The Latest SPAC News and Rumors: February 24, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Foxo plans to go public through merger with Delwinds Insurance, Forbes announces 4Q and full-year results, and salary of Heliogen CEO could top Goldman
Life Insurance Epigenetics Startup Foxo Plans to Go Public Via SPAC
Foxo Technologies Inc., whose artificial intelligence and genetics technology is used to underwrite life insurance, is going public through a deal with a blank-check company, according to Bloomberg.
The merger with Delwinds Insurance Acquisition Corp. (NYSE:DWIN) will value the combined company at $369 million.
Delwinds raised $201 million in an initial public offering in 2020.
READForbes Announces Fourth Quarter & Full-Year 2021 Financial Results
Throughout the fourth quarter, revenue increased 51 percent year-over-year to $94 million, driven by contributions across Media and Consumer businesses. In particular, the Company’s Consumer business was up 72 percent in the fourth quarter year-over-year.
For 2021, revenue increased 40 percent to $259 million compared to $185 million in the prior year period; this exceeded our prior projections of $225 million by 15 percent.
Solar Startup Heliogen’s CEO Pay Could Top Goldman Sachs
A solar-power startup little known outside of the energy industry gave its chief executive officer a bigger pay package last year than banking giant Goldman Sachs Group Inc. (NYSE:GS) lavished on its own leader. It’s also in excess of what Chevron Corp. (NYSE:CVX) and NextEra Energy Inc. (NYSE:NEE) are paying their top executives this year.
Pasadena, California-based Heliogen Inc. (NYSE:HLGN) provided chief executive officer Bill T. Gross with compensation worth $37 million for 2021, according to a filing last month after it went public with Athena Technology in late December.
Gross’s award, however, comes with a catch: It almost entirely consists of options that vest over four years and will be valueless unless he helps lift the company’s stock price back above $9. The shares closed at $4.07 on Tuesday.
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