The Latest SPAC News and Rumors: March 8, 2023

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

Latest SPAC News: Lordstown Motors says it’s looking for a partner to fund EV output, House Subcommittee on Capital Markets to hold hearing on decline in public firms, and Drew Barrymore collaborates with Grove

Lordstown Motors warns startup needs a partner to fund EV output

Lordstown Motors Corp. (NASDAQ:RIDE), the EV startup that bought a former General Motors Co. plant in Ohio, said it will delay expanded production of its debut EV if it can’t find a partner to share costs.

The US has recorded several of its worst years on record for IPOs: House Subcommittee on Capital Markets to Address Decline in Public Firms

Later this week, the Subcommittee on Capital Markets, part of the House Financial Services Committee, will hold a hearing entitled U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital.

As the title infers, the hearing will address the dramatic decline in public firms as more companies strive to remain private for as long as possible due to the ongoing rule-upon-regulation strategy policymakers have incorporated for years. As one should have anticipated, the onslaught of excessive regulation has compelled firms to remain private as the cost to become a public firm has risen dramatically. While recently, IPOs did increase; this was due to the hot SPAC market that is now in retreat – partially due to additional rules.

Drew Barrymore launches new limited edition collection with Grove Co

Drew Barrymore is launching her first sustainable collection of home care products with Grove Co.(NYSE:GROV).

Grove Collaborative is a leading sustainable consumer products company and Certified B Corp, and merged with Virgin Group Acquisition Corp. II, a publicly-traded special purpose acquisition company, in 2022.