The Latest SPAC News and Rumors: July 27, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SomaLogic acquires DNA nanotech leader Palamedrix and Faraday Future delays launch of its electric vehicle
SomaLogic acquires DNA nanotechnology leader Palamedrix to develop the next-generation SomaScan Assay
SomaLogic (NASDAQ: SLGC), a leader in AI data-driven proteomics technology, today announced it entered into an agreement to acquire Palamedrix, Inc., an innovator in DNA nanotechnology. Palamedrix provides deep scientific and engineering expertise, miniaturization technology and enhanced ease-of-use capabilities that SomaLogic intends to leverage as it develops the next generation of the SomaScan® Assay. The acquisition brings two leading technologies together which SomaLogic believes will accelerate SomaScan Platform utilization in global biopharma and academic markets, as well as the emerging proteomic diagnostics space.
CM Life Sciences II Inc. completed its combination with proteomics firm SomaLogic in September 2021.
READFaraday Future delays launch of its debut electric vehicle
Faraday Future’s (NASDAQ: FFIE) first car is still a far way off in the future, according to recent regulatory filings.
The California EV company said this week that it needs more cash in order to launch its debut electric vehicle, the FF91. As such, the company is pushing back customer deliveries to the third or fourth quarter of 2022. The FF91 was expected to launch as soon as this month, but now that will have to wait until later this year as the company seeks to shore up its cash reserves. In February, the company celebrated the completion of its first “production intent” FF91, the ultra-luxury electric SUV that has been in the works for nearly eight years. But “substantial capital” is still needed, not just to launch the FF91 but also for daily operations as well.
Property Solutions Acquisition Corp. shareholders approved its combination with electric vehicle (EV) maker Faraday Future in a meeting held last summer.