DIRS.INFO The most relevant business & tech news

[1/2] The word Stock is seen on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermidFRANKFURT, May 31 (Reuters) - Germany's Schmid Group said on Wednesday it plans to list in New York via a special purpose acquisition company (SPAC), in a deal estimated to give the technology firm a valuation of $640 million. The fifth generation family-owned business, which specialises in electronics, would become a publicly-listed company on the New York Stock Exchange in the fourth quarter of this year. The transaction will be through blank-check company Pegasus Digital Mobility Acquisition Corp (PGSS.N) led by automotive veteran Ralf Speth, it said in a statement. "We have been considering this step for some time and see the NYSE and the U.S. capital markets as much more suitable for a technology company," CEO Christian Schmid told Reuters, regarding the location of the transaction.

Persons: Brendan McDermid FRANKFURT, Germany's Schmid, Ralf Speth, Christian Schmid, Schmid, StratCap, Speth, Emma, Victoria Farr, Madeline Chambers, Emelia Organizations: New York Stock Exchange, REUTERS, Pegasus Digital Mobility, Corp, NYSE, Reuters, Pegasus, BMW, Jaguar, Rover, Thomson Locations: New York City, U.S, New York, Freudenstadt, Germany's Black

☆ EV startup Arrival's cash and equivalents slump at end of first quarter
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - British electric vehicle start-up Arrival SA (47K0.F), said on Monday it had $130 million in cash and cash equivalents at the end of March, down nearly 37% from the end of December. The company, which did not provide any details on first-quarter results in its earnings release, said it has built three vans at its Bicester factory, with five more in progress. Earlier in April, Arrival said it would merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N). The transaction would allow Arrival to access up to $283 million of cash "held in trust" for building its Charlotte, North Carolina factory and for developing its XL Van, Arrival said on Monday. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Bowlero, the public company that reimagined bowling, faces dozens of discrimination claims that the feds want to settle for $60 million
▼ + stars: | 2023-05-11 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +19 min

The 73 EEOC claims brought by individual former employees against the company sparked the larger pattern or practice investigation into age discrimination. Only a fraction of EEOC age discrimination complaints — 2.8% in fiscal 2021 — resulted in reasonable cause determinations, EEOC data show. It went from running six bowling alleys to 272 overnight after it acquired AMF, which was then the largest bowling company in the world and was in bankruptcy. The following year, Shannon's company acquired the Brunswick Corporation, the second-largest bowling company in the world, and changed his company's name to Bowlero. Dowe said negotiations fell apart when Bowlero countered the EEOC's $60 million settlement proposal with a proposal of $500,000.

May 5 (Reuters) - U.S. electric-vehicle startups are expected to report another quarter of dwindling cash reserves next week, piling pressure on a group of companies that are struggling to ramp up production and have few options for funding in a turbulent economy. Lucid Group (LCID.O) kicks off first-quarter earnings for the group on Monday, with the company expected to report a 36% sequential slide in cash reserves, according to Visible Alpha. Rivian Automotive (RIVN.O), meanwhile, will likely report on Tuesday that its cash balance fell by 6.8% to $10.78 billion from the preceding quarter, per a Visible Alpha estimate. Fisker Inc (FSR.N) and Nikola (NKLA.O), both of which report earnings on Tuesday, are expected to see their cash reserves decline by 5% and 15%, respectively, according to Visible Alpha. Its earnings in an unscheduled release on Thursday showed Lordstown's cash balance fell 11% sequentially.

☆ Trump-backed SPAC Digital World names new CFO
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, on Thursday named Katherine Chiles as its chief financial officer. The development comes after Digital World in March ousted Chief Executive Patrick Orlando, saying that due to "unprecedented headwinds faced by the company" the board had agreed to select a new management team. The company also named Alexander Cano as president and secretary on March 11, according to a filing on Thursday. In October 2021, Trump's newly formed media company, Trump Media & Technology Group, announced a deal to go public by merging with Digital World. Late last year Digital World's Chief Financial Officer Luiz Braganza left the company.

☆ British EV startup Arrival announces reverse stock split
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - British EV startup Arrival SA said on Tuesday its shareholders, on April 6, approved a reverse stock split at a ratio of one-for-fifty to gain compliance with Nasdaq's listing regulations. Arrival's stock fell about 8% to $0.13 in trading before the bell. The reverse stock split will be effective on April 14. Last week Arrival said it would merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N). The special purpose acquisition company had about $283 million in cash held in trust, that will contribute to the business, Arrival had said.

☆ Breakingviews: EV double-SPAC provides only weak recharge
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Electric-van developer Arrival just unveiled a merger with a special-purpose acquisition company, valuing it at $524 million. The twist: It already went public via a blank-check deal in 2021, at a valuation some 10 times higher. Arrival’s fall mirrors other EV hopefuls like Canoo (GOEV.O), Faraday Future Intelligent Electric (FFIE.O) and Lordstown Motors (RIDE.O). Arrival’s latest merger promises $283 million of it from Kensington Capital Acquisition Corp. V’s (KCGI.N) trust account. British startup Wejo (WEJO.O)tried a similar second-SPAC gambit, though it anticipates backing its transaction with private investment.

Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 2.25%, followed by a 1.72% loss in energy (.SPNY). The S&P 500 declined 0.58% to end the session at 4,100.68 points, closing lower for the first time in a week. The Nasdaq declined 0.52% to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59% to 33,403.04 points. REUTERS/Brendan McDermidHealthcare (.SPXHC) and utilities (.SPLRCU), which many investors expect to hold up better during an economic slowdown, were among the few S&P 500 sector indexes gaining on Tuesday. The S&P 500 posted 14 new highs and one new lows; the Nasdaq recorded 64 new highs and 238 new lows.

☆ Shares of a SPAC linked to Trump's Truth Social — which had risen sharply last week — are down 8% after the former president's arrest
▼ + stars: | 2023-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Shares of Digital World Acquisition Corp, a SPAC, closed 8% lower at $14.03 on Tuesday. The SPAC has plans to merge with Trump Media and Technology Group, which owns Truth Social. The stock slumped just as former President Trump was being arraigned, and subsequently arrested. Digital World expects to report a loss of at least $10 million for the year, per the filing. The Securities and Exchange Commission, or SEC, hasn't approved Digital World's merger with Truth Social.

Among major S&P 500 sectors, technology (.SPLRCT) has quarterly gains of about 20%, while the financials index (.SPSY) is set for its worst quarter since June. A closely watched Commerce Department report on Friday showed U.S. consumer spending rose moderately in February, while inflation also cooled. Limiting gains, Micron Technology (MU.O) dropped 2.7% after news that China was set to review the chipmaker's products sold in the country. Advancing issues outnumbered decliners by a 5.73-to-1 ratio on the NYSE and by a 2.76-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and no new low, while the Nasdaq recorded 57 new highs and 98 new lows.

☆ Trump-linked stocks gain on attracting retail traders' attention
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoMarch 31 (Reuters) - Shares of companies tied to former U.S. President Donald Trump gained in premarket trading on Friday, drawing interest from retail investors after the ex-president was indicted in a historic first. "It might seem counter intuitive ... but Donald Trump's indictment might actually make him more electable with a certain portion of U.S. voters," Danni Hewson, analyst at AJ Bell, said. "If more people are talking about Trump, more will gravitate to his social media platform and there's likely to be a lot more cash swelling the coffers of his campaign budget." Shares of Digital World Acquisition Corp (DWAC.O), the blank-check company looking to take Trump's social media venture Truth Social public, rose 12.1%. Digital World and Rumble were among the top 10 most touted stocks on investor-focused social media stocktwits.com.

☆ Trump-related stocks surge after indictment
▼ + stars: | 2023-03-31 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

It’s not clear why investors sent shares of those companies soaring Friday, although the stocks tend to swing wildly — surging and plummeting — when Trump makes news. And Rumble (RMBL), a conservative video platform that partners with Trump’s Truth Social app, also rose 3%. DWAC announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app. That money is intended to fund the merger with Truth Social owner TMTG. A liquidation would have also threatened the additional $1 billion the Trump media company has raised.

☆ Trump-backed SPAC Digital World regains compliance with Nasdaq listing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it had been cleared by the Nasdaq over non-payment of certain dues. Earlier this month, Digital World revealed that it had received a notice from the exchange over non-payment of some dues which could lead to a potential de-listing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations. The deal was inked in October 2021 and late last year shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Kerrisdale takes short position in Uranium Energy; shares fall
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Kerrisdale Capital said on Thursday that it had built a short position in Uranium Energy Corp (UEC.A), sending the miner's shares down more than 10%. The short seller said in a report that the company had failed to exploit a spike in uranium prices during the last two bull markets. Uranium Energy did not immediately respond to a request for comment. Kerrisdale said that of the company's stated 140 million pounds of estimated uranium resources in the United States, none can be mined profitably at current prices. "Only about a quarter of the resources will be economically viable even at the much higher uranium prices."

☆ Trump-backed blank-check firm Digital World ousts CEO
▼ + stars: | 2023-03-22 | by ( Helen Coster | ) www.reuters.com time to read: +2 min

March 22 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, said on Wednesday it had ousted Chief Executive Patrick Orlando. In October 2021, Trump’s newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. TMTG’s fortunes are inextricably tied to Trump, who is billed by the company as the chief traffic driver. He posted to Alphabet Inc's (GOOGL.O) YouTube and Meta Platforms Inc's (META.O) Facebook on March 17, the same day YouTube restored his channel. Trump’s Twitter account was reinstated in November by the platform's new owner Elon Musk, but Trump has yet to post there.

☆ Trump-linked Digital World Acquisition Corp fires CEO Patrick Orlando
▼ + stars: | 2023-03-22 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Former US president Donald Trump announced plans on October 20 to launch his own social networking platform called "TRUTH Social," which is expected to begin its beta launch for "invited guests" next month. Digital World Acquisition Corp. , the publicly traded blank check company that planned to merge with former president Donald Trump's social media company, fired its CEO earlier this week, according to a Wednesday filing. The former CEO, Patrick Orlando, will remain as a director for the company. Orlando and a DWAC representative didn't immediately respond to requests for comment. Amid those legal obstacles, Digital World has also faced financial struggles.

☆ Trump-backed SPAC Digital World to appeal Nasdaq delisting notice
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues. "The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World said in a filing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations and the departure of top executives. The deal was inked in October 2021 and late last year, shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Crypto Company Circle Focuses on Growth After Canceled SPAC Merger
▼ + stars: | 2023-02-22 | by ( Mark Maurer | ) www.wsj.com time to read: +6 min

Circle is still hiring even as many crypto companies are laying off staff and some have filed for bankruptcy following the run on the stablecoin TerraUSD last spring. The crypto company had been preparing to go public via a merger with a special-purpose acquisition company, a move to access the capital market, enhance its transparency and further expand operations internationally. A SPAC typically has as long as two years to find its merger partner, clear the SEC’s review process and complete the deal. Circle, which was founded in 2013, intends to make another bid to go public, though likely not this year, Mr. Fox-Geen said. Circle in 2021 said that Poloniex LLC, its discontinued crypto exchange business, paid $10.4 million to settle a case brought by the SEC.

☆ Embraer's electric aircraft maker Eve 'on track' to start service in 2026
▼ + stars: | 2023-02-17 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

SAO PAULO, Feb 17 (Reuters) - Electric aircraft maker Eve Holding Inc (EVEX.N) is "on track" to meet its goal of starting commercial operations in 2026, an executive said on Friday, and getting its aircraft certificated is the most immediate target. Eve is confident about the "robust project," which is backed by Embraer's expertise, said Mauad, reiterating the goal of starting operations in 2026. BNDES later announced it would grant Eve an additional 490 million reais ($94.47 million). Mauad acknowledged a consolidation process could happen in the sector, but noted Eve was still particularly focused on working through its partnerships. ($1 = 5.1871 reais)Reporting by Gabriel Araujo; Editing by Anthony Esposito and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ UK-based IT firm Noventiq to list in U.S. through SPAC deal
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - London-listed IT company Noventiq (SFTLq.L) said on Thursday it will combine with California-based blank-check firm Corner Growth Acquisition Corp for a Nasdaq listing. Noventiq said the current price of its listed global depository receipts (GDRs) was not a fair reflection of the value of the group and there continued to be very limited trading volume of its GDRs on the London Stock Exchange. Special purpose acquisition companies, or SPACs, are listed but have no business operations, except hunting for a private company to take public and allowing it to bypass the scrutiny that comes with a traditional IPO. Noventiq, which provides digital solutions, hardware and cloud services, said the parties expected to finalise the agreement in the coming weeks. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ EV maker Lotus Tech to go public in the U.S. via deal with L Catterton SPAC
▼ + stars: | 2023-01-31 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Lotus Tech is the luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia's Etika Automotive. The unit is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely. Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc , will retain their interests in the company and own 89.7% of it following the deal, it said. The company plans to use the proceeds from the combination of the businesses for product innovation and to expand its global distribution network. "We expect the partnership to provide significant support as Lotus Tech expands globally, with promising brand collaboration and strategic partnership potential worldwide," Lotus Tech's Chief Executive Officer Feng Qingfeng said.

☆ Shipping Platform Freightos Goes Public in SPAC Deal
▼ + stars: | 2023-01-26 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Online freight booking platform Freightos Ltd. started trading shares publicly on Thursday through a merger with a special-purpose acquisition company, just as the booming shipping demand that helped fuel the digital startup’s growth shows signs of weakening. The company has seen booming business during the pandemic for its platform as shipping demand skyrocketed while tight capacity and supply-chain disruptions sent freight rates soaring. The Freightos platform operates like an Expedia or Travelocity for freight, allowing companies with goods to ship to compare prices and book space on planes and ships. In a note to new shareholders on Freightos’ website Thursday, Zvi Schreiber, the company’s chief executive and chairman, recommended that investors view Freightos as a long-term investment. Ezra Gardner, Gesher’s chief executive and a Freightos board member, said the SPAC gave Freightos more control than an IPO over whom the company’s main investors would be.

☆ A look at the companies behind the pricey 'Crypto Bowl' ads, then vs. now, as Super Bowl LVII approaches
▼ + stars: | 2023-01-21 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

Super Bowl LVI was dubbed the "Crypto Bowl" after ads from crypto companies made a splash. The larger crypto industry suffered billions in losses in 2022, highlighted by the collapse of FTX. But in 2022, the game was dubbed the "Crypto Bowl," with FTX, Coinbase, Crypto.com, and eToro all debuting ads, along with Bud Light incorporating NFTs into its ad. Here's a look back at how the four companies who advertised during the last Super Bowl are doing now. Compared to FTX, other crypto companies that advertised during the Super Bowl had a remarkably stable year given volatility in the industry, but each had its troubles.

☆ Fintech Pagaya to lay off 20% of employees
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Financial technology firm Pagaya Technologies Ltd (PGY.O) said on Wednesday it was laying off nearly 20% of its employees across its offices in the United States and Israel. Fintech startups have been some of the biggest casualties of the challenging economic environment since last year, after the Federal Reserve began raising rates to combat inflation. Pagaya said the affected employees were informed by Tuesday. The company listed on NASDAQ last year through a merger with special purpose acquisition company EJF Acquisition Corp in a deal that valued it at $8.5 billion. A special purpose acquisition company is a company that is listed on an exchange solely with the purpose of raising money to acquire another company and take it public.

☆ Former SPAC exec pleads guilty to defrauding people of $5 million to trade crypto and meme stocks
▼ + stars: | 2023-01-04 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

The former chief financial officer for two SPACs pleaded guilty to wire fraud, the DOJ said Wednesday. Cooper Morgenthau was charged with embezzling $5 million to trade crypto and meme stocks. Morgenthau falsified bank statements to shield his losses to accountants and auditors, the DOJ said. Cooper Morgenthau used the funds to trade cryptocurrencies and meme stocks and later falsified bank statements to hide his losses of nearly the entire sum. Wire fraud carries a maximum penalty of 20 years in prison, and Morgenthau agreed to make restitution on $5,111,335.

Search resuls for: "Acquisition Corp"

25 mentions found