The Latest SPAC News and Rumors: March 2, 2022


The Latest SPAC News and Rumors: March 2, 2022


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

Latest SPAC News: Ecarx weighs $4B SPAC merger, road-side assistance firm Urgently in Graf merger talks, and Polestar unveils concept car

Geely-Backed Ecarx Weighs SPAC Merger at $4 Billion Value

Smart car technology company Ecarx Co., whose backers include Zhejiang Geely Holding Group Co., is considering seeking a U.S. listing via a merger with a blank-check company.

Ecarx is working with an adviser to explore a deal that could value the combined entity at about $4 billion. The company is weighing reaching out to regulators in the country for approval for a SPAC merger in order to satisfy new requirements unveiled in December.


Roadside-Assistance Firm Urgently Said in Graf SPAC Merger Talks

Roadside-assistance startup Urgently has held talks to go public through a merger with Graf Acquisition Corp. IV (NYSE:GFOR).

A transaction features a potential PIPE, and could value the combined entity at more than $700 million.


Polestar Unveils Concept Car Ahead of $20 Billion Public Debut

Polestar, the electric vehicle maker spun out of the Volvo corporate garage, is suggesting as much today as it pulls the cover off of a sporty concept car with a removable roof. The machine also features a drone onboard that can be launched while driving. It’s a car engineered for Instagram likes and, fittingly, it’s ready to influence autonomously and at speed.


Shareholders of Cannabis Co in Jay-Z Empire Can Sue Over de-SPAC Deal

For the second time in recent months, Delaware’s Chancery Court has ruled that shareholders can sue board members for breaching their duties in a de-SPAC deal.

On Monday, Vice Chancellor Morgan Zurn refused to dismiss a lawsuit by shareholders of Left Coast Ventures Inc, a privately-held cannabis company that was acquired in 2021 by Subversive Capital Acquisition Corp. Subversive subsequently partnered with entrepreneur Shawn Carter, better known as Jay-Z, to form The Parent Co, which bills itself as California’s leading cannabis business.