The Latest SPAC News and Rumors: December 5, 2022

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

Latest SPAC News: Singapore’s Carousell Group cuts 10% of total headcount, and Graphjet Technology becomes first Malaysian company to join World Economic Forum 

Singapore’s Carousell Group cuts 10% of total headcount, Co-Founder says ‘deeply sorry’

Singapore-headquartered recommerce group Carousell announced the group is cutting 110 roles or about 10 percent of the company’s total headcount.

“Together with my co-founders and group leadership, we decided to reduce the size of our team by about 110 roles, representing 10 percent of our group’s total headcount. Only teammates from some business units are affected,” its Co-Founder and Chief Executive Officer Quek Siu Rui said in a post on its website last Thursday (Dec 1). ” Only teammates from some business units are affected.”

Earlier in May this year, Bloomberg reported Carousell has ended talks to go public through a merger with blank-check company L Catterton Asia Acquisition Corp (NASDAQ:LCAA) amid market volatility.

Graphjet Technology Becomes First Malaysian Company to Join the World Economic Forum

Graphjet Technology Sdn. Bhd., the world’s first and only graphene and graphite producer using innovative waste to super-material conversion technology, today announced that it has joined and partnered with the World Economic Forum (WEF). The WEF is an international non-governmental and lobbying organization based in Switzerland. Graphjet is the first Malaysian company to join the WEF.

Privately held Graphjet has also previously announced a projected $1.5 billion business combination with Energem Corp (Nasdaq: ENCP), a special purpose acquisition company, by which Graphjet will become a United States based holding corporation listed on Nasdaq.