The Latest SPAC News and Rumors: June 7, 2022


The Latest SPAC News and Rumors: June 7, 2022


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

Latest SPAC News: Westrock Coffee reports 1Q results and upsizing of new credit facility, Polestar to debut first electric performance SUV, and Safe Harbor Financial closes senior secured loan to Solar Cannabis Co.

Westrock Coffee Reports First Quarter 2022 Results

Westrock Coffee Holdings, LLC (“Westrock Coffee” or the “Company”) today reported financial results for the first quarter ended March 31, 2022, affirmed its full year Adjusted EBITDA guidance of $75 million in 2022, and announced the upsizing of its new credit facility to $350 million.

Westrock’s consolidated net sales were $186.4 million, an increase of $31.1 million, or 20%, from the prior year period and had a net loss of $4.7 million compared to a net loss of $6.1 million in the prior year period, a decrease of 23%. Additionally, the company had an adjusted EBITDA of $11.4 million, an increase of $3.1 million, or 37%, from the prior year period.

Riverview Acquisition Corp. (NASDAQ:RVAC) entered into a definitive agreement to combine with coffee and tea supplier Westrock Coffee Company on April 4, 2022.


Polestar to Debut First Electric Performance SUV, Polestar 3, in October 2022

Polestar, the Swedish electric performance car company, has announced that the world premiere of its next car, the Polestar 3 electric performance SUV, will be in October 2022. Polestar 3 is the company’s first SUV.

The launch of the car marks Polestar’s entrance into one of the highest margin and growth segments in the automotive industry, particularly in the United States.

Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022.


Safe Harbor Financial Announces Closing of Senior Secured Loan to Solar Cannabis Co., a Leading Massachusetts-based Cannabis Operator

Safe Harbor Financial, a leading financial services provider to the cannabis industry, today announced the closing of a $5 million senior secured loan to Solar Cannabis Co., an established vertically-integrated cannabis operator headquartered in Somerset, Massachusetts. Solar Cannabis will use the funds to further accelerate its growth.

In February 2022, Safe Harbor announced the signing of a business combination agreement with Northern Lights Acquisition Corp. (Nasdaq: NLIT), a special purpose acquisition corporation.


SeaStar Medical Announces Publication of Clinical Trial Results Demonstrating its SCD Significantly Lowered Mortality Rates among Critically Ill ICU COVID-19 Patients by Safely and Effectively Stopping Inflammation Causing Cytokine Storms

SeaStar Medical, a medical technology company developing a platform therapy to reduce the consequences of hyperinflammation on vital organs, and LMF Acquisition Opportunities, Inc. (NASDAQ: LMAO) a special purpose acquisition company, today announced the publication of results from SeaStar Medical’s pilot SCD 005 clinical study to evaluate the safety and clinical outcomes of extracorporeal immunomodulation treatment with SeaStar Medical’s Selective Cytopheretic Device (SCD) in COVID-19 patients with multiple organ failure in the intensive care unit (ICU).