The Latest SPAC News and Rumors: September 30, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lordstown nears deal to sell Ohio car factory to Taiwan’s Foxconn; Palihapitiya says SPAC slowdown separated ‘wheat from chaff’
Lordstown Nears Deal to Sell Ohio Plant to Taiwan’s Foxconn
Electric-truck maker Lordstown Motors Corp. (NASDAQ:RIDE) is near an agreement to sell its highly politicized Ohio factory to Taiwan’s Foxconn Technology Group, Bloomberg said.
The companies are set to announce the pact as soon as this week.
READPalihapitiya Says SPAC Slowdown Separated ‘Wheat From Chaff’
Venture investor Chamath Palihapitiya, whose huge bets on “blank check” acquisition companies earned him the moniker of “SPAC King,” said he remained bullish on the long-term health of such deals despite a recent slowdown.
The recent SPAC correction, after a boom that lasted several quarters, was needed to separate the “the wheat from the chaff,” Palihapitiya told CNBC in an interview on Wednesday.