The Latest SPAC News and Rumors: March 15, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Trump’s Truth Social cuts staff, Redbox expects boost in business, and Arrival raises $300M
Donald Trump’s Truth Social Cuts Staff as SPAC Languishes
The company behind former President Donald Trump’s Truth Social has trimmed staff while awaiting regulatory approval for a merger that offers a financial lifeline, according to two people with knowledge of the matter.
Trump Media & Technology Group, Truth Social’s parent company, laid off about half a dozen people, including senior members of its ranks, such as Chief Technology Officer William “BJ” Lawson, according to the people, who asked not to be identified because the information is private. Lawson was the third person to hold the role at the company. Some close to Trump Media estimate it can fund operations through September at present spending levels, according to the people.READ
Redbox Expects Boost in Business Thanks to Robust Theatrical Slate
Chicken Soup for the Soul Entertainment Inc. is hoping a revitalized slate of strong theatrical features will boost business at its Redbox (NASDAQ:RDBX)subsidiary.
The company says more than 40 major titles are expected to be available this year and early next year, both on DVD/Blu-ray Disc at the approximately 34,000 Redbox kiosks and digitally through Redbox On Demand for digital rental (TVOD) and purchase (electronic sellthrough, or EST).
In May 2022, Redbox agreed to be acquired by Chicken Soup for the Soul Entertainment (NASDAQ:CSSE) in an all-stock deal just over six months after Redbox closed a SPAC deal with Seaport Global.READ
Cash-guzzling Arrival raises £250m
Embattled EV startup Arrival (NASDAQ: ARVL) has raised $300m (£246.5m) from Westwood Capital but is seeking even more funding as it looks to slow the rate it burns through cash and start production.
Arrival said the new cash influx extends its runway to “late 2023”. The company is aiming to start production of its Class 4 XL van in its Charlotte, US, factory in late 2024.
Arrival, which was founded in Britain but listed on the US Nadaq exchange in 2021 through a merger with a special purpose acquisition company, is yet to report any revenue. It anticipates losses for 2022 to be as high as £840m.READ