The Latest SPAC News and Rumors: December 9, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base
Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project
Southland Holdings, LLC (“Southland”) announced today that a subsidiary in its Civil segment, Southland Contracting, has been awarded a $70 million contract for Denver International Airport’s West Gates Pond Expansion.
On May 25, 2022, Southland entered into an Agreement and Plan of Merger with publicly-traded Legato Merger Corp. II, a special purpose acquisition company (NASDAQ: LGTO).
READBakkt reduces 15% of employee base
Earlier today, Gavin Michael, President and CEO of Bakkt, sent out a note to Bakkt employees stating, “We are making a 15% reduction across our exempt employee base, both to right-size our expenses and to position the company for continued strength and stability as we navigate the challenging macroeconomic and crypto environments.”
Michael continued by saying, “As the environment continues to be turbulent across almost every sector of the economy, we are taking this action to be prudent and strategic with our resources. While we don’t have direct exposure to any of the companies impacted by the FTX failure or its related contagion, we anticipate the current crypto downturn may prolong partner engagement and activation timelines.”