The Latest SPAC News and Rumors: August 11, 2022

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

Latest SPAC News: United Airlines puts down $10 million deposit on flying taxis from Archer Aviation and Swvl announces $20 million private placement

United Airlines bets $10 million on flying taxis

The days of a Jetsons-like society zipping around in flying cars are still a long, long way away, but United Airlines is making a $10 million bet on flying cars. The carrier has put down a deposit for 200 four-passenger flying taxis from Archer Aviation, a San Francisco–based startup working on the aircraft/auto hybrid.

To be clear, the Federal Aviation Administration has not yet approved those vehicles to begin ferrying passengers, but the down payment is a sign of support from United that the technology is valid. American Airlines, last year, announced it would invest $25 million in a separate electric aircraft company, but that money has reportedly not yet been delivered, reports the Wall Street Journal.

Archer (NYSE:ACHR) completed its business combination with Atlas Crest Investment Corp. on September 14, 2021.

Swvl Announces $20 Million Private Placement

Swvl Holdings Corp (NASDAQ: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that it has entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 12,121,214 of its ordinary shares together with series A warrants and series B warrants at a combined purchase price of $1.65 per ordinary share, pursuant to a private placement, resulting in total gross proceeds at closing of approximately $20 million before deducting placement agent commissions and other estimated offering expenses.

The series A warrants may purchase up to 12,121,214 of the Company’s ordinary shares and the series B warrants may purchase up to 6,060,607 of the Company’s ordinary shares.

Swvl completed its business combination with Queen’s Gambit on March 30, 2022.