 26% lower.


Grab Loss Narrows on Food Delivery Ahead of SPAC Merger

Singapore’s Grab Holdings Inc., set to go public in the U.S. through a merger with a SPAC, reported a narrower loss for the first quarter as the pandemic boosted demand for food delivery.

The company’s net loss shrank to $652 million in the quarter ended March 31 from $771 million a year earlier, Southeast Asia’s most valuable startup said on Monday.