The Latest SPAC News and Rumors: August 19, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hyzon Motors ousts CEO as financial probe continues and Geely Auto earnings squeeze by Covid lockdowns and chip shortage
Hyzon Motors ousts CEO Craig Knight as financial probe continues
Hyzon Motors (NASDAQ:HYZN) has ousted CEO Craig Knight because of a financial quagmire over how the trucking fuel cell maker reported revenue in China and managed internal financial controls.
Parker Meeks, most recently Hyzon’s chief strategy officer, was named president and interim CEO effective immediately. Knight also was removed as a company director. The board plans to search for a new CEO externally and internally.
It merged with Decarbonization Plus Acquisition Corp. in February 2021, receiving more than $550 million when the business combination closed in July 2021.
READGeely Auto earnings squeezed by Covid lockdowns and chip shortage
Chinese carmaker Geely Auto said its profits had more than halved as a semiconductor shortage and Covid-19 restrictions hit demand for vehicles and disrupted production. Pre-tax profits dropped 55 per cent to Rmb1.3bn ($191mn) in the first six months of the year, compared with the same period in 2021, the group said on Thursday. Total vehicle sales fell 3 per cent to 613,845, though revenues rose 29 per cent to Rmb58.2bn.
Geely is an existing investor in ECARX, which entered into a definitive agreement to combine with COVA Acquisition Corp.(NASDAQ:COVA), at an enterprise value of $3.522 billion.