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The Latest SPAC News and Rumors: February 28, 2022


The Latest SPAC News and Rumors: February 28, 2022


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

Latest SPAC News:  Michael Andretti hunts for SPAC target beyond Formula One and Trinity Capital provides $25M growth capital to Cepton Technologies

Michael Andretti Hunts for SPAC Target Beyond World of Formula One

Michael Andretti speaks with Bloomberg on trying to find a target to merge with his SPAC Andretti Acquisition Corp. (NYSE:WNNR.UN) before the clock expires next year. The interview includes a Q&A with Andretti and his team, including the SPAC CEO Bill Sandbrook (former CEO of U.S. Concrete) and CFO Matt Brown on how the effort is going.

While McLaren Racing CEO Zak Brown sits on the SPAC’s board, Andretti’s ambitions to own an F1 team are separate and he wouldn’t use the SPAC to buy a team. Andretti recently filed an application to have a Formula One team starting in 2024.


Trinity Capital Inc. Provides $25 Million Growth Capital to Cepton Technologies, Inc.

Trinity Capital Inc. (Nasdaq: TRIN), a leading specialty lending company that provides debt, including loans and equipment financing, to growth-stage companies backed by technology banks, venture capital, and private equity firms, is pleased to support Cepton’s growth with a $25 million facility.

The transaction was completed prior to Cepton Technologies’ closing of the merger with Growth Capital Acquisition Corp, now renamed to Cepton Inc. (Nasdaq: CPTN). $10 million was drawn under the facility and Cepton has the option to draw an additional $15 million at any time prior to July 1, 2022.