The Latest SPAC News and Rumors: March 9, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Marti takes on Istanbul’s top cab group in legal battle, Faraday Future on track to start production of electric SUV, and Presto to use ChatGPT AI
Turkish Ride App Marti Takes on Taxi Boss in Fight for Istanbul’s Megacity Market
Turkish mobility app Marti is in a legal battle over its new taxi-hailing service with Istanbul’s top yellow cab group, as the tech company prepares to list on the New York Stock Exchange through a merger with Galata (NYSE:GLTA).
Marti has appealed a court decision to block access to the Marti TAG and Marti Motosiklet apps, co-founder and CEO Oguz Alper Oktem said on Twitter on Thursday. The original complaint from a group representing Istanbul’s yellow taxis claimed the ride-hailing service created unfair competition that amounted to piracy.READ
Faraday Future on track to start production of FF 91 this month if funds come through
Faraday Future (NASDAQ:FFIE) said Wednesday it plans to start production of its all-electric FF 91 Futurist SUV at the end of March after years of delay, lack of capital and internal drama that threatened the company’s existence.
Faraday Future had previously indicated that production would start in March, but had yet to select a date.
The company has grappled with delays and drama for years, which escalated after going public in July 2021 via a merger with special purpose acquisitions company Property Solutions Acquisition Corp.READ
Presto Embeds ChatGPT AI in Drive-Thru Voice Assistants
Restaurant voice AI developer Presto Automation (NASDAQ:PRST) has begun working with OpenAI to incorporate generative AI chatbot ChatGPT’s API into its drive-thru voice assistant. Presto will leverage ChatGPT’s large language model to pursue more natural conversations with customers, which it hopes will enhance the experience for both consumers and its restaurant clients.
The startup recently went public on Nasdaq as PRST by leveraging a merger with Ventoux CCM Acquisition Corp.READ
WeWork Seeks Fresh Cash, $3B Debt Restructure
WeWork (NYSE:WE), the struggling co-working giant that spent last year in a valuation nosedive and burning through cash, is looking to put out the fire by restructuring its debt and raising new investments.
The company is close to a deal to restructure more than $3 billion in outstanding debt and raise additional cash, people with knowledge of the talks told the New York Times. The cash boost would be in the hundreds of millions, enough to keep the company afloat for another few years.
WeWork said at the start of the year it would be cutting 300 positions. Since the company went public by merging with a special purpose acquisition company in October 2021, WeWork’s stock is down 90 percent, hovering around $1.