The Latest SPAC News and Rumors: March 31, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Sarcos acquires RE2 Robotics, British insurance duo unveil SPAC in London, and SomaLogic sees record sales in 2021
Sarcos Acquires RE2 Robotics, Positions for Expansion
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) announced that the Company has reached a definitive merger agreement to acquire Pittsburgh-based RE2, Inc., a developer of autonomous and teleoperated mobile robotic systems for use in the aviation, construction, defense, energy and medical industries. This transaction brings together two leading commercial robotics teams focused on industrial robotic technologies that improve worker safety and productivity. Consideration for the transaction is $100 million, consisting of $30 million in cash, which Sarcos expects to fund with cash on hand, and $70 million of Sarcos common stock.
Rotor Acquisition Corp. completed its combination with industrial robotics maker Sarcos last September.
READBritish Insurance Duo to Unveil £150M London SPAC Fundraising
Andy Rear, a former Munich Re executive, and Will Allen, who has worked for the investment bank KBW, plan to unveil FINSAC, a SPAC, on the London Stock Exchange in the coming days.
The new shell company has lined up senior insurance industry figures including David Morant, a veteran fund manager, and Paul Jardine, the chairman of Lloyd’s of London managing agent Asta, as non-executive directors.
READSomaLogic Sees Record Sales in 2021, But Nearly Doubles Losses
SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, grew sales in 2021 by almost 50% year over year, but also nearly doubled its losses.
The company posted revenues of $81.6 million, up 46.1% over 2020. That’s a company record and well ahead of guidance provided in previous quarters.
Net loss was $87.5 million, or a loss of 64 cents per share, as compared to a net loss of $53 million, or 81 cents per share in the prior year.
CM Life Sciences II Inc. completed its combination with proteomics firm SomaLogic in September.
READSelina Celebrates 11 New Openings and Signings Globally in First Quarter
Selina, the fast-growing lifestyle and experiential hospitality brand targeting Millennial and Gen Z travelers, announced today that it celebrated the signing of six new locations in Morocco, Portugal, the United Kingdom and Israel as well as the opening of five new destinations in Israel, Australia and Brazil during the first quarter of 2022. These new properties advance the Company’s mission to redefine the future of travel by creating destination experiences that strongly resonate with consumers.
On December 2, 2021, Selina entered into a business combination agreement with BOA Acquisition Corp. (NYSE: BOAS) that will result in Selina becoming a publicly listed company on the New York Stock Exchange under the new ticker symbol “SLNA”.
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