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The Latest SPAC News and Rumors: September 20, 2022


The Latest SPAC News and Rumors: September 20, 2022


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

Latest SPAC News:  Nikola CEO says he learned debut truck lacked power after he joined, Opendoor hit with losses amid Zillow collapse, and Bitdeer buys Asia’s ‘Fort Knox’

Nikola CEO Says He Learned Debut Truck Lacked Power After He Joined

Nikola Corp.’s (NASDAQ:NKLA) chief executive officer told a jury he learned only after joining the company that its debut electric truck had neither a gas-powered turbine nor a fuel cell when founder Trevor Milton unveiled it.

Milton, who is on trial for allegedly lying to investors about Nikola’s progress, was prone to exaggerate, CEO Mark Russell told the jurors Monday in federal court in Manhattan as he described the December 2016 unveiling.


Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse

The US housing market’s sharp downturn has been bad for builders, flippers and almost anyone who had plans to sell a home when rising mortgage rates shut down the pandemic buying frenzy.

The slump has been especially harsh for Opendoor Technologies Inc.(NASDAQ:OPEN), pioneer of a data-driven spin on home-flipping known as iBuying.

The company, which sells thousands of homes in a typical month, lost money on 42% of its transactions in August, according to research from YipitData.

Social Capital Hedosophia Holding Corporation II completed its combination with online home marketplace Opendoor Labs back in December 2020.


Chinese Crypto Tycoon-Backed Bitdeer Buys Asia’s ‘Fort Knox’

Chinese crypto billionaire Jihan Wu is expanding into the physical asset space.

Wu’s Bitdeer Technologies Holding Co. spent S$40 million ($28.4 million) buying Le Freeport, a maximum-security vault in Singapore, according to people with knowledge of the matter who asked not to be identified because the transaction was private. Dubbed Asia’s Fort Knox, Wu acquired the repository for fine art, precious gems, and gold and silver bars, from shareholders led by Swiss art dealer and founder Yves Bouvier, the people said.

Wu, who turns 36 this year, controls Bitdeer, a cloud-mining service that was spun off from Bitmain. It operates proprietary mining data centers in the U.S. and Norway, and was seeking a US listing in a SPAC deal with Blue Safari Group Acquisition Corp. (NASDAQ:BSGA).


Geely-backed smart car firm Ecarx said to seek Hong Kong listing after US SPAC deal

Smart car technology company Ecarx Holdings is exploring going public in Hong Kong once it has completed the planned US listing via a merger with a blank-cheque company, according to sources with knowledge of the matter.

The firm, backed by Chinese billionaire Li Shufu and his Zhejiang Geely Holding Group Co., has not decided whether it will raise funds via the Hong Kong listing as considerations are at an early stage, the sources said. A listing outside the Unites States could help Ecarx hedge any potential delisting risks, one of the sources said.

In May, Ecarx agreed to combine with Cova Acquisition Corp. (NASDAQ:COVA), a SPAC, in a deal that would value the merged entity at about US$3.8 billion (S$5.35 billion).


Jupiter Wellness Signs Exclusive License Agreement With Rejoy Corporation

Jupiter Wellness, Inc. (NASDAQ:JUPW), a wellness company focused on hair, skin, and sexual health, announced today it has signed an exclusive licensing agreement with Rejoy, Inc., a California Corporation, to develop prescription products for the treatment of nipple neuropathies and associated sexual problems in women that have been treated for breast cancer.


Alliance Entertainment’s Distribution Solutions Announces Physical Media Partnership with MUBI

Alliance Entertainment Holding Corporation, a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today announced its partnership with the distributor, streaming service and production company, MUBI.

On June 23, 2022, Alliance Entertainment announced that it will become publicly listed through a merger transaction with Adara Acquisition Corp. (NYSE: ADRA, ADRA.U, ADRA.WS), a publicly traded special purpose acquisition company.