The Latest SPAC News and Rumors: July 27, 2023


The Latest SPAC News and Rumors: July 27, 2023

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

Latest SPAC News: A SPAC II in talks to sign LOI with medtech target and AppHarvest files for Chapter 11 bankruptcy 

A SPAC II Acquisition Corp. in Talks to Sign LOI With Medical Technology Target

A SPAC II Acquisition Corp. (NASDAQ:ASCB) has identified a potential business combination target company in the medical technology sector (“the Partner”) for an initial business combination that it believes may have cutting-edge technology and the potential for significant growth. The company is in preliminary talks to enter into a letter of intent with the Partner. Such letter of intent, if executed, will have no legal binding effect on either the company or Partner.

Based in Taiwan, the Partner specializes in microsphere technologies for ultrasound contrast agents that facilitate ultrasound imaging and ultrasound-mediated targeted delivery. The Partner is believed to have developed a patented microbubble based contrast agent for the usage of early cancer screening and drug delivery in ultrasonic imaging


Agri-business AppHarvest files for Chapter 11

In what it describes as a “financial and operational transition”, sustainable food company AppHarvest, Inc. (NASDAQ:APPH) has filed for Chapter 11 bankruptcy protection in a bid to it to reduce its outstanding liabilities.

The company has also obtained a commitment from Equilibrium – its largest secured creditor – to provide approximately $30m of debtor-in-possession (DIP) financing to provide the necessary liquidity to support operations during the Chapter 11 process. The DIP financing is subject to approval by the bankruptcy court.

The company went public via a SPAC in early 2021 and planned to operate 12 indoor farming facilities by 2025.