The Latest SPAC News and Rumors: March 22, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Electriq Power signs $300M agreement, Zapp reveals production version of i300 Carbon Launch Edition, and White & Case sues Colonnade II
Electriq Power secures $300M to deploy solar + storage in California with ‘major U.S. clean energy company’
Energy storage system integrator Electriq Power signed a multi-year agreement with a “major U.S. clean-energy company,” for more than $300 million in financing to fund projects in California over the next 30 months, according to the company.
Electriq Power announced in November 2022 that it is being acquired by TLG Acquisition One Corp., a publicly traded special purpose acquisition company, and is going public. The transaction is expected to close during the first half of 2023, the combined company will operate under the name Electriq Power Holdings Inc. and will be led by existing Electriq management with Mike Lawrie joining the board as Chairman.READ
Zapp Reveals Production Version of i300 Carbon Launch Edition
Zapp Electric Vehicles Limited, a UK-based high-performance two-wheel electric vehicle company, today revealed the production version of its limited-run i300 Carbon Launch Edition.
On November 22, 2022, Zapp and CIIG Capital Partners II, Inc., a U.S. publicly-listed blank check company (Nasdaq: CIIG), announced that they have entered into a definitive merger agreement.READ
With no merger deal, failed SPAC faces lawsuit over legal fees
Law firm White & Case has sued a special purpose acquisition company for more than $8.2 million in legal fees, claiming it stiffed the firm after failing to consummate a planned $480 million merger and then announcing plans to wind down this month.
New York-founded White & Case sued former client Colonnade Acquisition Corp II and its directors in New York state court late Monday, arguing the firm will be “irreparably harmed” if the blank-check company liquidates and dissolves before paying the fees it owes.