The Latest SPAC News and Rumors: April 5, 2022

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

Latest SPAC News: Citi temporarily pauses new SPAC issuances, eCombustible Energy receives $11.2M investment, and Rubicon announces multi-year extension agreement with Tuesday Morning

Citi to Pause New SPAC Issuances as SEC Signals Crackdown

Citigroup Inc. is among underwriters that have temporarily paused initial public offerings of new U.S. special purpose acquisition companies until they get more clarity on the potential legal risks posed by recently proposed rules, according to people with knowledge of the matter.

The New York-based bank is awaiting feedback from legal advisers regarding underwriter liability among other topics. The firm has no plans to exit the business.

eCombustible Energy Receives $11.2M Strategic Investment in Connection with Entry into a $500M Follow-On Contract with Pamesa Group for eCombustible’s Hydrogen-based Fuel Supply in Spain

eCombustible Energy LLC, an innovator and provider of customizable hydrogen-based fuel for thermal industrial applications, has received an $11.2 million strategic investment as well as signed a follow-on contract with Pamesa Grupo Empresarial, S.L. (“Pamesa”), one of Europe’s largest ceramic tile producers, to increase the use of eCombustible fuel at their ceramic products factories in Spain.  eCombustible Energy’s contract with Pamesa has a term of 10 years and anticipated revenues of over $500 million.

Benessere (NASDAQ:BENE) entered into a definitive agreement to combine with eCombustible in November 2021.

Rubicon Announces Multi-Year Extension Agreement with Tuesday Morning

Rubicon Technologies, LLC, a digital marketplace for waste and recycling and provider of innovative software-based solutions for businesses and governments worldwide, today announced that it has signed an extended two-year agreement with Tuesday Morning, Inc. (“Tuesday Morning”), a leading destination for unique home and lifestyle goods, to continue to increase the retailer’s waste diversion from landfill, consolidate service, and provide enhanced account management across its portfolio of stores.

Rubicon previously announced an agreement for a business combination with Founder SPAC (Nasdaq: FOUN), which is expected to result in Rubicon becoming a public company listed on the New York Stock Exchange under the new ticker symbol “RBT” in the second quarter of 2022.