The Latest SPAC News and Rumors: May 25, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: MSP Recovery plunges over 60% following merger, and Polestar invests in Israeli fast-charging battery startup
Mega-SPAC Mints a $21 Billion Fortune That Collapses in Minutes
MSP Recovery (NASDAQ:MSPR) was valued at $32.6 billion in its merger with special purpose acquisition company Lionheart Acquisition Corp. II, the largest such combination ever in the US as measured by enterprise value. It began trading Tuesday on the Nasdaq, plunging more than 60% to $3.85 at 10:04 a.m. in New York, less than an hour after its debut.
Miami attorney John H. Ruiz, 55, owns a 65% stake in the company. That position was worth $21.4 billion at the $10 merger price, but plunged to $8.3 billion after MSP began trading.
READPolestar Invests in Israeli Extreme Fast-Charging Battery Startup
Electric vehicle (EV) automaker Polestar is investing in Israeli startup StoreDot, a company working towards producing silicon-based EV batteries that can take on a claimed 160km of range in five minutes.
This is the first financial investment the Swedish-Chinese manufacturer has made in another company, and follows a similar investment from parent company Volvo.
Dubbed ‘100in5’, StoreDot’s technology is slated for production by 2024, and is apparently in “real-world testing by leading automotive manufacturers”.
Gores Guggenheim (NASDAQ:GGPI) entered into a definitive agreement to combine with Polestar on September 27, 2021.
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