The Latest SPAC News and Rumors: January 25, 2022


The Latest SPAC News and Rumors: January 25, 2022

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

Latest SPAC News: SoundHound and Qualcomm announce strategic agreement, MSP Recovery’s portfolio of assigned claims grows by 440%, and Pagaya and Visa announce partnership

SoundHound Inc. and Qualcomm Technologies Inc. Announce Strategic Agreement to Bring SoundHound’s Voice AI Technology to Snapdragon Platforms

SoundHound Inc., a global leader in voice artificial intelligence, currently in the process of becoming a public company through its expected merger with Archimedes Tech SPAC Partners Co. (NASDAQ: ATSPT), today announced a multi-year agreement with Qualcomm Technologies Inc. to enable SoundHound’s advanced voice AI technology, consisting of its automatic speech recognition, natural language understanding, and text-to-speech conversion software with select Qualcomm Technologies’ Snapdragon® platforms.


MSP Recovery’s Portfolio of Assigned Claims Grows by Over 440%, From $61 Billion to an Estimated $330 Billion in Paid Amount

MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, that in July agreed to a business combination with Lionheart Acquisition Corporation II (Nasdaq: LCAP), today announced that it has signed additional agreements with new and existing clients for additional healthcare claims, which significantly increase the Paid Amount associated with MSP Recovery’s portfolio of claims.

As a result of additional agreements signed by MSP Recovery, the Paid Amount associated with MSP Recovery’s portfolio of claims has increased by more than 440% from September 30, 2021.


Pagaya and Visa Announce Strategic Relationship to Enable Visa’s Merchant and Issuing Bank Partners to Expand Access to Credit

Pagaya, a global technology company building artificial intelligence infrastructure for the financial ecosystem, and Visa, a world leader in digital payments, facilitating more than 160 billion payments transactions worldwide, announced a strategic relationship that will enable Visa’s expansive network of merchant partners and issuing co-brand financial institutions to leverage Pagaya’s technology to expand customers’ access to financial products.

Pagaya and EJF Acquisition Corp. (NASDAQ: EJFA) announced in September that they have entered into a definitive business combination agreement, valued at an estimated enterprise value of approximately $8.5 billion at closing.


Quanergy Highlights Business Momentum on Path to Publicly Listing on NYSE

Quanergy Systems, Inc., a leading provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT, today provided an update on the significant progress in its technological advancements and customer solutions since the announcement of its intended business combination with CITIC Capital Acquisition Corp. (NYSE: CCAC) in June 2021.

The company was recently able to achieve industry-first 200 meter OPA range milestone, exceed 2021 revenue guidance; 32% sequential revenue growth from Q3 ’21, and increased customer count to nearly 400 and global partners to over 50.


UAE GlobalOne Healthcare to Buy More Shares in SPAC Merger Candidate Alvotech

The UAE’s GlobalOne Healthcare Holding (GHH) said on Tuesday it has bought more shares in biopharma firm Alvotech, which GHH said is expected to go public in the first half of this year via a merger with a SPAC backed by Oaktree Capital Management L.P.

After the merger, the combined company that will trade under the ticker ALVO is estimated to have a $2.25 billion valuation. Yas Holding, GlobalOne’s parent, bought a 2.5% stake in Alvotech in 2019 at a valuation of $1.8 billion.