The Latest SPAC News and Rumors: March 28, 2023

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

Latest SPAC News:  Ares considers raising $400M for new SPAC and electric air mobility division of AIRO and Kernel Group sign MOU with Blade India 

Ares Considers New $400 Million SPAC Despite Market Lull

Ares Management Corp. (NYSE:ARES) is discussing raising $400 million for a new special purpose acquisition company, even as dealmaking by blank-check firms has lagged, according to people with knowledge of the matter.

In February 2021, Ares raised $1 billion for a blank-check firm, Ares Acquisition Corp. That vehicle, led by Chief Executive Officer David Kaplan, has agreed to merge with X Energy Reactor Co., a nuclear power technology firm.

Electric Air Mobility Division of AIRO Group Holdings, Inc. and Kernel Group Holdings Announce MOU with Blade India

Fly Blade (India) Private Limited, a joint venture between Hunch Ventures and Blade Air Mobility, Inc., and Jaunt Air Mobility LLC, a subsidiary of AIRO Group Holdings, Inc., announced today they have signed a memorandum of understanding (“MOU”) aimed at launching electric vertical take-off and landing (eVTOL) aircraft operations in India and the subcontinent region by 2027. The MOU includes BLADE India’s intended acquisition of 150 Jaunt Journey aircraft, with an option to order another 100 aircraft to meet the projected demand over the next decade.

Kernel Group Holdings, Inc. (NASDAQ: KRNLU) has entered into a definitive business combination agreement with AIRO Group Holdings, Inc., a multi-faceted air mobility, autonomy & aerospace platform.