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The Latest SPAC News and Rumors: May 5, 2023


The Latest SPAC News and Rumors: May 5, 2023

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

Latest SPAC News:  Foxconn threatens to pull funding from Lordstown and ZeroNox partners with Jospong Group to launch electrification project

Lordstown savior Foxconn is threatening to pull funding 

The EV startup that went public via a SPAC merger cautioned investors Monday that it may be forced to file for bankruptcy because Foxconn may pull out of a critical funding deal, according to a regulatory filing.

Taiwanese manufacturer Foxconn sent a letter April 21 to Lordstown stating the automaker was in breach of the investment agreement because its stock price fell below $1 for 30 days and was at risk of being delisted on the Nasdaq exchange. Foxconn warned it would terminate the investment agreement if the breach is not resolved within 30 days.


ZeroNox and Jospong Group Launch World’s Largest Fleet Retrofit Electrification Project

Zero Nox Inc., a leading provider of sustainable, off-highway vehicle electrification, celebrated the launch of its partnership with the Jospong Group of Companies (JGC), one of Ghana’s most diversified holding companies, with the formal signing of the Joint Venture agreement today at ZeroNox headquarters to advance clean technology solutions in Africa.

As previously announced, ZeroNox signed a definitive business combination agreement with The Growth for Good Acquisition Corp. (Nasdaq: GFGD).