The Latest SPAC News and Rumors: December 22, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bird gets lifeline from independent Canadian subsidiary, Disruptive Capital launches £125m share buyback, and Core Scientific files for bankruptcy
E-scooter company Bird gets lifeline from independent Canadian subsidiary
E-scooter sharing firm Bird Canada Inc. (NYSE:BRDS) has swooped in to rescue the troubled Miami-based parent company from which it licenses its branding and software.
City financier Truell to keep SPAC alive £125m share buyback
Sky News has learnt that Disruptive Capital Acquisition Co, which was listed on Amsterdam’s Euronext exchange by Edi Truell, will announce on Wednesday that it is launching a share buyback to return up to £128.5m to investors.
Under the terms of the offer, shareholders in the special purpose acquisition company (SPAC) will be able to tender up to 95% of their stock at a price equivalent to £10.25-a-share.
Cryptominer Core Scientific files for bankruptcy, but will keep on mining
One of the largest publicly traded US cryptocurrency miners has filed for Chapter 11 bankruptcy.
Core Scientific (NASDAQ:CORZ) was valued at $4.3 billion when it went public via a SPAC in July 2021.
It was worth $78 million this Tuesday. The company is still generating positive cashflow and will keep on mining. But that small profit does not cover its financing debt on equipment it is leasing.
READGeely-Backed Tech Startup Ecarx Erases Big Drop in Debut Trading
Smart-car tech startup Ecarx Holdings Inc.(NASDAQ:ECX) erased big losses to finish in the green on its first day of trading, the latest sign that the reverse-merger path for automotive technology firms remains rocky.
The five-year-old company, which was co-founded by Chinese billionaire Li Shufu and backed by his Zhejiang Geely Holding Group Co., raised $410 million in its listing.
Ecarx shares reversed a drop of about 40% midday Wednesday to finish up 1.9% in New York.
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