Freightos To Go Public in $500m SPAC Merger

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Freightos, a digital freight marketplace that instantly connects ocean, air and truck carriers with shippers, was publicly listed on the Nasdaq exchange after combining with a blank-check company to raise $80 million, taking a route less traveled since the SPAC market fell out of favor, reports Forbes.

Even during the pandemic boom, few alternative initial public offerings involved freight transportation companies. Last month, Turkey-based MNG Airlines also entered...

Electric Last Mile Systems’ first-day stock spike doesn’t last long

Electric Last Mile Systems goes public

Shares of Electric Last Mile Systems (NASDAQ: ELMS) jumped as much as 10% in early morning trading on Monday after the electric vehicle maker made its public trading debut following its merger with special purpose acquisition company (SPAC) Forum Merger III Corp.  

Despite the early jump, though, the stock quickly dropped to $10.42 per share in late Monday morning trading. The stock opened at $11.10 per share. It was expected to have a valuation of about $1.4 billion at open. Forum Merger III,...

ELMS to show prototype Class 3 electric van at FedEx event

Electric last mile systems to debut electric cargo van at FedEx contractor event

Electric Last Mile Systems (ELMS) will debut the second of its fully electric delivery vehicles at the upcoming Route Consultant Contractor Expo on July 30-31. The event is the largest FedEx Ground contractors event in the country and will be held in Nashville, Tennessee.

ELMS will show a prototype of its Class 3 vehicle, what it is calling the Urban Utility. The vehicle will join its smaller Class 1 sibling, the Urban Delivery cargo van, which will also be on display. The Class 1 is expected to...

Grab closing in on $35B SPAC deal, largest-ever

Southeast Asia ride-hailing company Grab will go public through a special purpose acquisition company (SPAC) in a $35 billion deal that will list the Singapore-based company on the NASDAQ.

The Financial Times reported on Wednesday that the deal with one of Altimeter Growth’s SPACs is expected to be finalized this week. News of the possible deal was covered by Modern Shipper in early March and first reported by The Wall Street Journal.

The latest report said Grab will secure $2.5 billion through...

DHL Express ups order for Lightning eMotors’ electric Transit vans

A successful trial of nine Lightning eMotors electric Ford Transit vans has led DHL Express to announce it will deploy an additional 89 vehicles in New York and California this year.

The Ford Motor Co. (NYSE: F) Transit 350HD Class 3 vans are equipped with Lightning’s zero-emission system and capable of achieving 61 miles per gallon equivalent, compared to 13 miles per gallon for a similar gas-powered van, Lightning said. They include proprietary telematics and analytics software, which will aid...

Robotics maker Berkshire Grey goes SPAC route

Industrial robotics companies are on blazing-hot growth trajectories and need rapid access to liquidity to help them meet ambitious growth goals. As such, they are ideal targets for a special purpose acquisition company, or SPAC, a decades-old but suddenly hot financial strategy in which a company is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.

The new-age industry and the rejuvenated financial model converged on Wednesday...

Electric chassis maker Xos Trucks agrees to $575M SPAC merger

Electric truck chassis maker Xos Trucks is going public with blank check backing from a special purpose acquisition company (SPAC). Xos will merge with NextGen Acquisition Corp. at an implied market capitalization of $2 billion.

North Hollywood, California-based Xos will get $575 million raised by NextGen (NASDAQ:NGAC) . NextGen raised $335 million through an initial public offering in which investors gave NextGen a “blank check” to pursue a merger. Another additional $220 million came via a...$575m-spac-merger

SPAC: Ενας δημοφιλής τρόπος για την εισαγωγή στη Wall Street

Ελληνικών συμφερόντων εταιρεία εισήχθη την περασμένη εβδομάδα στην αμερικανική χρηματαγορά του NASDΑQ. Εισαγωγή που έγινε η αφορμή για το «newmoney» να καταγράψει τα τεκταινόμενα στη χρηματοδότηση μέσω Wall Street, όπως έχει διαμορφωθεί τα τελευταία χρόνια με τις συνεχείς ανατροπές στο παγκόσμιο γίγνεσθαι.

Ενας έμμεσος τρόπος εισαγωγής στο χρηματιστήριο χωρίς να κάνει IPO είναι το Special Purpose Acquisitions Company (SPAC) που έχει γίνει πολύ δημοφιλές και στο οποίο στρέφονται εταιρείες απ’...

The Daily Dash: LTLs on the rise; strong freight fundamentals remain in place for 2021

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, UBS has initiated coverage on several less-than-truckload carriers, and it is seeing favorable conditions moving forward for the sector. Plus, U.S. Xpress executives see the fundamentals for a strong freight market staying in place well into 2021, and a new SPAC is targeting transportation and logistics companies in America’s heartland.

LTL’s sunny forecast

The less-than-truckload carriers got...

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