The Latest SPAC News and Rumors: August 4, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nikola stands by 2022 electric big rig goal, Nauticus Robotics announces contract with Shell, and InfiniteWorld acquires Super Bit Machine
Nikola Stands by 2022 Electric Big Rig Goal as Sales Climb
Nikola Corp. (NASDAQ:NKLA) reported its first meaningful revenue and said it’s on track to deliver as many as 500 electric big rigs to customers this year, even as the company continues to grapple with sluggish production.
Sales in the second quarter were $18.1 million, the Phoenix-based company said Thursday in a statement, beating analysts’ expectations. Nikola also reported a narrower-than-expected loss of 25 cents a share.
Nikola ended the quarter with $529.2 million of cash and restricted cash on its balance sheet. The company also has the ability to call on $312.5 million from an equity-line-of-credit agreement it has with Tumim Stone Capital.READ
Nauticus Robotics Announces Contract with Shell for Autonomous Method of Subsea Operations
Nauticus Robotics, Inc., a Houston-area developer of subsea and surface robotic services using autonomy software, announced today it has entered into an agreement with Shell plc (“Shell”) (NYSE: SHEL) to advance to the qualification phase for a more efficient means of acquiring subsea integrity data utilizing Nauticus’ Aquanaut and Hydronaut robotic platforms. This collaboration will enable Shell to add an advanced tool to its subsea asset integrity management lineup with the potential to improve subsea operations. Shell and Nauticus will collaborate with the industry’s leading inspection tooling service providers, leveraging their expertise and technology to fully integrate into Nauticus’ robotic service solution.
On December 16, 2021, Nauticus and CleanTech Acquisition Corp. (NASDAQ: CLAQ), a special purpose acquisition corporation, entered into a definitive business combination agreement that would result in Nauticus Robotics, Inc. becoming a public company listed on the Nasdaq Stock Market LLC under the ticker symbol KITT.READ
InfiniteWorld Acquires Super Bit Machine to Bring Immersive Cross-Platform Gaming Experiences to Web3
Infinite Assets, Inc., a Web3 and Metaverse infrastructure company that enables brands and creators to create, monetize, and drive consumer engagement with digital content that is merging with Aries I Acquisition Corporation (NASDAQ:RAM), today announced its strategic acquisition of Super Bit Machine, an independent gaming studio and Armajet developer, founded by industry veterans with experience running massive multiplayer “Top 10” grossing games on iOS and Android, including Bingo Blitz by Buffalo Studios.
This acquisition will further bolster InfiniteWorld’s ability to bring best-in-class Web3 and Metaverse experiences to brands and creators, with the addition of real-time multiplayer game development capabilities, which will now be part of its core offerings portfolio. This acquisition also signals the continued crossover between blockchain and gaming platforms and connects traditional gamer experiences that are currently delivered through mobile devices, PCs, and consoles with dynamic Web3 functionality.READ