The Latest SPAC News and Rumors: May 31, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Senator Warren plans bill to crack down on SPAC industry, Voltus partners with SemaConnect to deliver grid support
US Senator Warren Plans Bill to Crack Down on Blank Check Deals
Democratic U.S. Senator Elizabeth Warren is planning a bill to crack down on the SPAC industry after a “proliferation” of bad deals that have often resulted in huge losses for investors, according to a report to be released Tuesday seen by Reuters.
Warren’s forthcoming “SPAC Accountability Act of 2022” would increase the legal liability for a range of parties involved in such deals, enhance investor disclosures and lock up for a longer period early investors which bankroll the deals.
READVoltus and SemaConnect Partners to Deliver Grid Support to Wholesale Power Markets Using Electric Vehicle Charging Stations
Voltus, Inc., the leading distributed energy resource (DER) software platform, announced it has partnered with SemaConnect, a leader and pioneer in electric vehicle charging services, to offer cash generating opportunities to SemaConnect’s workplace charging clients across U.S. and Canadian wholesale power markets.
On December 1, 2021, Voltus announced its entry into a business combination agreement with Broadscale Acquisition Corp. (Nasdaq: SCLE), a SPAC that is expected to result in Voltus becoming a publicly listed company.
READD-Orbit Secures Additional Launch Ports with SpaceX for 2023 Rideshare Missions
D-Orbit, the space logistics and orbital transportation company that is going public through a transaction with Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), announced today that it has secured 11 ports for D-Orbit’s ION Satellite Carrier (“ION”) for launch on SpaceX Rideshare missions in 2023.
Securing these slots is in line with D-Orbit’s plans to launch 13 IONs in 2023, as the Company works to meet the increasing demand for last-mile space transportation solutions and in-orbit demonstration of third-party payloads. The launches have been purchased through the Italian launch broker impulso.space.
As previously announced on January 27, 2022, D-Orbit has entered into a business combination agreement among Breeze Holdings Acquisition Corp. (NASDAQ: BREZ).
READVision Deal, SPAC Backed by Former Alibaba.com CEO, Moves Closer to Listing as Hong Kong’s Second Blank-Check Offering
Vision Deal HK Acquisition Corp, backed by a former Alibaba Group executive, took a step towards a listing in Hong Kong after its share sale was fully subscribed by investors on Monday, people familiar with the transaction said.
The SPAC won approval from the Hong Kong stock exchange’s listing committee last week and began marketing its shares to institutional investors this week. The sale was fully covered by Monday evening, and a listing is slated for June.
Swvl Announces Portfolio Optimization Program to Turn Cash Flow Positive in 2023
Swvl Holdings (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that it is implementing a portfolio optimization program to enhance efficiency and reduce central costs to accelerate its path to profitability to turn cash flow positive in 2023.
Queen’s Gambit Growth Capital completed its combination with mobility tech firm Swvl on March 30, 2022.
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