The Latest SPAC News and Rumors: July 26, 2022

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

Latest SPAC News: Ginkgo Bioworks to acquire Zymergen, Falcon’s Beyond partners with BRON Studios, and Jupiter Wellness announces repayment agreement with Benuvia

Ginkgo to Acquire Zymergen

Today, Ginkgo Bioworks (NYSE: DNA) — the leading horizontal platform for cell programming — and the biotechnology company Zymergen (Nasdaq: ZY) announced they have entered into a definitive agreement under which Ginkgo will acquire Zymergen in an all-stock transaction that values Zymergen at an approximately $300 millionmarket capitalization. Under the terms of the agreement, which have been unanimously approved by the boards of directors of both companies, Zymergen stockholders will receive a fixed exchange ratio of 0.9179 Ginkgo shares for each Zymergen share, representing 5.25% pro forma ownership of Ginkgo following the transaction.

Soaring Eagle Acquisition Corp. secured shareholder approval of its combination with cell programming company Ginkgo Bioworks at a shareholder vote held in September 2021.

Falcon’s Beyond and BRON Studios Announce Partnership to Co-Develop & Produce Projects

Falcon’s Beyond, a leading fully integrated global entertainment development company specializing in intellectual property (IP) creation and expansion, today announced a strategic partnership with BRON Studios, a leading global media, technology, and award-winning production company, to co-develop and co-produce multiple worldwide entertainment properties into feature films, episodic series, video games, Web3 activations, consumer products, and location-based entertainment experiences.

On July 12, 2022, Falcon’s Beyond announced its entry into a definitive merger agreement with FAST II, a special purpose acquisition company (NYSE: FZT), that is expected to result in Falcon’s Beyond becoming a publicly listed company on Nasdaq. Upon the closing of the transaction, the new combined company will be named “Falcon’s Beyond Global” and is expected to be listed on Nasdaq under the ticker symbol “FBYD.”

Jupiter Wellness Announces Repayment Agreement with Benuvia, Inc., Formally Next Frontier Pharmaceuticals 

Jupiter Wellness, Inc. (Nasdaq:JUPW) today announced that it entered into a Forbearance and Settlement Agreement with Benuvia, Inc., formally Next Frontier Pharmaceuticals, a leading drug developer and manufacturer of active pharmaceutical ingredients.

Under the terms of the Forbearance and Settlement Agreement, Jupiter Wellness will refrain from exercising the rights and remedies that they have as specified in the convertible note agreements unless a breach of the Forbearance and Settlement Agreement occurs. Additionally, Benuvia is in negotiations for a similar solution with the senior secure lender. Any funds paid to Jupiter Wellness will be held in escrow until such an agreement is reached.

Benuvia recently entered into a definitive business combination agreement with Pono Capital Corp (NYSE:PONO) in a deal that implies a combined company pro forma enterprise value of $440 million. Benuvia expects to receive up to $115 million in estimated gross transaction proceeds assuming no redemptions.