The Latest SPAC News and Rumors: July 25, 2023


The Latest SPAC News and Rumors: July 25, 2023

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

Latest SPAC News: FaZe Clan partners with McDonalds, American Battery Materials acquires substantial mining claims, and Inspirato announces second round of job cuts

FaZe Clan Explores Acquisition Offers and Partners with McDonalds in Pursuit of Growth and Innovation in Esports and Gaming

On July 24, 2023, it has been reported that FaZe Clan (NASDAQ:FAZE), a prominent esports and gaming content organization headquartered in Los Angeles, is currently assessing acquisition proposals from Gamesquare and Enthusiast Gaming.

This development follows FaZe Clan’s successful transition into a publicly traded company in July 2022, facilitated by its merger with B. Riley Principal 150 Merger Corp, a SPAC. As a result, FaZe Clan is now officially listed on the NASDAQ stock exchange, solidifying its market value at an impressive $1 billion.


American Battery Materials Acquires Substantial Mining Claims to Increase Domestic Production of Lithium

American Battery Materials, Inc. (OTC Pink: BLTH), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced that it has acquired and staked additional lithium mining claims adjacent to its Lisbon Valley Project, located in San Juan County, Utah.

On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”), a publicly-listed special purpose acquisition company, announced the signing of a definitive merger agreement for a business combination that will result in ABM becoming a wholly-owned subsidiary of SGII.


Inspirato announces second round of job cuts this year

In news first revealed by Skift, Jeff Hartman, executive vice president of marketing at Inspirato (NASDAQ: ISPOW), said that the company was prioritising “right-sizing” its business. Departments believed to be affected by the cuts include tech, business intelligence and human resources divisions.

The subscription-based platform previously trimmed its team by 12 per cent with immediate effect in January. At the time, it was revealed that Inspirato would continue operating with a headcount of 800 employees, although that figure was still up by more than 300 staff members compared to December 2020.

In February 2022, the private travel club closed its business combination with special purpose acquisition company Thayer Ventures Acquisition Corporation and began trading on the Nasdaq Stock Market.


Lotus Technology Inc Expands Globally in Luxury Electric Vehicles while L Catterton Asia Acquisition Corp Facilitates Business Combinations

As of July 24, 2023, Lotus Technology Inc. proudly announces its global expansion in the realm of luxury electric vehicles. With an impressive retail network of 1931 stores, the company has recently opened 24 new outlets within the first half of this year. Determined to further enhance their presence, Lotus Technology Inc. aims to surpass the 300-store milestone by the end of 2025.