The Latest SPAC News and Rumors: February 24, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: BurTech eyes deal with CleanBay Renewables, Lordstown halts production, and MercadoLibre Tops Estimates
CleanBay Renewables In Talks Over BurTech SPAC Deal
CleanBay Renewables Inc., an environmental technology company, is in talks to go public through a merger with blank check firm BurTech Acquisition Corp. (NASDAQ:BRKH), people with knowledge of the matter said.
The combination could value CleanBay at as much as $660 million including debt and earn-out provisions, according to the people, who asked not to be identified discussing confidential information. A letter of intent could be signed as soon as Friday, they said.
Lordstown halts production, shipments of Endurance electric trucks to address quality issues
Lordstown Motors (NASDAQ: RIDE) said Thursday it will suspend production and deliveries of its all-electric Endurance pickup to address performance and quality issues with certain components.
The electric vehicle startup, which partnered with Foxconn for vehicle production at an Ohio plant, said the team is working with suppliers on the root cause analysis of each issue and potential solutions, which “in some cases may include part design modifications, retrofits, and software updates.”READ
MercadoLibre Tops Estimates, Will Be ‘Tactical’ in Brazil
Latin America e-commerce giant MercadoLibre Inc. (Nasdaq:MELI) reported a surge in profits in the fourth quarter, even before the meltdown of Brazil’s Americanas SA brought “tactical” opportunities in its largest market.
Operating margins jumped to 11.6% from 1.1% a year earlier, above the 6.8% forecast by Wall Street, fueled by growth from its highly-profitable digital advertising business. Net income totaled $164.7 million, topping all estimates, while net sales for the three months through Dec. 31 rose to record $3 billion, in line with forecasts.
MELI Kaszek Pioneer Corp (MEKA), a SPAC created by Mercado Libre (Nasdaq:MELI) and Kaszek, completed its IPO, raising $287M, in October 2021.READ