The Latest SPAC News and Rumors: December 13, 2022

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

Latest SPAC News: Quanergy files for bankruptcy, Royalty Management becomes a member in Texas Tech University’s Center for Advancing Sustainable and Distributed Fertilizer Production, and Bakkt study finds future crypto purchase consideration holds steady

Ex-SPAC Quanergy Files for Bankruptcy Less Than a Year After Going Public

Quanergy Systems Inc. (NYSE:QNGY), a maker of high-tech sensors and related software, filed for bankruptcy about 10 months after going public through a merger with a blank-check company.

The firm will try to sell itself out of bankruptcy and expects to keep operating in the meantime, according to a statement. Quanergy listed assets and liabilities of as much as $50 million each in its Chapter 11 petition.

In February, the company said it closed its deal to go public through a business combination with CITIC Capital that netted it close to $50 million of cash.

American Acquisition Opportunity Inc.’s Merger Target, Royalty Management, Becomes Member in Texas Tech University’s Center for Advancing Sustainable and Distributed Fertilizer Production

American Acquisition Opportunity Inc.’s (NASDAQ:AMAO) merger target company, Royalty Management Corporation (RMC), announced today that it has become a gold member of Texas Tech University’s recently created Center for Advancing Sustainable and Distributed Fertilizer Production, or ‘CASFER’ organization. Becoming a gold members of CASFER enables RMC to have access to the technologies and intellectual property developed out of CASFER, in particular the innovative and novel technologies to produce, capture, and recycle nitrogen-based fertilizers resulting from farming activities.

Bakkt Study Finds Future Crypto Purchase Consideration Holds Steady Despite Recent Crypto Failures

Bakkt Holdings Inc (NYSE: BKKT), a digital asset platform that unlocks crypto and drives loyalty to create delightful, connected experiences for a broad range of clients, today released findings from its “Bi-Annual U.S. Consumer Crypto Sentiment Study” of more than 2,000 U.S. consumers who own crypto or are interested in crypto, examining their interest in crypto following the summer volatility, their preferred security features and outlook for crypto’s role in the global financial system.