The Latest SPAC News and Rumors: August 15, 2023


The Latest SPAC News and Rumors: August 15, 2023

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

Latest SPAC News: Grove Collaborative replaces CEO and raises $10M, VinFast surges in Nasdaq trading debut, and Crowe pays $750k to settle SEC charges over SPAC audit failures

Grove Collaborative Changes CEO, Raises $10 Million After SPAC Flameout

Grove Collaborative Holdings (NYSE:GROV) is replacing its longtime chief executive officer after the seller of household essentials struggled since being taken public during the SPAC craze of the past few years.

Stuart Landesberg, who co-founded the company that would become Grove in 2012, is stepping down from his post to become executive chairman, the firm said in a statement Monday. Jeff Yurcisin, a 48-year-old Inc. alum, will become CEO on Aug. 16. Grove also raised $10 million by selling shares to investment firm Volition Capital through a private placement.

Grove went public in June 2022 after a special-purpose acquisition company sponsored by Richard Branson’s Virgin Group acquired the product maker.


Vietnamese EV Maker VinFast Surges in Nasdaq Trading Debut

VinFast Auto Ltd. (NASDAQ:VFS) soared in a volatile first day of trading as the Vietnamese electric-vehicle maker looks to raise its profile and take on established car manufacturers.

The company’s shares doubled to $20.88 as of 10:06 a.m. in New York. The stock surged as much as 130% shortly after the market opened, triggering multiple trading halts.

VinFast debuted on the Nasdaq Global Select Market under the symbol VFS after completing a merger with blank-check company Black Spade Acquisition Co. that valued it at $23 billion. The company is backed by Vietnam’s richest man.


Crowe pays $750,000 to settle SEC charges over Spac audit failures

London-based auditors Crowe LLP have been hit with a $750,000 penalty over deficient audit work for music streaming company Akazoo Limited.

In an August 14 statement, which also fined chief executive Nigel Bostock and senior auditor Matthew Stallabrass, the Securities and Exchange Commission in the US said the firm issued a clean audit of Akazoo’s 2018 statements, but the business – which went public via a special purpose acquisition company – was later revealed to have falsely claimed in 2018 statements that it had $120m in revenue.