The Latest SPAC News and Rumors: August 30, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Amazon seller Packable to shut down in bankruptcy, and Otonomo to lay off dozens after losing 90% of value
Amazon Seller Packable to Shut Down in Bankruptcy After SPAC Deal Sinks
Packable Holdings LLC, a Carlyle Group-backed e-commerce platform valued at more than $1 billion less than two years ago, is shutting down in bankruptcy after it failed to go public through a merger with Highland Transcend Partners I Corp.
The Hauppauge, N.Y.-based company made the filing in the U.S. Bankruptcy Court in Wilmington, Del., on Sunday, days after it said it was laying off 138 employees. Packable, which entered bankruptcy with 372 workers, had nearly 1,300 employees at its peak.
Otonomo to lay off dozens of employees after losing over 90% of value
Israeli autotech company Otonomo (NASDAQ:OTMO) is expected to lay off dozens of employees, Calcalist has learned. The company, which built a marketplace for the trading of information coming from connected vehicles and went public a year ago on Nasdaq, employs close to 200 people – more than half of them at its R&D center in Herzliya.
Otonomo, which was issued during the wave of IPOs of companies in the autonomous vehicle sector alongside REE and Innoviz, is on its way to the title of “the worst Israeli IPO of 2021”, after its stock plunged from a value of $1.26 billion in the IPO to only $62 million last Friday. The company even announced on the same day that it received a non-compliance letter from Nasdaq regarding the possible delisting of its shares, after its stock traded below the price of a dollar for more than 30 days.READ