The Latest SPAC News and Rumors: August 17, 2022


The Latest SPAC News and Rumors: August 17, 2022


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

Latest SPAC News: Aspiration launches Carbon Opportunities Fund, Digital World postpones earnings amid investigations, and Polestar announces new electric vehicle 

Carbon Opportunities Fund Launches First-of-its-Kind Investment Platform to Issue Tokenized Carbon Credits

The International Finance Corporation, Cultivo, Aspiration, and Chia Network, today announced the launch of the Carbon Opportunities Fund (the Fund), a global investment platform that will raise private capital for an innovative model to source, tokenize and sell high-quality, verified carbon credits.

The Fund will seek to catalyse investments in the voluntary carbon markets and broaden access to finance for nature-based projects certified by leading international standards bodies.

Aspiration has entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE: IPVF), a publicly-traded SPAC, which, upon closing, will result in Aspiration becoming a listed company as a Public Benefit Corporation.


Trump-linked SPAC Digital World postpones earnings report after seeking to delay merger

Digital World Acquisition Group (NASDAQ:DWAC), the SPAC that plans to merge with Trump Media and Technology Group and take it public, is asking for an extension to file its earnings report, according to a regulatory filing Tuesday.

In a filing with the Securities and Exchange Commission, DWAC said it expects to report within the agency’s five-day grace period of the required filing date. Publicly traded companies are required to report earnings no later than 35 days after a quarter is complete.


Polestar Has a New EV Coming in 2026. Online Ordering Has Begun

The company announced production of a roadster called the Polestar 6. It’s expected to hit roads in 2026, but ordering begins Tuesday.

The vehicle was revealed as a concept car in March in Los Angeles. It will be a hardtop convertible with roughly 880 horsepower. That power will launch the sporty car 0 to 60 mph in, perhaps, 3 seconds.

Polestar (NASDAQ:PSNY) shares have fallen about 15% this year. Polestar completed its merger with Gores Guggenheim in June.


Rumble’s Subscription Product ‘Locals’ Smashes Records & Exceeds $7.5 million in Transaction Value for Q2

Today, Rumble’s community-based subscription platform, Locals, announced that its key performance metrics set new records in the second quarter of 2022.

Compared to the second quarter of 2021, Locals saw its number of unpaid members grow by nearly 150 percent and its number of paid supporters grew by 106 percent.  The total value of all transactions on the platform in the second quarter exceeded $7.5 million, more than 400 percent of the value of transactions on the platform during the same period last year.

The company announced in December 2021 the execution of a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).


Ginkgo Bioworks Reports Q2 Revenues More Than Triple, Raises Guidance

Ginkgo Bioworks (NYSE:DNA) reported after the close of the market on Monday that its second quarter 2022 revenues grew 231 percent year over year, driven by biosecurity service revenues.

In the three months ended June 30, Ginkgo reported $144.6 million in total revenues compared to $43.6 million a year ago, smashing the consensus Wall Street estimate of $77.6 million.

Foundry, or cell engineering, revenues were $44.2 million, more than double the $21.6 million reported in Q2 2021. Biosecurity service — mostly COVID-19 testing — revenues from the firm’s Concentric subsidiary were $96.5 million, up from $21.7 million a year ago, driven by K-12 testing volumes, while biosecurity product revenues were $3.9 million, up from $355,000 a year ago.

The Boston-based firm went public through a merger with Soaring Eagle in September 2021, raising $1.63 billion.