The Latest SPAC News and Rumors: March 29, 2022


The Latest SPAC News and Rumors: March 29, 2022


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

Latest SPAC News: Ginkgo Bioworks Q4 revenues quadruple, and Volta sees sharp drop after founders resign


Ginkgo Bioworks Reports Fourth Quarter and Full Year 2021 Financial Results

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, “Ginkgo”), the leading horizontal platform for cell programming, today announced its results for the fourth quarter and year ended December 31, 2021.

Fourth quarter highlights include total revenue of $148 million, up from $32 million in the comparable prior year period, an increase of 363%, and foundry revenue of $34 million, up from $16 million in the comparable prior year period, an increase of 108%.


Volta Plunges After Founders of EV-Charging Company Resign

Volta Inc. (NYSE:VLTA) dropped sharply after the electric-vehicle charging company announced the abrupt departures of two top executives, both of them founders of the firm. The resignations of Chief Executive Officer Scott Mercer and President Chris Wendel came a week after the San Francisco-based firm postponed reporting its latest quarterly earnings, although it was unclear if there was any connection between the events.

Volta fell 18% to $3.37 on Monday, after hitting an all time low earlier in the day. The company went public last year through a merger with Tortoise Acquisition Corp. II.


Major SPAC News, Rules May Be Coming This Week

On Thursday, March 24th, the Securities and Exchange Commission announced an agenda for a March 30th open meeting for the Divisions on Corporate Finance and Investment Management.  The meeting has only one agenda item: SPACs, shell companies, and projections.

In December 2021, SEC Chair Gary Gensler compared SPACs to traditional IPOs, and noted that there may be different levels of disclosure provided to various parties involved in SPAC transactions.  He further made reference to future regulatory action on SPACs.


Khazna to Launch SPAC in 2024

Financial services startup Khazna is planning to establish a SPAC in collaboration with international investors in 2024, Khazna’s co-Founder and CEO Omar Saleh told Shorouk News.

The company is also seeking local and international initial public offerings (IPO), Saleh added.


Transfix Launches New Brand Identity and Positioning Showcasing Leadership and Momentum in New Logistics Era

Transfix, the Intelligent Freight Platform™,  today announced an updated brand identity and positioning reflecting the company’s leadership and momentum in the digital freight sector.

As announced on September 21, 2021, Transfix has entered into a definitive business combination agreement with G Squared Ascend I Inc. (NYSE: GSQD), a SPAC sponsored by affiliates of G Squared, that is expected to result in Transfix becoming a publicly listed company.