The Latest SPAC News and Rumors: October 7, 2021


The Latest SPAC News and Rumors: October 7, 2021

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

Latest SPAC News: Betsy Cohen predicts about 30% of SPACs will bust, Ginkgo caught in short-seller selloff, and Sonder expands into France

Betsy Cohen Predicts About a Third of SPACs Will Bust

Blank-check sponsor Betsy Cohen said about 30% of all SPACs in the market will fail, in an interview on Wednesday at the Bloomberg Invest Global conference.

“Either they won’t be able to find companies in the time frame or they will find companies within that time frame but the public market investors will not support them,” Cohen said.


Wall Street Darling Ginkgo Caught in SPAC, Short-Seller Selloff

In the world of biotechnology and SPACs, wild fluctuations in stock prices are pretty typical. For Ginkgo Bioworks Inc. (NYSE:DNA) and its who’s-who list of Wall Street backers, it’s been a rough two weeks that’s seen about $5 billion in market value wiped out.


Sonder Holdings Inc. Expands into France with Addition of Paris Champs-Elysées Property

Sonder Holdings Inc., a leading next-generation hospitality company that is redefining the guest experience through technology and design, has expanded into France. Sonder recently launched inaugural operations in the country with the management of the Sonder Atala, a 48-unit property located steps from the iconic Champs-Elysées in Paris.

Sonder’s expansion into France follows the recent news of the Company’s plans to be publicly listed through a business combination with Gores Metropoulos II (NASDAQ: GMIIU).


Redbox Expands Distribution Footprint of Its Streaming App to the PlayStation 5 Console

Redbox, a leading entertainment company, today announced it has expanded the distribution footprint for its streaming app to the PlayStation 5 console.

The app also gives consumers access to new release movies for rent or purchase through its Transactional Video on Demand service including, Candyman starring Jordan Peele and Stillwater starring Matt Damon. Redbox also announced the Redbox streaming app will soon be available on the PlayStation 4 console as well.

Redbox recently announced a definitive agreement to combine with Seaport Global Acquisition Corp. (NASDAQ: SGAM).