The Latest SPAC News and Rumors: November 25, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter
Founder of troubled electric van maker Arrival steps aside as CEO
The founder of the electric van start-up Arrival (NASDAQ:ARVL) has stepped aside as chief executive shortly after a chaotic strategy U-turn in which it shifted focus from the UK to the US.
Denis Sverdlov, a Russian telecoms billionaire, will be replaced by Peter Cuneo, the former head of Marvel Entertainment until its sale to Disney. Cuneo led the stock market listing early last year that injected $660m into the company at the height of a global electric vehicle investment frenzy.
CIIG Merger Corp. shareholders approved its combination with EV-maker Arrival in March 2021.
READPaysafe planning reverse stock split
While Paysafe Ltd. (NYSE:PSFE) expands its business with plans to open a North American headquarters in Jacksonville, the payment processing company is trying to rebuild investor confidence and lift its sagging stock price.
London-based Paysafe’s stock has plunged from $15.10 when it went public in March 2021 to $1.18 before its Nov. 10 earnings report, a 92.2% decrease. Paysafe went public by merging with a SPAC formed by Bill Foley, chairman of Jacksonville-based title insurer Fidelity National Financial Inc.
As it reported earnings, it also announced a 1-for-12 reverse stock split to reduce the number of shares outstanding and increase the listing price.
READPursuing a bank charter is a down-the-road option for fintech Dave, CEO says
The neobank Dave Inc.(NASDAQ:DAVE) may eventually pursue a bank charter, but it is not currently on the horizon for the Chicago-based specialty lender.
In an interview, Dave CEO, Chairman and President Jason Wilk said the company would need a large enough deposit base that leads to net interest income becoming a meaningful revenue stream before it pursued a charter. Evolve Bank & Trust currently holds deposits of Dave’s consumers and issues Dave’s debit card product, but Wilk declined to disclose the deposit total his company has originated.
The company has a $100 million credit facility backed by Victory Park Capital Advisors LLC whose leadership helped establish VPC Impact Acquisition Holdings III Inc., a blank-check company that took Dave public in January.
READDLTx Acquires NachoNodes’ Pocket Network Assets and IP
DLTx ASA (“DLTx”, OSE: DLTX) announced the purchase of NachoNodes’ Pocket Network assets and intellectual property as part of its expansion of Web 3 infrastructure services. Pocket Network is a decentralized API designed to help Web 3 applications communicate with blockchain networks through an extensive network of nodes that are designed to enable greater decentralization of Web 3 protocols.
Through its purchase of NachoNodes, DLTx has added decentralized technology experts to its team and has acquired advanced software that enables at-scale decentralized nodes and the Pocket Network staking business.
On October 15, Blockchain Moon (NASDAQ: BMAQ), announced that it executed a business combination with Malibu Parent Inc., a Delaware corporation (“New BMAC”), Hermosa Merger Sub LLC, and DLTx, to acquire all the Web3 assets of DLTx, listed on the Euronext Oslo (DLTX.OL).
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