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The Latest SPAC News and Rumors: September 11, 2023


The Latest SPAC News and Rumors: September 11, 2023

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

Latest SPAC News: Lotus Robotics designated by leading automakers to license its driving solutions and VinFast’s rally burns traders playing greater fool theory

Lotus Robotics Designated by Leading Automakers to License its Intelligent Driving Solutions

Lotus Technology Inc. a leading global luxury electric vehicle maker, announced today that its intelligent driving arm, Lotus Robotics, has been designated to license several leading automakers to provide them with its intelligent driving technology and software. The announcement demonstrates the R&D prowess that is driving the growth of Lotus Tech’s technology-related revenues as the Company executes its Vision80 business transformation strategy.

As announced in January 2023, Lotus Tech entered into a definitive agreement and plan of merger with L Catterton Asia Acquisition Corp (NASDAQ: LCAA).


VinFast’s 504% Rally Burns Traders Playing Greater Fool Theory

Eleven interest-rate hikes by the Federal Reserve have done little to break the gambling fever gripping the US stock market.

In episodes strikingly similar to those in the wildest moments of the early pandemic — think GameStop Corp. and AMC Entertainment Holdings Inc. — investors are frantically bidding up obscure stocks only to then watch them crash spectacularly. The very latest example: VinFast Auto Ltd (NASDAQ:VFS), an unprofitable electric-vehicle maker that at the zenith of a four-week trading frenzy had a market value greater than McDonald’s Corp. and four times that of General Motors Co. The stock has sunk roughly 80% in the eight days since.