The Latest SPAC News and Rumors: June 12, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: VW, Glencore back $1B SPAC mine deal, Lordstown Motors to sue Foxconn, and Circle to move forward with IPO
VW, Glencore Back $1 Billion SPAC Mine Deal to Secure EV Metals
Russian metal industry veteran Artem Volynets’ blank check firm agreed to acquire two Brazilian mines for $1 billion including debt in a bid to tap demand from electric-vehicle makers.
London-listed ACG Acquisition Co. (LON:ACG) is buying the assets from private equity firm Appian Capital Advisory, according to a statement Monday confirming an earlier Bloomberg News report. Volkswagen AG’s (OTCMKTS: VWAPY) battery arm will support the deal with a $100 million prepayment for future nickel deliveries, while commodities trader Glencore Plc (OTCMKTS: GLNCY) will buy $100 million of ACG stock.
READLordstown Motors to sue former savior Foxconn
Lordstown Motors (NASDAQ:RIDE), the Ohio-based electric vehicle (EV) maker, is preparing to sue Foxconn, the Taiwanese manufacturer, if it fails to buy nearly 10% of Lordstown’s shares and pulls out of an investment agreement.
The threat of litigation comes as Lordstown struggles to raise capital and stay in business. Lordstown has faced a long string of capital challenges and internal scandals since becoming publicly traded following a merger with a special purpose acquisition company.
Circle Moves Forward With IPO Plans Despite The SEC’s Moves
The SEC has been closely monitoring the crypto industry after the events from last year. Top players like Binance and Coinbase have recently faced lawsuits from the top regulator.
However, Circle, the USDC stablecoin issuer, recently announced that it would proceed with its public listing plans despite the decisive action taken by the SEC.
Circle’s move towards being a publicly listed company began during the 2021 cryptocurrency’s bullish season. At that time, the company stated that it was ready to enter a merger with a SPAC to become a public company.
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