The Latest SPAC News and Rumors: November 11, 2021

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

Latest SPAC News: Equinox obtains new financing in prelude to potential SPAC merger, ELMS cuts 2021 production plans, and EO Charging announces expansion into U.S. market

Gym Chain Equinox Nets Financing to Ease Potential SPAC Deal

Equinox Group LLC has obtained $255 million in new financing commitments from some of its lenders and owners, as the cash-strapped gym chain seeks to bolster its liquidity, according to the WSJ.

Lenders extending new financing include Bank of America Corp., Citigroup Inc., and Goldman Sachs Group Inc., and executives at property developer Related Cos. who own a stake in Equinox are also providing funds.

Equinox, whose gyms are frequented by Wall Street staffers among others, is in talks to go public through a merger with Ares Acquisition Corp. (NYSE:AAC).

Commercial EV Startup ELMS Cuts 2021 Production Plans, Citing Supply-Chain Constraints 

U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc. (NASDAQ:ELMS) on Wednesday cut its target for the number of electric delivery vans it will build this year, citing the supply-chain constraints.

The Troy, Michigan-based company said it now expects to build between 300 and 500 of its Class 1 small electric delivery van, instead of the 1,000 it said in August it was targeting. ELMS said it would deliver the rest of those orders in the first quarter of 2022.

Forum Merger Corp. III secured shareholder approval for its business combination with ELMS on June 24.

EO Charging Announces Expansion into U.S. Market

EO Charging, a leading UK-based provider of technology-enabled turnkey solutions for electric vehicle (“EV”) fleets, today announced its expansion into the U.S. market and the initiation of the site selection process for its North American office, planned to open in early 2022. This new division will deliver EO’s complete fleet charging ecosystem for businesses and government fleet operators throughout the Americas, as well as additional offerings from EO’s charging products and services.

EO Charging previously announced an agreement for a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), which is expected to result in EO Charging becoming a public company listed on the Nasdaq.