Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Boxed mulls potential sale, Thailand’s PTT relaunches discussions to buy ReNew Power’s solar assets, and ECARX and smart unveil immersive digital cockpit computing platform
E-tailer Boxed mulls potential sale
Strapped for financing, online bulk-products retailer Boxed Inc. (NYSE:BOXD) said it’s exploring a range of strategic options, including a possible sale of the company.
New York-based Boxed announced the plan Thursday and noted that the company also is “actively exploring capital-raising initiatives” and expects to unveil additional funding within the next 45 days. Investment banks Cowen and Solomon Partners have been retained as financial advisers to help Boxed assess its strategic alternatives.
Founded in 2013, Boxed in June 2021 unveiled plans to go public through a merger with special purpose acquisition company (SPAC) Seven Oaks Acquisition Corp.READ
Thailand’s PTT restarts discussions to buy ReNew Power’s solar assets
Thailand’s state-owned PTT Group has relaunched discussions to buy a 49% stake in solar assets of ReNew Power (NASDAQ:RNW) totaling 3GW, The Economic Times reported on January 6, citing people aware of the matter.
In early 2021, ReNew Power announced a merger with Nasdaq-listed special purpose acquisition company RMG Acquisition Corp. II at an enterprise value of about $8 billion, the report noted.READ
ECARX and smart Reveal Flagship Immersive Automotive Digital Cockpit Computing Platform Powered by AMD at CES 2023
ECARX (NASDAQ: ECX) and smart have unveiled their co-developed high-performance immersive digital cockpit computing platform powered by AMD technology at CES 2023 in Las Vegas, USA.
The next-generation digital cockpit, set to feature in the smart brand’s all-electric production vehicles to be launched from 2024, is the first in-vehicle computing platform designed and developed by ECARX using AMD technology, following their global strategic collaboration announcement in August 2022.READ
Naver completes U.S. fashion marketplace Poshmark purchase for $1.2 billion
South Korean internet giant Naver Corp. completed its buyout of Poshmark, a U.S-based online marketplace for secondhand fashion goods, for approximately $1.2 billion.
The buyout is less than 2.3 trillion won Naver estimated when the buyout deal was announced on Oct. 4, 2022. The acquisition cost has come down as the won regained strength against the U.S. dollar.
For the buyout, Naver set up Proton Parent, a special purpose acquisition company. The SPAC completed the acquisition process on Thursday. As Poshmark has become part of Naver, it delisted itself from Nasdaq.READ