Afternoon SPAC News Roundup: February 22, 2024

Feb 22, 2024 SPACs in the News by Nicholas Alan Clayton

CityWire: A subsidiary of Allianz (DE:ALV) and Constellation Wealth Capital have signed on to invest $400 million in asset management firm AlTi Global (NASDAQ:ALTI), purchasing a combination of ordinary shares and Series A convertible preferred stock. AlTi is up 21% in midday trading on the news. It combined with Cartesian Growth in January 2023.
PR: Nikola (NASDAQ:NKLA) reported that it delivered 35 hydrogen fuel cell electric heavy trucks in the fourth quarter of 2023 and received 225 more orders from that quarter through the end of January. It posted -$102 million adjusted EBITDA but raised $230 million in fresh capital over this period. Nikola combined with VectoIQ in June 2020.

GigCapital5 (NYSE:GIA) secured shareholder approval for its combination with QT Imaging at a February 15 special meeting. It has not yet divulged redemption figures from the vote or its timeline for close.

Williams Rowland (NYSE:WRAC) has decided to liquidate and will dissolve the trust effective March 8. Its shares and warrants will cease trading on February 29.