The Latest SPAC News and Rumors: May 12, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Lordstown Motors and Foxconn enter JV agreement for EV development, D-Wave delivers industry-first hybrid solver, and Gogoro releases 1Q results
Lordstown Motors and Foxconn Close Asset Purchase Agreement and Enter into JV Agreement for MIH Based EV Development
Lordstown Motors Corp. (Nasdaq: RIDE), an original equipment manufacturer (OEM) of electric light duty trucks focused on the commercial fleet market, today announced that it has closed the sale of its Lordstown facility and signed a contract manufacturing agreement and joint venture agreement for product development with affiliates of Hon Hai Technology Group (“Foxconn”).
Total proceeds to LMC were $230 million, plus the reimbursement of approximately $27 million in operating and expansion costs. In addition, Foxconn had previously purchased $50 million of LMC Class A common stock directly from the company. Concurrently with the closing, Foxconn and Lordstown Motors entered into a manufacturing supply agreement for the Endurance.
In connection with the closing of the agreement, Foxconn and LMC also entered into a joint venture agreement to co-develop EV programs using Foxconn’s Mobility-in-Harmony (MIH) open-source EV platform. The new joint venture will be called MIH EV Design LLC and will be 55% owned by Foxconn and 45% by LMC. Foxconn is committing $100 million towards the new joint venture, including a loan to Lordstown for $45 million to support its initial capital commitment.
READD-Wave Delivers Industry-First Hybrid Solver With Continuous Variables to Run on a Quantum Computer
D-Wave Systems Inc. – a global leader in quantum computing software, services, and systems, and the only quantum computing company building both annealing and gate model quantum computers – today announced an update to its Constrained Quadratic Model (CQM) hybrid solver in the Leap™ quantum cloud service. This update enables organizations, for the first time, to leverage the power of quantum computation to run constrained quadratic optimization problems with continuous variables.
D-Wave announced in February it has entered into a definitive transaction agreement with DPCM Capital, Inc. (“DPCM Capital”) (NYSE:XPOA).
READGogoro Releases First Quarter 2022 Results With YoY Revenue Growth of 61% and Total Subscribers Surpassing 467,000
Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its first quarter ended March 31, 2022.
First quarter highlights include record first quarter revenue of $94.5 million, up 61.0% year-over-year and sales of hardware and other revenues of $65.1 million, up 87.1% year-over-year. Gogoro Network saw revenue of $29.4 million, up 23.0% year-over-year. The company also saw strong growth in number of new subscribers, bringing total subscribers to more than 467,000.
Poema Global completed its combination with two-wheeled EV battery charging network Gogoro earlier this year in March.
READD-Orbit Successfully Completes Its Fifth ION Satellite Carrier Mission
D-Orbit, the space logistics and orbital transportation company in the process of going public through a transaction with Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), today announced the successful completion of the Company’s fifth mission, Spacelust. The deployment phase of the mission ended after D-Orbit’s versatile and cost-effective orbital transfer vehicle (“OTV”), ION Satellite Carrier (“ION”), successfully deployed a pair of small customer satellites from Kleos Space S.A.
READBrivo Integrates with ZeroEyes to Address Gun-Related Violence, by Saving Time to Save Lives
Brivo, a leading provider in cloud-based access control and smart building technologies that entered into a definitive merger agreement with Crown PropTech Acquisitions (NYSE: CPTK), today announced an integration with ZeroEyes, the leading AI-based gun detection solution. This new integration seamlessly combines Brivo Access with ZeroEyes AI-based gun detection by automatically locking entryways remotely as soon as a firearm is detected onsite. The partnership also serves to inform first-responder decisions by providing them with near-real time information, including where the shooter is located, what the shooter looks like and which entryways have been locked.
READEureKING SPAC Lists on Euronext Paris
Euronext today celebrates the listing of eureKING, the first French healthcare SPAC dedicated to biomanufacturing, on the regulated market of Euronext Paris (ticker code: KINGS).
eureKING SPAC was founded by an international team of healthcare experts, including Michael Kloss, former Chairman and CEO of Panasonic Healthcare, Gérard Le Fur, former CEO of Sanofi, Alexandre Mouradian, Co-Founder and Administrator of eureKARE, Christophe Jean, Strategic Partner of the private equity fund Oraxys Environment, Hubert Olivier, President for France and Belgium of the pharmaceutical distribution and healthcare services group McKesson, and Rodolphe Besserve, CEO of eureKARE.