Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot
Embark Director Elaine Chao, Others Sued Over SPAC Merger
A special acquisition company misclassified some of its shares to buy Embark Technology Inc. (NASDAQ:EMBK) and ultimately overpaid for the autonomous truck startup, a shareholder says in a derivative suit against the companies’ directors.
Former Secretary of Labor and of Transportation Elaine Chao serves on Embark’s board and is among the individual defendants in the suit. Others include Embark’s CEO, Alex Rodrigues, its chief financial officer, and officers and directors of the SPAC. Shareholder Robert Manning II filed the suit Wednesday in the US District Court for the Northern District of California.
Alvotech Switches CEO and Takes COO From Teva
Major leadership changes are being made at the top of Alvotech (NASDAQ:ALVO), with founder Robert Wessman stepping in to replace Mark Levick as CEO at the same time as Teva’s former head of global R&D, Hafrun Fridriksdottir, becomes COO of the biosimilars developer.
Uber Freight and Aurora Expand Pilot to Autonomously Haul Goods for 2022 Holiday Season
Uber Freight, a leading logistics platform and partner for shippers and carriers, and Aurora Innovation (NASDAQ: AUR), a leading autonomous vehicle company, have announced the expansion of their autonomous pilot with a new commercial lane between Fort Worth and El Paso. The 600-mile lane across Texas launched in October and is supporting Uber Freight customers as they prepare for the 2022 holiday season.READ