Afternoon SPAC News Roundup: March 5, 2024

Mar 5, 2024 SPACs in the News by Nicholas Alan Clayton

PR: Digital banking firm SoFi (NASDAQ:SOFI) plans to sell $750 million in convertible notes to investors that will have the option to purchase $112.5 million more. These will mature March 15, 2029 and the company has also entered into exchange agreements other holders of an earlier convertible senior note route that brought in $600 million. These note holders will receive 61,713,287 common shares and the company plans to engage in capped call transactions to reduce the possible dilute effect of these moves. SoFi initially went public in a combination with Social Capital V in May 2021.
Bloomberg Law: EV maker Lordstown Motors (OTC:RIDEQ) has agreed to pay a $15.5 million settlement to end shareholder litigation against itself and its SPAC partner DiamondPeak, which brought it public in 2020. Last week, Lordstown agreed to settle a separate SEC investigation for $25.5 million while filing for Chapter 11 bankruptcy.