The Latest SPAC News and Rumors: January 19, 2023

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

Latest SPAC News: Planet Labs CFO says SPAC IPO was key to growth, Jupiter Wellness announces $4.1M registered direct and private placement, and Zapp expands international footprint with new campus in Thailand 

Planet Labs Finance Chief Says SPAC IPO Was Key to Recent Growth

Ashley Johnson, chief financial officer for Planet Labs PBC (NYSE: PL), said the satellite-imaging company made the right call to go public by combining with a special-purpose acquisition company—better known as a SPAC.

The boom of listings using SPACs, where a privately held firm combines with a public blank check company to allow the private company’s share to trade publicly, has fizzled amid the broader market downturn. SPAC mergers, which attracted many private companies in 2020 and 2021 for their speed and lower scrutiny than traditional initial public offerings, have all but vanished over the past year.

Jupiter Wellness Announces $4.1 Million Registered Direct and Private Placement

Jupiter Wellness, Inc. (Nasdaq:JUPW), a wellness company focused on hair, skin, and sexual wellness, today announced that it has entered into a definitive agreement with investors for the purchase and sale of 4,315,786 shares in a registered direct offering. In a concurrent private placement, the Company also agreed to issue to the same investors a total of 8,631,572 warrants to purchase up to one share of common stock each at an exercise price of $1.00 per share.

The private placement warrants will be exercisable beginning six months after issuance. 4,315,786 warrants will have a 3-year term from the initial exercise date and 4,315,786 warrants will have a 5-year term from the initial exercise date. The purchase price of one share, one 3-year warrant and one 5-year warrant is $0.95. The aggregate gross proceeds to the Company of both transactions are expected to be approximately $4.1 million. The transactions are expected to close on or about January 23, 2022, subject to the satisfaction of customary closing conditions.

Zapp Expands International Footprint With New Design and Technology Campus in Bangkok, Thailand

Zapp Electric Vehicles Limited, a UK-based high-performance two-wheel electric vehicle company, has expanded its international footprint as part of its strategy to grow its business and fulfill growing demand in the largely underpenetrated electric two-wheel market.

On November 22, 2022, Zapp and CIIG Capital Partners II, Inc., a U.S. publicly-listed blank check company (Nasdaq: CIIG), announced that they have entered into a definitive merger agreement.