The Latest SPAC News and Rumors: May 3, 2022

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

Latest SPAC News: Shenzhen State Fuel Cell Corp. eyes $1B SPAC deal, Facebook billionaire Eduardo Saverin’s B Capital halts SPAC plans, and Dune’s board of directors changes recommendation to against combination with TradeZero

Chinese Fuel Cell Maker Eyeing SPAC Deal for $1B US Listing

A Chinese provider of hydrogen used in fuel cell vehicles is considering a Nasdaq debut early next year via a SPAC merger that would land it a $1 billion valuation after listing.

If the deal with its undisclosed suitor goes through, Shenzhen State Fuel Cell Corporation (SFCC) will become the latest in a long line of electric vehicle companies to choose the short route to an IPO.

Facebook Billionaire Eduardo Saverin’s B Capital Halts SPAC Plans Amid Market Volatility 

B Capital—an investment firm led by Facebook cofounder Eduardo Saverin and former Bain Capital executive Raj Ganguly—won’t pursue an earlier plan to launch a SPAC, joining a growing number of companies pulling the plug on such deals amid surging market volatility.

“We’ve looked at the option to do our own SPAC,” Ganguly, managing partner of B-Capital, said in a recent interview with Forbes Asia via video conferencing. “At this point, we don’t have any current plans to do a SPAC. We do think the SPAC market is an interesting market that got quite overheated last year.”

In February 2021, B Capital filed paperwork with the U.S. Securities and Exchange Commission to raise $300 million for a SPAC, dubbed B Capital Technology Opportunities Corp.

Dune Acquisition Corp.’s Board of Directors Changes Recommendation to AGAINST Business Combination with TradeZero

Dune Acquisition Corporation (Nasdaq: DUNE), a special purpose acquisition company, today announced that, after careful consideration and consultation with its management and outside legal advisors, its board of directors:

• has unanimously determined that the previously announced business combination transaction with TradeZero Holding Corp. is not advisable or fair to, or in the best interest of, Dune and its stockholders; and

• unanimously recommends that Dune’s stockholders vote “AGAINST” the Business Combination when a vote occurs.

Suneva Medical Inc. Announces Multiple Regulatory Approvals in the U.S. and Canada

Suneva Medical, Inc., an innovative medical technology company using regenerative medicine to change the standard of care in aesthetic treatments, and partner Bimini Health Tech, today announced that they have received approval from Canada’s Medical Devices Directorate to market the Dermapose® all-in-one fat sizing syringe in Canada. In the U.S., Suneva has also received an additional 510(K) clearance from  the U.S. Food and Drug Administration (FDA) for its larger volume 30 mL Amplifine PRP gel tube.

On January 12, 2022, Suneva Medical and Viveon Health Acquisition Corp. (NYSE American: VHAQ), a special purpose acquisition company, announced that they entered into a definitive merger agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on the NYSE American under the symbol “RNEW.”

ProKidney Highlights Key Registrational Program Elements Supporting Advancement of REACT

ProKidney LP, a leading clinical-stage cellular therapeutics company focused on the treatment of chronic kidney disease (CKD) and the prevention of both end-stage renal disease (ESRD) and the need for dialysis, today highlighted the key registrational program elements supporting development of its autologous cell therapy REACT^® for diabetic CKD. The design of the Phase 3 program for REACT^® is a result of our consultation with the Food & Drug Administration (FDA) for this first in class cellular therapy being developed to restore kidney function in patients with CKD.

On January 18, 2022, ProKidney announced that it would become a publicly traded company via a business combination with Social Capital Suvretta Holdings Corp. III (Nasdaq: DNAC).