The Latest SPAC News and Rumors: August 7, 2023


The Latest SPAC News and Rumors: August 7, 2023

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

Latest SPAC News: CEO of Nikola steps down, SEC fines Canoo $1.5M over revenue projection reporting, and new Core Scientific CEO says company will exit bankruptcy by year end 

Nikola chief quits

Nikola (NASDAQ: NKLA) said Michael Lohscheller had stepped down as president and CEO effective immediately and would leave the board on August 31.

Steve Girsky, chairman since September 2020, was named replacement CEO.

Lohscheller would remain as an advisor until the end of September.


US fines Canoo $1.5 million over revenue projection reporting

The U.S. Securities and Exchange Commission fined electric vehicle company Canoo Inc $1.5 million on Friday for what the regulator alleges were reporting failures related to hundreds of millions of dollars of unreasonable revenue projections.

The SEC said Canoo, former CEO Ulrich Kranz and Paul Balciunas, its former chief financial officer, misled investors about the company’s financial prospects before it went public in a merger with a special purpose acquisition company in December 2020.

Canoo completed its business combination with Hennessy IV in December 2020.


New Core Scientific CEO says company will exit bankruptcy by year end

Adam Sullivan, who started as CEO of Core Scientific (OTCMKTS: CORZQ) last Friday, is no stranger to bitcoin mining.

In fact, he’s been intimately involved in the industry since at least 2016. Back then, Sullivan was running a GPU mining business on the side while he worked full-time at a hedge fund in New York, he told Blockworks in an interview.

Regarding Core Scientific’s bankruptcy proceedings, a spokesperson told Blockworks the process “is proceeding well.” Sullivan added that the definitive exit date is unknown, but said that he expects to be out of it “by the end of this year.”

Core Scientific completed its merger with Power & Digital Infrastructure Acquisition Corp. in January 2022.


VinFast Breaks Ground At New North Carolina Factory Despite Perception Backlash, Expects Listing Soon