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REUTERS/Jonathan Ernst/File PhotoCompanies Canoo Inc FollowNikola Corp FollowAug 4 (Reuters) - The U.S. Securities and Exchange Commission fined electric vehicle company Canoo Inc $1.5 million on Friday for what the regulator alleges were reporting failures related to hundreds of millions of dollars of unreasonable revenue projections. In the run-up to the deal, Canoo (GOEV.O) had projected revenue of $120 million in 2021 and $250 million in 2022 based on deals to provide engineering services to other companies. In March 2021, the carmaker's stock tumbled 21% after it announced it would not achieve the anticipated revenue, the SEC said in court papers. The SEC said Kranz and Balciunas knew before the merger that the projects were unlikely to generate revenue. Canoo said in May it had tentatively agreed to pay a $1.5 million penalty to settle with the SEC.

Persons: Jonathan Ernst, Canoo, Ulrich Kranz, Paul Balciunas, Kranz, Balciunas, Daniel Wachtell, Nikola, Jody Godoy, Jonathan Oatis, Nick Macfie, Deepa Babington, David Gregorio Our Organizations: U.S . Securities, Exchange, SEC, REUTERS, Nikola, Exchange Commission, DraftKings Inc, Thomson Locations: Washington, Texas, New York

☆ This little-known data center servicer could see A.I. tailwinds, says Bank of America
▼ + stars: | 2023-08-04 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Vertiv is well-positioned for gains as its margins recover due to the artificial intelligence boom, according to Bank of America. Analyst Andrew Obin upgraded the data center servicer's shares to buy from underperform and raised his price target 54% to $40 from $26. Artificial intelligence adoption within data centers adds incremental demand for Vertiv's thermal management products," Obin wrote in a Wednesday note. Vertiv's strong portfolio in thermal management , which helps protect IT spaces and data centers, also leaves it better-positioned than its peers to see upsides from AI tailwinds, Obin said. Adoption of AI will drive more graphics processing unit chips into data centers, generating more heat and requiring thermal management, said Obin.

Persons: Vertiv, Andrew Obin, Obin, — CNBC's Michael Bloom Organizations: Bank of America, Emerson Network Power, Emerson Electric, Platinum Equity

☆ The Metals Company announces a controversial timeline for deep sea mining that worsens the divide in an already bitter battle
▼ + stars: | 2023-08-04 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +12 min

It then went public in 2021 through a special purpose acquisition company, or SPAC, and is looking to establish deep sea mining as a business. "Voices against deep sea mining have never been so loud — from the fishing sector to financiers, indigenous peoples, scientists and big business." In addition, the findings of the study do not mean that Benchmark is endorsing deep sea mining, she added. Deep sea mining won't replace land-based mining, but rather will simply add another source of minerals, she said in March. Regardless, Singh says, there is a lot of work yet to be done by members of the council to establish regulations before any deep sea mining commences.

Persons: Gerard Barron, Carolyn Cole, it's, Amon, That's, Louisa Casson, Charlotte Selvey Miller, Miller, that's, Barron, Kannah, Pradeep Singh, It's, Singh, Allseas, — Organizations: The Metals Company, Los Angeles Times, Authority, ISA, Metals Company, Maersk, CNBC, Greenpeace, Company, Benchmark Mineral Intelligence, Benchmark, Democratic, PT Vale Indonesia, . Geological Survey, Metals, Mining, Darton Commodities, Afp, Getty, International Union for Conservation of Nature Locations: Clarion, San Diego, Norway, Mexico, United Kingdom, Texas, Canada, Indonesia, Russia, Democratic Republic of the Congo, Sorowako ., Amon, Kolwezi, Shabara, Congo, Pacific, Nauru, Tonga, Kiribati

☆ Robinhood swaps meme-green tights for duller look
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Robinhood logo is seen on a smartphone in front of a displayed stock graph in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/NEW YORK, Aug 3 (Reuters Breakingviews) - Robinhood Markets (HOOD.O) is looking more grown-up - and more boring. The problem: Users are still fleeing, and nearly half of revenue comes from interest that is destined to fade. Robinhood warned last quarter that a 100 basis-point drop in interest rates would lead to a hit equivalent to an 11% fall in revenue. When the Federal Reserve eventually turns to cutting rates, Robinhood will need more users to fill that hole.

Persons: Dado Ruvic, Vlad Tenev, ” That’s, Robinhood, Ben Winck, Jonathan Guilford, Sharon Lam Organizations: REUTERS, Reuters, Stock, Federal Reserve, Twitter, Adidas, InBev, Thomson

☆ BoE’s inflation firefighting will outlast peers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

The Bank of England on Thursday raised UK interest rates by a quarter of a percentage point to a 15-year peak of 5.25%. Governor Andrew Bailey and his colleagues also vowed monetary policy would remain “sufficiently restrictive for sufficiently long” to bring inflation down to the BoE’s 2% target. As for the BoE, traders are betting that rates will hit 5.5% in September and stay elevated for the whole of next year. Despite an early start, Bailey’s fight against stubborn inflation is likely to drag on for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Andrew Bailey, BoE, Bailey, Bailey’s, Francesco Guerrera, Lisa Jucca, Oliver Taslic Organizations: Reuters, Bank of England, U.S . Federal Reserve, European Central Bank ., ECB, Twitter, Thomson

☆ Investing in Space: Rocket Lab stock leads the sector in year-to-date gains
▼ + stars: | 2023-08-03 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Rocket Lab is up 85% so far this year, closing back in on its $10 a share starting point two years ago, while Redwire is close behind, up 78%. Rocket Lab is the index's No. Chanin noted that with many of these space stocks having debuted at $10 a share they're largely still trying to get back to where they started. Rocket Lab has a healthy lead but we'll see who ends up on top come the end of the year – with the market watching closely for continued execution.

Persons: CNBC's Michael Sheetz, Redwire, it's, Andrew Chanin, –, Stocks, Chanin Organizations: Rocket Lab Locations: ProcureAM

☆ Adidas and AB InBev influencer hangover may return
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

LONDON, Aug 3 (Reuters Breakingviews) - Adidas (ADSGn.DE) and Anheuser-Busch InBev (ABI.BR) are showing some unexpected resilience in the face of influencer trouble. Belgium beer producer AB InBev, meanwhile, grappled with a different influencer headache. The world's largest brewer experienced an April consumer boycott after picking transgender influencer Dylan Mulvaney to promote its popular Bud Light brew. And while AB InBev say 80% of its consumers still look favourably or are neutral on Bud Light, the brand was dethroned as the top selling U.S. beer in May. Still, Adidas trades at 10 times its forecast 2025 EBITDA, below its peer Nike's (NKE.N) 16 times, and AB InBev trails Heineken (HEIN.AS) by an even larger margin.

Persons: Kanye West, Ye, influencer Dylan Mulvaney, Bud Light, Karen Kwok, Lisa Jucca, Sharon Lam Organizations: Adidas, LONDON, Reuters, Anheuser, Busch InBev, InBev, Heineken, Twitter, Thomson Locations: Garden City , New York, U.S, Belgium, North America, Mexico

Aug 3 (Reuters) - Specialized cloud provider CoreWeave has raised $2.3 billion in a debt facility led by Magnetar Capital and Blackstone (BX.N) and collateralized by Nvidia chips, with the funds to be used to expand to meet rising AI workload, the company said on Thursday. Other lenders in the facility include Coatue and DigitalBridge (DBRG.N), as well as BlackRock, PIMCO, and Carlyle (CG.O). Nvidia-backed CoreWeave has seen a boost from the generative AI boom thanks to its purpose-built cloud infrastructure at scale. It has partnerships with AI startups and cloud providers, which it also competes with, to build clusters to power AI workload. CoreWeave also raised $421 million in equity this year led by Magnetar Capital at a valuation of over $2 billion.

Persons: Carlyle, Michael Intrator, CoreWeave, Krystal Hu, Conor Humphries Organizations: Magnetar Capital, Blackstone, Nvidia, Nvidia H100, CoreWeave, Microsoft, Google, Thomson Locations: BlackRock, PIMCO, Texas, U.S, New York

☆ TikTok trendsetter e.l.f. models beauty's new look
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

cosmetic products are seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyNEW YORK, Aug 2 (Reuters Breakingviews) - Social-media savvy makeup brand e.l.f. Boss Tarang Amin has chased this growth through heavy online advertising, including collaborations with TikTok influencers. While not necessarily cheaper than the old guard’s approach - sales, general and administrative spend is a similar share of revenue at both e.l.f. With Amin promising to ramp up marketing spending even further, the pressure for older peers to touch up their look grows.

Persons: Andrew Kelly NEW, Boss Tarang Amin, TikTok, Nielsen, Estee Lauder, Amin, Anita Ramaswamy, Aston Martin, Jonathan Guilford, Sharon Lam Organizations: REUTERS, Andrew Kelly NEW YORK, Reuters, Jefferies, Twitter, Thomson Locations: Manhattan , New York City, U.S, e.l.f

☆ Carlyle’s big fee strain comes into sharper view
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

The logo for Carlyle is seen at the company’s offices in New York City, U.S., June 28, 2022. REUTERS/Brendan McDermidNEW YORK, Aug 2 (Reuters Breakingviews) - Private equity veteran Carlyle (CG.O) is behind the buyout times. Carlyle and Blackstone kicked off the latest results season at opposite ends of the valuation spectrum. Carlyle trades at about 10 times expected earnings for 2023, according to Refinitiv, the lowest among major peers. And yet, Carlyle’s primary business of doing deals held up relatively better: Proceeds from asset sales declined 36%, versus an 82% slump at Blackstone.

Persons: Carlyle, Brendan McDermid, Harvey Schwartz, Blackstone, Steve Schwarzman, Schwartz, Jonathan Guilford, Aston Martin, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Blackstone, Twitter, Thomson Locations: New York City, U.S, Japan

☆ Klein's UK SPAC deal is more swan song than encore
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

The northern English county is the home of serial acquirer CorpAcq, led by the brother of “Take That” singer Jason Orange, which Klein’s Churchill Capital Corp VII (CVII.N) special-purpose acquisition company vehicle now hopes to buy. The deal, which values the investor in plumbing to fork-lift leasing groups at $1.6 billion including debt, may struggle to relight the fire of the depressed SPAC sector. Klein’s planned deal comes amid a growing lack of patience by SPAC investors. CorpAcq could yet be magic for SPAC investors. Churchill’s sponsors, including Klein, will waive most of their founder shares, which typically vest when a deal is done.

Persons: Peter Rawlinson, Michael Klein, acquirer, “, Jason Orange, Klein’s, SPACs, Klein, Simon Orange’s, Pamela Barbaglia, Aston Martin, Neil Unmack, Streisand Neto Organizations: Lucid, Churchill Capital Corp, Nasdaq, Lucid Motors, Reuters, Blank, Cotton Traders, Twitter, Thomson Locations: New York City , New York, U.S, Cheshire, Stockholm, Brexit, Japan

Aug 1 (Reuters) - Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said. Nile, which has previously raised $125 million, did not disclose its valuation, but said it had doubled since the last round. Data from PitchBook pegged the company's valuation at $395 million in 2020. Since its technology became available last May, Nile has signed customers such as Stanford University and startup Carta. Pankaj Patel, chief executive at Nile, said the young company can challenge the incumbents by offering ease of use at lower cost and advanced security features in its network.

Persons: John Chambers, Pankaj Patel, Hewlett, Nile, Patel, Sumant, Krystal Hu, Nick Macfie Organizations: Cisco Systems, Cisco, March Capital, Sanabil Investments, Saudi Telecom Company, Liberty Global, PitchBook, Juniper Networks, Hewlett Packard, Aruba Wireless, Stanford University, Reuters, Sumant Mandal, Thomson Locations: Saudi, San Jose, NaaS, Aruba, New York

☆ Palantir stock up 10% as company rides A.I. craze
▼ + stars: | 2023-07-31 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Palantir, a data analytics company best known for its work with the U.S. government's defense and intelligence agencies, offers a number of AI-powered services for organizations across public and private sectors. Shares of Palantir popped 10% Monday as the company continues to capitalize on investors' hopes for its artificial intelligence software ahead of its earnings report next week. In an interview with CNBC's "The Exchange" Friday, Dan Ives, managing director of equity research at Wedbush Securities, described Palantir as "the [Lionel] Messi of AI," referencing the pro soccer player. Ives said there is a "golden path" for the company to monetize, adding in a note that Palantir has built "an AI fortress that is unmatched." "This is an arms race of a different kind, and it has begun," Karp wrote.

Persons: Alex Karp, CNBC's, Dan Ives, Lionel, Messi, Ives, Palantir, Karp, William Blair, SPACs Organizations: Palantir Technologies Inc, P Global, U.S, Wedbush Securities, New York Times, Palantir Locations: Houston , Texas, A.I, U.S

☆ Robinhood rival eToro agrees $120 million share sale at discounted valuation
▼ + stars: | 2023-07-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Pedro Fiúza | Nurphoto | Getty ImagesStock trading platform eToro agreed to a $120 million secondary share sale, giving the company a slightly lower valuation than the $3.5 billion it was valued at in a primary funding round earlier this year. The round is a secondary share sale, meaning the company hasn't issued any new shares and won't net any income from the transaction. eToro is not raising money — rather it is a moment for some long standing shareholders and employees to take some liquidity. EToro most recently raised $250 million from investors at a $3.5 billion valuation, far lower than the $10 billion it was seeking in its bid to float via SPAC. EToro agreed it would convert the investment to equity on the condition that the SPAC deal doesn't go ahead — which it didn't.

Persons: Pedro Fiúza, hasn't, eToro, Fintech, doesn't Organizations: Nurphoto, Getty Images Stock, CNBC, Investors, Vision, ION Investment Group, Velvet Sea Ventures, Twitter Locations: Lisbon, Portugal, eToro

☆ Vietnam EV maker VinFast plans US listing in August after regulator nod
▼ + stars: | 2023-07-28 | by ( Phuong Nguyen | ) www.reuters.com time to read: +2 min

The EV maker had filed for an initial public offering in the U.S. to list on the Nasdaq in December last year, but in May it announced plans to list through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.A). VinFast and Black Spade aim to complete the merger by August, subject to shareholder approvals and other customary closing conditions, they said in a joint statement on Friday. "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast," Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co said. Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast on August 10, the joint statement said. The new merged entity was estimated by VinFast and Black Spade to have a potential equity value of $23 billion, according to their statement.

Persons: Black Spade, Dennis Tam, VinFast's, Nikola Corp, VinFast, Phuong Nguyen, Louise Heavens, Jane Merriman Organizations: Securities and Exchange Commission, Nasdaq, Spade, SEC, Faraday, Nikola, VinFast, Thomson Locations: HANOI, United States, U.S, North Carolina

☆ Vietnam EV maker VinFast to list in the U.S. in August after regulator nod
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

HANOI, July 28 (Reuters) - Vietnamese electric vehicle maker VinFast said on Friday it is planning to list in the United States next month via a blank-cheque company after the Securities and Exchange Commission (SEC) gave the go ahead to its proposed business combination. VinFast, a unit of Vietnam's biggest conglomerate Vingroup (VIC.HM), announced in May it would go public through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ.A). VinFast and Black Spade aim to complete the merger by August, they said in a joint statement. "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast," Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co said. Black Spade is set to hold an extraordinary shareholder meeting to approve the proposed business combination with VinFast, the joint statement said.

Persons: VinFast, Black Spade, Dennis Tam, Phuong Nguyen, Louise Heavens Organizations: Securities and Exchange Commission, SEC, Spade, Thomson Locations: HANOI, United States

☆ How Sam Altman's $850 million SPAC could help turn nuclear power into a mainstream energy source
▼ + stars: | 2023-07-28 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

OpenAI's Sam Altman is taking nuclear startup Oklo public through a SPAC expected to close in 2024. The Oklo SPAC deal will mark a watershed moment for the energy source, industry experts told Insider. The public debut of Oklo, a nuclear startup chaired by Sam Altman, could be a watershed moment for the power source, industry experts say. Fission versus fusionThere are two types of nuclear power: fission and fusion. All existing nuclear energy is created via fission, which makes up around 10% of the world's electricity supply, per the International Energy Agency.

Persons: OpenAI's Sam Altman, Altman, Sam Altman, Matthew Honeyben, Douglas Hansen, Luke, we've, " Hansen, Victoria McIvor, SPAC, McIvor Organizations: CMS, CNBC, Planet Capital, International Energy Agency, Energy, Microsoft Locations: Ukraine, France, Germany, SPAC

☆ Here's what the bears are missing, and why there's still money to be made in this bull market
▼ + stars: | 2023-07-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We know there are so many reasons why this bull market has eluded so many. It's sudden broadening into health care, transports and financials just when we were told the bull was slain by its lack of breadth. I hope readers here know that I felt that only by tuning out the Fed could you make maximum money in the market. You simply had to ignore the verbiage, block out the gasbags who simply failed to see the two-staged bull market right in front of them. Needless to say, if you needed any evidence that we are in a bull market, the rally in that dog may be enough to make the prosecution rest.

Persons: Jerome Powell's, Powell, It's, Joe Biden's, Powell's, that's, Larry Fink, DR Horton, Powell didn't, IPOs, David Solomon's, Goldman Sachs, Barbie, Oppenheimer, Steve Squeri, Squeri, Jeff Marks, Jeff, Johnson, Elliott Management's, Lauder, Jackson, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Federal, Dow, Taiwan Semiconductor Manufacturing Company, AS, Blackrock, DR, Western Alliance, FTC, Federal Trade Commission, Justice Department, Club, Microsoft, Activision, American Express, DuPont, Constellation Brands, Disney, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: Washington, IPOs, Cava, Wyoming

☆ Trump-linked SPAC surges as fraud settlement lifts hopes for deal completion
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

"It was weighing on shares and this gives investors hope that a deal could be completed," said Dennis Dick, a trader and equity market structure analyst at Triple D Trading. If the deal consummates, TMTG will have more than $1 billion of cash in its reach from the SPAC's institutional investors. Earlier, the SPAC had extended the deadline to acquire TMTG by three months to Sept. 8 and named interim boss Eric Swider as its chief executive officer. Trump founded Truth Social months after he was permanently suspended on Twitter and Meta Platforms' (META.O) Facebook and has since amassed more than 5.5 million followers on his conservative social media platform. Reporting by Akash Sriram in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump's, Dennis Dick, TMTG, DWAC, Eric Swider, Trump, Akash Sriram, Shweta Agarwal Organizations: U.S, Trump Media & Technology, Triple D, SEC, Truth, Twitter, Facebook, Thomson Locations: Bengaluru

☆ Trump Media merger partner DWAC soars 50% after SEC fraud settlement
▼ + stars: | 2023-07-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). DWAC is a special purpose acquisition company, or SPAC, that announced plans to merge with Truth Social parent company Trump Media & Technology Group in October 2021. DWAC's SEC settlement dictates that the company must pay an $18 million civil penalty fee if it merges with TMTG and takes the company public. But if the merger does not occur before the Jan. 1, 2025, deadline, and if DWAC returns investors' money, the SEC has agreed to waive the penalty. It is illegal for SPACS to solicit specific merger targets ahead of an actual initial public offering filing.

Persons: Donald Trump's, DWAC, Trump Organizations: Trump Media, Technology, Securities and Exchange Commission, Social, Trump Media & Technology Group, SEC, SPACS, Florida, White House, Republican Locations: DWAC, New York, Georgia

☆ SPAC seeking to merge with Trump's media company settles with the SEC
▼ + stars: | 2023-07-20 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The Securities and Exchange Commission announced Thursday that it settled with the blank-check company seeking to merge with former President Donald Trump’s media company. Nearly two years ago, TMTG announced that it would merge with Digital World, which is a special purpose acquisition company, or SPAC. A SPAC, also known as a blank-check company, is a shell company that debuts on the public market with the stated intent to acquire an existing private company. The SEC said it also found that Digital World failed to disclose that its CEO had a potential conflict of interest with TMTG based on a previous agreement he signed with the company. Last month, federal prosecutors arrested three investors on insider trading charges related to Digital World’s deal with Trump’s media company.

Persons: Donald Trump’s, TMTG, DWAC, “, ”, Gurbir, Grewal Organizations: CNN, Securities, Exchange Commission, SEC, Acquisition, Trump Media & Technology Locations: SEC’s

☆ Trump Media merger partner DWAC settles with SEC over fraud charges
▼ + stars: | 2023-07-20 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, July 7, 2023. WASHINGTON — The Securities and Exchange Commission announced Thursday that it had settled fraud charges with Digital World Acquisition Corp ., the company that is seeking to take former President Donald Trump's social media venture public. As part of the settlement, DWAC was ordered to pay an $18 million civil penalty fee in the event that it executes a final merger and takes Trump Media and Technology Group public. Shares of DWAC rose 30% in extended trading following the SEC announcement. The fraud charges stem in part from what the SEC says were DWAC's "extensive SPAC merger discussions" with Trump's media company several months before filing paperwork to go public in Sept. 2021.

Persons: Donald Trump, Donald Trump's, DWAC, Patrick Orlando, Trump Organizations: U.S, Republican, WASHINGTON — The Securities, Exchange Commission, Trump Media, Technology Group, SEC, White House Locations: Bluffs , Iowa, Florida, DWAC, New York, Georgia

☆ Dutch SPAC in advanced talks to acquire electric vehicle group
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - SPEAR Investments I (SPR1.AS), a special purpose acquisition company (SPAC), is in advanced discussions to acquire QEV Technologies, a Spanish electric vehicle firm, at a valuation of 209 million euros ($234 million), the companies said on Thursday. The deal will see QEV Technologies, which recently won a tender to operate a former Nissan manufacturing facility in Barcelona, merge into SPEAR Investments I and trade on the Amsterdam bourse. SPEAR Investment I, backed by corporate finance houses STJ Advisors and AZ Capital, listed in Amsterdam in late 2021. The planned merger will see QEV Technologies' existing shareholder Inveready make a further investment in the company alongside new investors to help support its growth. ($1 = 0.8929 euros)Reporting by Pablo Mayo Cerqueiro in London; editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pablo Mayo, Alexandra Hudson Organizations: Investments, AS, QEV Technologies, QEV, Nissan, Amsterdam bourse, STJ Advisors, AZ Capital, El, Pablo Mayo Cerqueiro, Alexandra Hudson Our, Thomson Locations: Spanish, Barcelona, Amsterdam, London

☆ SPAC Tied to Trump’s Media Company Will Pay $18 Million to Regulators
▼ + stars: | 2023-07-20 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The Securities and Exchange Commission said on Thursday that it had reached a settlement with the cash-rich shell company that planned to merge with former President Donald J. Trump’s social media company, potentially paving the way for the much-delayed deal to proceed. Under the settlement, Digital World Acquisition Corp. will pay a penalty of $18 million and revise some of its corporate filings to comply with federal securities laws. was investigating whether Digital World had flouted merger laws governing special purpose acquisition companies. charged Digital World, a special purpose acquisition company, with misleading investors with its disclosures. “These disclosure failures are particularly problematic because investors focus on factors such as the SPAC’s management team and potential merger targets when making financial decisions,” said Gurbir S. Grewal, director of the S.E.C.’s division of enforcement.

Persons: Donald J, ”, Gurbir, Grewal Organizations: Securities, Exchange

☆ Vietnam EV maker VinFast to start construction of US factory next week
▼ + stars: | 2023-07-19 | by ( Phuong Nguyen | ) www.reuters.com time to read: +1 min

HANOI, July 19 (Reuters) - Vietnamese automaker VinFast said on Wednesday it would start construction of a $4 billion electric vehicle factory in North Carolina next week as part of its push to expand in the United States market. The unit of Vietnam's largest conglomerate Vingroup (VIC.HM), which began operations in 2019, announced plans for the U.S. factory last year. It is targeting the start of production in 2025, a year later than its initial plan. "When it begins operations, the factory will be VinFast's primary supplier of electric vehicles to the North American market," said Thuy Le, head of VinFast Auto. The project's first phase includes a $2 billion investment in a factory capable of producing 150,000 vehicles a year.

Persons: VinFast, Thuy Le, Tesla, China's, Vinfast, Phuong Nguyen, Jamie Freed Organizations: U.S, North, VinFast Auto, Spade, Thomson Locations: HANOI, North Carolina, United States, North American, California

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