The Latest SPAC News and Rumors: August 1, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nikola buys Romeo Power for 11% of SPAC valuation, Morgan Stanley’s top SPAC banker exits for Elliott, and SeaStar Medical reports successful treatment
Nikola Buys Romeo Power for 11% of Battery Maker’s SPAC Valuation
Nikola Corp. (NASDAQ:NKLA) will acquire Romeo Power Inc. (NYSE:RMO) for a sliver of what the battery maker was worth when it merged with a special purpose acquisition company less than two years ago.
The all-stock transaction between two manufacturers that went public via blank-check deals in 2020 values Romeo Power at about $144 million, according to a statement Monday. That’s only about 11% of the roughly $1.33 billion value at which California-based Romeo Power agreed to merge with a SPAC.
READMorgan Stanley SPAC Banker Bennett Schachter Exits for Elliott
Bennett Schachter, the top SPAC banker at Morgan Stanley and its global head of alternative capital, is leaving for a role at Elliott Investment Management, according to people with knowledge of the matter.
Schachter, who joined the New York-based bank in 2019 after more than two decades at Goldman Sachs Group Inc., is set to join the Paul Singer-led hedge fund later this year, said the people, asking not to be identified as the move isn’t yet public.
READSeaStar Medical Reports First Successful Treatment of Pediatric Patient with Hemophagocytic Lymphohistiocytosis and Multi-Organ Failure with its SCD
SeaStar Medical, a medical technology company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, and LMF Acquisition Opportunities, Inc. (NASDAQ: LMAO), a special purpose acquisition company, today announced that SeaStar Medical’s novel Selective Cytopheretic Device (SCD) was successfully used in a pediatric patient with hemophagocytic lymphohistiocytosis (HLH), a dysregulated immune disorder in children associated with Epstein Barr virus (EBV), the virus that causes mononucleosis.
In its most severe form, HLH presents with signs and symptoms of hyperinflammation that can progress to multiorgan failure with life-threatening consequences. This is the first case of SCD therapy in a pediatric patient with HLH and multiorgan failure.