The Latest SPAC News and Rumors: September 19, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
VinFast’s second-quarter deliveries jump over fivefold sequentially
Vietnamese electric-vehicle maker VinFast said on Monday it had delivered 9,535 vehicles in the second quarter, recording a more than fivefold jump from the first quarter.
The company, whose U.S.-listed shares fell 1.2% on Monday, reported 11,315 deliveries for the first half of this year.
VinFast’s blockbuster debut on Wall Street in August through a merger Black Spade Acquisition Co. with saw its shares more than triple in value, but the company’s small amount of publicly available shares has made the stock prone to volatility.
READLatch, Soon to Be Door.com, Announces New 48,000+ Square Foot Headquarters, Bringing 30 Jobs to St. Louis
Latch, Inc., soon to be rebranded to Door.com, today announced it is moving its headquarters from New York City to St. Louis. Located at 1220 N. Price Road in the Olivette community, the leased facility features both warehouse and office space, bringing all inventory and select core business functions together under one roof.
The company, which combined with TS Innovation Acquisitions Corp. in 2021, believes this streamlining of activities in St. Louis will enable better support to its customers and will continue to drive more operational discipline and efficiency. With 16 new team members already based in St. Louis, Latch plans to bring more than 30 total jobs to the city to support future growth and strengthen its team in the area.
“The new headquarters will allow us to bring key teams together, such as sales and finance, centralize inventory, process returns, and perform testing in-house to create a strong foundation for building the business long term and handling potential future accelerated growth”
READUpHealth Puts Unit in Bankruptcy After Losing SPAC Fee Ruling
A unit of UpHealth Inc. filed for bankruptcy after a judge recently ruled the telemedicine provider must pay investment bank Needham & Co. a $31.3 million fee for arranging its 2021 merger with a publicly traded blank-check company.
UpHealth Holdings Inc. filed for Chapter 11 on Tuesday, listing assets and liabilities each of between $100 million and $500 million, according to a Delaware bankruptcy petition.
The company completed a combination with GigCapital2 Inc. and Cloudbreak Health LLC in June 2021 and began trading on the New York Stock Exchange. The deal is the latest involving a former special purpose acquisition company, or SPAC, transaction to collapse into a bankruptcy.
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