The Latest SPAC News and Rumors: December 15, 2022

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

Latest SPAC News: Nikola announces collaboration with Plug Power, Lanvin Group scouts for buys and opens stores, and Lucid recruits for staff in China

Nikola and Plug Announce Strategic Collaboration to Push Hydrogen Economy Forward 

Nikola Corp. (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, and Plug Power (Nasdaq: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced a strategic relationship focused on moving the hydrogen economy forward.

Lanvin Group to open stores, hunt buys after U.S. SPAC listing

Chinese luxury fashion conglomerate Lanvin Group (NYSE:LANV), owner of the eponymous French fashion brand, said it is scouting for buys and will open new stores, after a New York SPAC listing on Thursday that raised $150 million and valued it at $1.31 billion.

The amount raised is far lower than the $544 million that the group, owned by China’s Fosun International, said in March it hoped to raise from the listing via a special purpose acquisition company set up by Primavera Capital.

US Electric Carmaker Lucid Motors Is Hiring in China

Lucid Motors (NASDAQ:LCID) is recruiting staff in China, after the US electric vehicle maker kicked off a plan to enter the Chinese market as early as next year.

Lucid Motors recently posted job adverts on a Chinese social media platform for positions including software and localization engineers, public policy and legal counsels, and others in the digitalization, logistics, supply, and residential charging product fields. The New Jersey-based firm hired a human resources head for China in May.

Arqit Quantum Ditches Plan for Quantum Satellites

Arqit Quantum (NASDAQ:ARQQ) is canceling its plans to build quantum satellites, announcing Wednesday its software technology has progressed and it no longer needed its own in-space assets.

Arqit, based in the United Kingdom, is a company that focuses on quantum encryption. Its software QuantumCloud creates encryption keys for zero trust security. The company went public in September through a special purpose acquisition company merger.

The company had plans to launch a network of satellites to create and transmit the quantum keys, but did not announce its manufacturer.