The Latest SPAC News and Rumors: January 11, 2023


The Latest SPAC News and Rumors: January 11, 2023


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

Latest SPAC News: IonQ acquires Entangled Networks, e2open enjoys strong Q3 but warns of softening ahead, and California cannabis firm The Parent Co. is restructuring 

Maryland’s IonQ acquired Toronto-based Entangled Networks

Today, College Park, Maryland quantum leader IonQ (NYSE:IONQ) announced its first-ever acquisition.

The DMV company acquired the operating assets of Entangled Networks, a Toronto, Canada-based startup founded in 2021. Entangled Networks specialized in enabling computing for multiple quantum processors, including those that are distributed. Through the deal, the Entangled team will become the staff of IonQ Canada, the quantum pioneer’s first outpost in the country.

IonQ went public in 2021 following a merger with dMY Technology Group Inc. III, a special purpose acquisition company, raising $635 million.


E2open enjoys strong Q3 but warns of softening ahead

While the financial performance for e2open (NYSE: ETWO) in the quarter ended Nov. 30 was strong, management comments on its earnings call Monday, mostly by CEO Michael Farlekas, indicated the level of business is slowing, though not dramatically.

In language most similar companies would likely use, e2open in its 10-K filing with the Security and Exchange Commission last year described its business as a software offering that “combines networks, data and applications to provide a deeply embedded, mission-critical platform that allows clients to optimize their channels and supply chains by accelerating growth, reducing costs, increasing visibility and driving improved resiliency.”

E2open’s history as a public firm dates back to 2021, when in a successful special purpose acquisition company launch, CC Neuberger Holdings I, a joint entity put together by the Wall Street firm of Neuberger Berman and CC Capital, acquired e2open.


California cannabis firm The Parent Co. is restructuring 

TPCO Holding Corp. (OTCQX: GRAMF), doing business as The Parent Co. announced a restructuring in an effort to save millions of dollars in the coming years.

Under the arrangement, Shawn “Jay-Z” Carter affiliates and Roc Nation will return 7.1 million common shares of the company – a move that’s projected to save roughly $33.5 million in top-line costs over an eight-year period, according to a news release.

The Parent Co., which was created in 2020 through a special purpose acquisition company, also operates the brands Caliva, Deli, Fun Uncle and Mirayo by Santana.