The Latest SPAC News and Rumors: February 7, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: 26 Capital files lawsuit against Okada Manila and Canoo to sell $52M in stock to stay alive
Proposed SPAC partner 26 Capital files lawsuit against Okada Manila entities for failure to promptly act on merger
The US-based SPAC that has been planning a merger with the operating entities of Philippines integrated resort Okada Manila has filed a lawsuit against those entities claiming they have breached their obligations under their original merger agreement.
According to details posted by Japan’s Universal Entertainment Corp – the ultimate parent company of Okada Manila – on Tuesday, SPAC firm 26 Capital Acquisition Corp filed the lawsuit in the Delaware Court of Chancery on 2 February against Universal subsidiaries Tiger Resort Asia Ltd (TRAL), Tiger Resort, Leisure and Entertainment Ltd (TRLEI), UE Resorts International Inc (UERI) and Project Tiger Merger Sub Inc.READ
EV SPAC Canoo agrees to sell $52M in stock to stay alive
Canoo (NASDAQ:GOEV) has agreed to sell 50 million shares at a steeply discounted price as the cash-strapped EV company seeks the money it needs to keep its operations running.
Canoo said Monday it would sell 50 million new shares to unnamed investors for $1.05 per share, a 16% discount from its closing price Friday. The shares will be sold together with warrants that give the investors an option to buy up to 50 million more. Each share comes with one warrant that can be exercised at $1.30 per share.
Canoo, which went public via a merger with a special purpose acquisition company, has struggled to produce its EV, an eye-catching design that is reconfigurable and based on a “skateboard” architecture that houses the batteries and the electric drivetrain in a chassis underneath the vehicle’s cabin.READ