The Latest SPAC News and Rumors: August 12, 2021

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

Latest SPAC News: Tim Hortons China nears $1.8 billion SPAC deal, green fintech startup Aspiration in talks to merge with Interprivate III, and Vietnam’s VNG Corp. considers $3 billion merger

Tim Hortons China Is Said Near $1.8 Billion Deal With SPAC

The joint venture that runs the Chinese locations of iconic Canadian coffee shop chain Tim Hortons is nearing a deal to go public through a merger with blank-check company Silver Crest Acquisition Corp.(NASDAQ:SLCR), Bloomberg said.

A transaction could value the combined entity at about $1.8 billion and an announcement could come as early as this week.

Green Fintech Startup Aspiration Said in Interprivate SPAC Talks

Fintech startup Aspiration is in talks to go public through a merger with Interprivate III Financial Partners Inc. in a transaction that’s slated to value the combined entity at more than $2 billion, according to people with knowledge of the matter.

The vehicle is in talks to raise capital to support the transaction via a PIPE.

GIC-Backed Vietnam Tech Firm Considers $3 Billion SPAC Merger

Vietnam’s VNG Corp., whose investors include a unit of Singaporean sovereign wealth fund GIC Pte, is considering going public in the U.S. through a reverse merger with a blank-check company, according to Bloomberg.

The online gaming and technology firm is working with financial advisers to hold discussions with SPACs for a potential deal and a transaction could value VNG at $2 billion to $3 billion.

China’s Tech Crackdown Thwarts Pony.ai’s U.S. Listing Plans

Autonomous driving startup Pony.ai has put on hold plans to go public in New York through a merger with blank-check firm VectoIQ Acquisition II (NASDAQ:VTIQ) at a $12 billion valuation, after it failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies, Reuters said.

The decision makes Pony.ai one of the biggest companies to suspend its U.S. listing plans after China banned ride-sharing giant Didi Global Inc. (NYSE:DIDI) from signing up new users just days after its blockbuster IPO in June.

Bad Tomatoes at SPAC’s Indoor Farm Empire Send Shares Tumbling

AppHarvest Inc.’s (NASDAQ:APPH) early efforts at indoor farming aren’t bearing financial fruit for shareholders of the SPAC that bought the startup in February.

The stock tumbled as much as 40% on Wednesday to as little as $7.20, far below the typical $10 starting point for SPACs after a disappointing second-quarter report. The recent crop at AppHarvest’s first facility in Kentucky was marred by historically low tomato prices, and sales were hurt by lower-than-expected quality, the company said.