The Latest SPAC News and Rumors: July 17, 2023


The Latest SPAC News and Rumors: July 17, 2023

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

Latest SPAC News: VinFast encounters difficulties penetrating U.S. market, telecoms contractor QualTek emerges from bankruptcy and Aerwins unveils blueprint for new hovercraft

In Five Months, VinFast Delivered Only 128 Vehicles in the U.S.

VinFast, the Vietnamese electric vehicle manufacturer, has encountered significant difficulties in penetrating the American market and securing a U.S. stock listing to help fund its global expansion. According to Experian data, the EV start-up had a meager 128 new-vehicle registrations for its VF 8 crossover between January and May, suggesting the company is failing to entice American consumers. While VinFast has attempted to stimulate sales by slashing prices and offering lease deals, it faces stiff competition in a market dominated by household names such as Ford, Volkswagen, and Tesla.

The company plans to go public by merging with Black Spade Acquisition Co. (NYSE:BSAQ).

Telecoms contractor QualTek emerges from bankruptcy

Telecommunications and power contractor QualTek Services said on Friday that it has emerged from bankruptcy after it reduced its debt by about $307 million through a restructuring deal.

QualTek filed for bankruptcy in May this year armed with a restructuring agreement to cut its debt and provide $40 million of new loans to fund its post-bankruptcy operations.

QualTek went public through a SPAC deal in February 2022, just before the Federal Reserve began raising interest rates in an effort to curb inflation in the U.S. economy.


Aerwins Patented Air Mobility Platform to Revolutionize Low Altitude Flights for Vehicles Opening Flight Possibilities for Electric Vehicles

AERWINS Technologies Inc. (NASDAQ: AWIN) announced that it has unveiled the blueprint for a revolution in personal transportation – XTURISMO™. AERWINS has developed the technology for its new hovercraft launching to market later this year after receiving necessary approvals from the Japan Civil Aviation Bureau (JCAB), the equivalent Japanese air mobility regulatory body to the U.S. Federal Aviation Administration (FAA). The Company’s one-of-a-kind patent-protected design blends the practicality of electric cars with the thrill of airborne travel, providing a clear, integrated solution for current electric vehicles (EV). The Company has accepted initial orders for the exclusive launch of the first commercialized model, with scheduled deliveries starting in Q3 2023.