The Latest SPAC News and Rumors: November 29, 2022

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

Latest SPAC News:  Faraday Future ousts its CEO and Hyzon Motors SPAC board is sued over ‘outlandish’ deal hype

EV SPAC Faraday Future ousts its CEO

Faraday Future (NASDAQ:FFIE), the troubled EV startup-turned-publicly-traded company, has shuffled its executive ranks once again.

The board fired its CEO Carsten Breitfeld, according to a regulatory filing posted Monday after the markets closed. Brietfeld, who was the former co-founder of failed EV startup Byton, took the leadership role at Faraday Future in September 2019.

The messiness at the company has only ramped up since it went public through a merger with Property Solutions Acquisition Corp. in July 2021. Investigations, a restructuring and a going concern warning are just a few of the dramatic turn of events in the past 18 months.

Hyzon Motors SPAC Board Sued Over ‘Outlandish’ Deal Hype

Investors of a special purpose acquisition company that merged with zero-emission hydrogen fuel automaker Hyzon Motors Inc. (NASDAQ:HYZN) have filed suit in Delaware Chancery Court, claiming the SPAC’s sponsors, founders and directors made misrepresentations about Hyzon to gain shareholder approval of the deal.