The Latest SPAC News and Rumors: September 9, 2022


The Latest SPAC News and Rumors: September 9, 2022


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

Latest SPAC News: First Africa cannabis SPAC to go ahead with Cilo Cybin listing, United places ‘conditional’ order for electric air taxis from Eve, and Cazoo pulls plug on European operations

First Africa Cannabis SPAC to Go Ahead With Cilo Cybin Listing

Africa is about to get its first listing of a medical cannabis-focused SPAC when Cilo Cybin Holdings Ltd. raises money in Johannesburg later this year.

The company is seeking as much as 2 billion rand ($114 million), said Gabriel Theron, who leads the business. The share offer will open on Sept. 12 and close in November.


United makes ‘conditional’ order for electric air taxis from Florida company

United Airlines thinks that in a few years, plenty of big-city customers will pay $100 or more for a one-way ride to the airport in a four-seat, electric-powered air taxi.

The Chicago-based airline said Thursday that it invested $15 million in a startup manufacturer, and signed a “conditional” agreement to buy 200 of the tiny aircraft with options for 200 more.

United said it expects to receive the first taxis — which will take off and land vertically, like helicopters — from Eve Air Mobility as soon as 2026.

Eve Holding Inc. is a publicly traded company formed this year by a combination of a special purpose acquisition company called Zanite and a unit of Brazilian aircraft manufacturer Embraer.


UK online car seller Cazoo pulls plug on European operations

Cazoo is to pull out of continental Europe and focus on the UK as the lossmaking online car seller reverses its international expansion drive, cutting hundreds of jobs and threatening sponsorship deals with some of the region’s biggest football clubs.

The company, founded by Alex Chesterman, spent close to €200mn across Spain, Germany and Italy to broaden its business, as well as striking multiyear sponsorship deals with European football clubs to promote its brand. The group said on Thursday it would wind down its entire European operations in an attempt to preserve cash, resulting in the loss of a further 750 staff in Europe, on top of the 750 roles it axed in the UK earlier this year.

AJAX I Corp. completed its combination with online car retailer Cazoo in August 2021.


Cineworld Explored Sale, SPAC, and ‘Meme’ Listing Before Bankruptcy 

Cineworld Group Plc explored options including a secondary US listing, selling non-US assets, merging with a rival, and a SPAC deal, but ultimately had no choice but to file for bankruptcy with less than $4 million cash on hand, according to Deputy Chief Executive Officer Israel Greidinger.

The world’s second-largest cinema chain filed for Chapter 11 bankruptcy protection in Texas on Wednesday to pay off heavy debts, finance future operations, and “rationalize its theater portfolio,” Greidinger said in the court documents. Enforced Covid-19 theater shutdowns froze the group’s income stream and its ability to pay for costs including billions of dollars in debts incurred when it bought US company Regal in 2018.