The Latest SPAC News and Rumors: October 14, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: PlayStudios to acquire Branium for $70M, Aspiration CEO Cheren steps down as SPAC merger faces delay, and Southland awarded $243M contract
PlayStudios to acquire casual game developer Branium for at least $70M
Through the deal, PlayStudios (NASDAQ:MYPS) will add a number of popular casual games such as solitaire, sudoku and mahjong to its portfolio. The business added that the deal will more than double the number of average daily active users of its products.
The acquisition includes a $70m up-front cash payment, plus a further contingent consideration of undisclosed size, depending on the performance of Brainium between now and the end pf the year.
PlayStudios went public in June 2021, after agreeing to a deal with special purpose acquisition company Acies Acquisition Corporation to list on the Nasdaq Stock Exchange.READ
Aspiration CEO Cherny Stepping Down as SPAC Merger Faces a Delay
Andrei Cherny, the chief executive officer of financial-technology firm Aspiration, is stepping down from his post at the company he co-founded amid a delay in plans to merge with a special purpose acquisition company.
Olivia Albrecht, who joined earlier this year as the firm’s chief sustainability officer, is taking over as CEO, according to a person familiar with the matter who asked not to be identified discussing the move that hasn’t been announced publicly. Cherny didn’t immediately return a message for comment.
Cherny, who helped found the firm nine years ago, expedited a plan to step down given that a public listing through a merger with SPAC InterPrivate III Financial Partners Inc. (NYSE:IPVF).READ
Southland Awarded $243 Million Florida Department of Transportation US 19 Pinellas County Roadway Project
Southland Holdings, LLC, announced today that a subsidiary in its Transportation segment, Johnson Bros., has been awarded a $243 million contract to construct the US 19 Pinellas County roadway project for the Florida Department of Transportation (“FDOT”) in Clearwater, Florida.
The scope of work includes reconstructing US 19 into a six-lane, controlled access facility with frontage roads on both sides of the roadway. This project is expected to help ease traffic congestion for a community that has seen significant population growth in recent years. Construction is expected to begin in the fourth quarter of 2022.
On May 25th, 2022, Southland entered into an Agreement and Plan of Merger with publicly-traded Legato Merger Corp. II, a special purpose acquisition company (NASDAQ: LGTO).