Reverse merger

Micro-mobility company Helbiz secures $30M PIPE as part of SPAC deal

Micromobility company Helbiz expects to go public in the second quarter, becoming the first company in the space to be listed on the NASDAQ stock exchange. As part of those plans, Helbiz will be expanding into ghost kitchens and adding payment platforms to its existing portfolio of mobility solutions.

Helbiz announced in February it would go public through a merger with GreenVision Acquisition Corp. (NASDAQ: GRNV), a special purpose acquisition company (SPAC). The transaction, expected to close...

https://s29755.pcdn.co/news/micro-mobility-company-helbiz-secures-30m-pipe-as-part-of-spac-deal

$250 million SPAC eyes e-commerce, transportation

$250 million SPAC sets sights on transportation and logistics industry

E-commerce- and transportation-focused special purpose acquisition company (SPAC) Ocelot Acquisition Corp. I filed its registration statement Friday with the Securities and Exchange Commission. The blank check company is seeking to raise $250 million through an initial public offering.

The company’s sponsor is listed as an affiliate of Ocelot Capital Management LLC, an Austin, Texas-based family office investment firm. Ocelot has prior experience in the transportation industry.

In 2020, Ocelot...

https://s29755.pcdn.co/news/$250-million-spac-eyes-e-commerce-transportation

U.K. electric vehicle startup Arrival picks N.C. for North American base

London-based electric delivery van and bus startup Arrival will base its North American headquarters in Charlotte, North Carolina. It’s about a half-hour north of its planned microfactory and close to major customer United Parcel Service.

UPS (NYSE: UPS) and Arrival co-developed the purpose-built electric vehicles. The initial order of 10,000 vehicles will be rolled out through 2024. UPS has an option to order 10,000 more. 

Arrival joins a crowded last-mile electric delivery truck segment where Am...

https://www.freightwaves.com/charlotte-close-to-planned-microfactory-and-major-customer-ups

SPAC shareholders approve Lordstown Motors reverse merger

Shareholders of a blank check company voted Thursday to approve a reverse merger that  provides startup Lordstown Motors Corp. (LMC) more money than it needs to build a commercial fleet-focused electric pickup truck at a former General Motors (NYSE: GM) car plant in Lordstown, Ohio.

The closing of the business combination between Diamond Peak Holdings Corp. (NASDAQ: DPHC) and LMC is expected Friday. The DPHC ticker will be replaced on Monday by the LMC ticker RIDE.

The deal went from announcement...

https://www.freightwaves.com/company-will-begin-ride-of-its-public-life-in-nasdaq-trading-on-monday

Hyliion finds partner to build natural gas fueling stations

Hyliion Holdings Corp. (NYSE: HYLN) is partnering with natural gas fuel and station developer American Natural Gas (ANG) to build additional infrastructure and sell discounted renewable natural gas to Hyliion customers.

ANG also signed a preorder for up to 250 Hyliion natural gas-powered HyperTruck ERX electric systems. It will build new natural gas stations for qualifying Hyliion customers near their locations with no customer-paid up-front costs.

Hyliion received $560 million in a reverse...

https://s29755.pcdn.co/news/hyliion-finds-partner-to-build-natural-gas-fueling-stations

SPAC voters approve merger with Hyliion

It took less than 15 minutes Monday for Hyliion Inc. to graduate from struggling startup to a fully funded maker of zero-emissions electric drivelines for the trucking industry listed on the New York Stock Exchange.

The process also made 28-year-old founder Thomas Healy one of the county’s youngest billionaires, worth more than $1.5 billion based on intraday trading of Tortoise Acquisition (NYSE: SHLL), which will change to the ticker HYLN in a few days.

https://www.freightwaves.com/news/spac-voters-approve-merger-with-hyliion

Fast track to public listings dealt a blow amid Nikola fallout

Nikola headquarters

The ongoing fallout over Nikola Corp. (NASDAQ: NKLA) may create some concern about the willingness of investors to pour money into special purpose acquisition companies (SPACs) and weigh further on what has been a down year for initial public offerings (IPOs).

The Phoenix-based designer and maker of battery- and hydrogen-electric vehicles and components finds itself in a tough position shortly after going public in June. The concern stems from a short seller report questioning the validity of...

https://s29755.pcdn.co/news/fast-track-to-public-listings-takes-a-blow

VCs: Nikola scandal won’t stem cash flow to clean-tech startups

Reacting to the stunning series of events that culminated in the resignation of Nikola Corp. (NASDAQ: NKLA) Executive Chairman and founder Trevor Milton on Monday, venture capitalists said the challenges facing the embattled electric truck company call attention to the symbiotic but risky relationship between clean tech startups and special purpose acquisition companies (SPACs), the alternative form of financing Nikola used to go public in June.

Investors said also that the scandal, showing few...

https://www.freightwaves.com/news/vcs-weigh-in-on-nikola-controversy

Steve Girsky replaces Trevor Milton at embattled Nikola

Nikola Corp. (NASDAQ: NKLA) Executive Chairman Trevor Milton is out at the electric truck startup he founded following a brutal report 10 days ago by a short seller of Nikola stock that accused him of lying about the company’s technology accomplishments.

FreightWaves first reported Milton’s departure late Sunday evening. Nikola’s official statement confirming the report was released shortly before 2 a.m. EDT Monday.

Milton approached Nikola’s board of directors and asked to step aside, the...

https://s29755.pcdn.co/news/nikola-founder-out-in-latest-short-seller-report-fallout

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