The Latest SPAC News and Rumors: August 25, 2023


The Latest SPAC News and Rumors: August 25, 2023

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

Latest SPAC News:  Shares in Better claw back some lost ground, Ashington to acquire heart failure innovator Calon, and Logiq sees revenue growth ahead of merger

SoftBank-backed mortgage lender Better steady after bleak debut

Shares in Better Home & Finance Holding (NASDAQ:BETR) clawed back some lost ground in early trading on Friday, after the online mortgage lender plunged in a dismal debut a day earlier following a merger with a blank-check company.

The company’s shares climbed 7% to $1.23 by 09:40 a.m. ET on Friday. They had finished Thursday’s session down 93.4%.

Better planned to go public via a $6 billion special-purpose acquisition company merger with Aurora Acquisition Corp in 2021, but delayed the deal amid a U.S. Securities and Exchange Commission inquiry and multiple rounds of layoffs.


Ashington to acquire heart failure innovator Calon

London-listed Ashington Innovation PLC (LSE:ASHI) has entered a non-binding agreement to acquire 100% of the outstanding shares in Calon Cardio-Technology Limited, contingent upon the successful reverse takeover of Cell Therapy Limited (trading as Celixir) announced on 19 August.

Calon is a UK-based medical device company at the forefront of developing the Left Ventricular Assist Device (LVAD), a trademarked implantable heart pump known as Mini-VAD.

Ashington is a SPAC formed to acquire businesses in the wider technology sector.

Logiq sees revenue growth ahead of SPAC merger; eyes expansion and M&A opportunities

Logiq Inc. (NEO:LGIQ.AQN, OTCQX:LGIQ) reported a sizable increase in 2Q revenue ahead of its pending merger with ABRI SPAC I Inc. (NASDAQ:ASPA).

The New York-based firm reported revenue of approximately $4.86 million, a sequential increase of 37% and 47% higher compared to the same period in the previous year.

One key highlight was the transition of a major consumer product client, signed in November 2022, to Logiq’s programmatic advertising platform, which is expected to generate high-margin revenues, contingent upon a listing on a senior stock exchange.