The Latest SPAC News and Rumors: August 30, 2022

Aug 30, 2022 INTEL, SPACs in the News by Marlena Haddad

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

Latest SPAC News: Amazon seller Packable to shut down in bankruptcy, and Otonomo to lay off dozens after losing 90% of value

Amazon Seller Packable to Shut Down in Bankruptcy After SPAC Deal Sinks

Packable Holdings LLC, a Carlyle Group-backed e-commerce platform valued at more than $1 billion less than two years ago, is shutting down in bankruptcy after it failed to go public through a merger with Highland Transcend Partners I Corp.

East Resources Acquisition Company (ERES) to Combine with Abacus Life in $618M Deal

Aug 30, 2022 Deal Announcements & Amendments, INTEL by Nicholas Alan Clayton

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GigInternational1 (GIW) Announces Term Sheet with Convalt Energy

Aug 30, 2022 Deal Announcements & Amendments, INTEL by Marlena Haddad

GigInternational1, Inc.(NASDAQ:GIW) announced this morning that it has entered into a non-binding term sheet to combine with renewable, manufacturing and power generating company Convalt Energy.

Convalt, a portfolio company of ACO Investment Group, focuses on power generation, transmission, and solar manufacturing development within the United States. ...READ MORE

North Mountain (NMMC) Terminates Corcentric Deal

Aug 29, 2022 Deal Announcements & Amendments, INTEL by Marlena Haddad

North Mountain Merger Corp. (NASDAQ:NMMC) announced this afternoon that it has mutually terminated its combination with commerce solutions provider Corcentric, effective immediately.

Similar to most SPACs, North Mountain’s proposed merger was impacted by unfavorable market conditions resulting in the termination of the deal. The ...READ MORE

The Latest SPAC News and Rumors: August 29, 2022

Aug 29, 2022 INTEL, SPACs in the News by Marlena Haddad

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

Latest SPAC News: New 1% excise tax on stock buybacks may have consequences for SPACs, investors and sponsors find ways to improve deal integrity, and DWAC falls as shareholders weigh delaying merger

New 1% Excise Tax on Stock Buybacks May Have Far-Reaching Consequences for Capital Markets, SPAC and M&A Transactions

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, H.R. ...READ MORE

Tailwind Acquisition Corp. (TWND) Adds $5M Note to NUBURU Deal

Aug 29, 2022 Deal Announcements & Amendments, INTEL by Marlena Haddad

Tailwind (NYSE:TWND) announced this morning that it has secured over $5 million of convertible promissory notes in connection to its combination with manufacturing equipment-maker NUBURU.

The notes will convert into shares of NUBURU common stock immediately prior to the closing of the business combination, which will convert into common stock of the combined company. ...READ MORE

Aurora Acquisition Corp. (AURC) Revises Better Deal Again

Aug 29, 2022 Deal Announcements & Amendments, INTEL by Nicholas Alan Clayton

Aurora (NASDAQ:AURC) announced its fourth tweak to its combination with homebuying marketplace Better, which includes an extension of the deal’s outside date to March 8, 2023.

Better must also cover up to $15 million in expenses for Aurora, half of which must be delivered within five days of this agreement, and the remainder in two $3.75 million tranches on January 2 and March 8. ...READ MORE

Westrock Coffee (WEST) Signs $350M Credit Agreement

Aug 29, 2022 Deal Announcements & Amendments, INTEL by Marlena Haddad

Westrock Coffee (NASDAQ:WEST) announced this morning that it has entered into a new credit agreement after closing its business combination with Riverview Acquisition Corp. today.

The coffee and tea supplier will now have access to $350 million in debt capital that includes a $175 million senior secured first lien term loan facility and a $175 million senior secured first lien revolving credit facility. ...READ MORE

Cohn Robbins Holdings (CRHC) Secures $260M Backstop for Allwyn Deal

Aug 29, 2022 Deal Announcements & Amendments, INTEL by Nicholas Alan Clayton

Cohn Robbins (NASDAQ:CRHC) announced that it has secured a $260 million backstop for its combination with Swiss lottery operator Allwyn.

European investment group PPF has agreed to buy up to 26,000,000 shares at $10 per share as needed, adding to 4,000,000 it already owns. ...READ MORE

African Gold Acquisition Corporation (AGAC) Discloses Improper Withdrawals of Funds

Aug 29, 2022 INTEL, SPACs in the News by Nicholas Alan Clayton

African Gold (NYSE:AGAC) disclosed in an 8-K over the weekend that its management recently detected improper withdrawals from the company’s bank accounts and CFO Cooper Morgenthau has been terminated as a result. ...READ MORE

SPAC IPO Terms Tracker: Rounding Out August

Aug 27, 2022 INTEL by sam.beattie

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Lakeshore I (LAAA) Secures $30M for ProSomnus Deal

Aug 26, 2022 Deal Announcements & Amendments, INTEL by Marlena Haddad

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) has signed definitive agreements for $30 million in convertible notes for its combination with medical device company ProSomnus.

The recent commitment of debt financing comes from institutional investors led by funds affiliated with or managed by Cohanzick Management, LLC and CrossingBridge Advisors, LLC, but the closing of the notes are conditioned upon the closing of the business combination prior to December 10, 2022. ...READ MORE

The Latest SPAC News and Rumors: August 26, 2022

Aug 26, 2022 INTEL, SPACs in the News by Marlena Haddad

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

Latest SPAC News: GE sells generator technology to Hyliion, Trump’s Truth Social faces financial fallout, and Royalty Management partners with Land Betterment

GE Sells Generator Technology for Stake in EV Startup

General Electric Co. ...READ MORE

Fat Projects Acquisition Corp. (FATP) to Combine with Avanseus Holdings in $137M Deal

Aug 26, 2022 Deal Announcements & Amendments, INTEL by Nicholas Alan Clayton

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REE Automotive (REE) Calls All Outstanding Warrants

Aug 26, 2022 INTEL, SPACs in the News by Nicholas Alan Clayton

REE Automotive (NASDAQ:REE) has commenced an exchange offer to convert all outstanding warrants for 0.20 class A ordinary shares.

At REE’s last closing price of $1.34, this equates to $0.268 in value per warrant, although the company’s shares have since dipped in the pre-market on the news. ...READ MORE

Podcast: Stuart Landesberg, Founder & CEO of Grove Collaborative (GROV)

Aug 26, 2022 INTEL, Podcasts & Webinars by Kristi Marvin

We spoke with Stuart Landesberg, Founder and CEO of Grove Collaborative (NYSE:GROV). Grove produces a line of sustainable and plastic-free home and personal care goods and it closed a $1.5 billion combination with Virgin Group Acquisition Corp. ...READ MORE

Top 3 SPAC Targets – B2B SaaS Players

Aug 26, 2022 INTEL by Nicholas Alan Clayton

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among B2B SaaS players that are hitting their inflection points. We look at why they are compelling and why each could be a fit for a blank-check merger. ...READ MORE

Isleworth Healthcare Acquisition Corp. (ISLE) to Liquidate Trust

Aug 25, 2022 Deal Announcements & Amendments, INTEL by Marlena Haddad

Isleworth (NASDAQ:ISLE) announced this afternoon that it will not complete a business combination by its initial deadline of September 1, and will instead redeem all shares.

The SPAC will cease all operations on August 29, and shareholders are expected to receive shortly thereafter $10.01 per share. ...READ MORE

Riverview Acquisition Corp. (RVAC) Shareholders Approve Westrock Coffee Deal

Aug 25, 2022 De-SPAC Votes and Redemptions, INTEL by Marlena Haddad

Riverview Acquisition Corp. (NASDAQ:RVAC) announced this afternoon that its shareholders approved its combination with coffee and tea supplier Westrock Coffee at a special meeting earlier today.

At the special meeting, a total of 24,469,389 shares, or 78.3% of RVAC’s issued and outstanding shares of common stock were present. ...READ MORE

The Latest SPAC News and Rumors: August 25, 2022

Aug 25, 2022 INTEL, SPACs in the News by Marlena Haddad

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

Latest SPAC News: Ligand announces that Janssen has received approval from European Commission for antibody, Cano Health buys Doctor’s Medical Center, and Babylon ditches UK for US

Ligand Announces that Janssen has Received Approval from European Commission for TECVAYLI for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that the Janssen Biotech, Inc. ...READ MORE