special purpose acquisition company

The SPAC is back: Kodiak Robotics eyeing a merger

The SPAC is back: Kodiak Robotics eyeing a merger
(Photo: Kodiak Robotics)

The SPAC is back. Citing sources familiar with the matter, Bloomberg reports that Ares Acquisition Corp. II is in advanced talks to merge with Kodiak Robotics. Ares is a blank-check firm, led by CEO David Kaplin, that raised $450 million in April 2023 and has said in the past it could pursue a combination in any sector.

The special purpose acquisition company is “a way for a small private company — often with no revenue —...

https://www.freightwaves.com/news/the-spac-is-back-kodiak-robotics-eyeing-a-merger

Nikola seeks financial lifeline amid bankruptcy rumors

The sun may be setting for Phoenix-based Nikola Motors after a recent Bloomberg report said the electric truck maker is considering a possible sale or partnership as it attempts to raise capital to stay afloat. This is not new for Nikoka, but like a financial game of musical chairs where you burn the chairs to keep warm, there may be no more chairs left. 

MSN reported that Nikola’s stock price has collapsed to a record low. The company once worth $26 billion in 2020  is now estimated at $74...

https://www.freightwaves.com/news/nikola-seeks-financial-lifeline-amid-bankruptcy-rumors

La startup de vehículos eléctricos Canoo se declara en quiebra y cesa sus operaciones

El espacio de los vehículos eléctricos de servicio mediano sigue reduciéndose. Canoo, la startup de vehículos eléctricos de siete años, se acogió al Capítulo 7 de la ley de bancarrota y anunció el cese inmediato de sus operaciones. A presione soltar señaló que el proceso de liquidación está siendo...

https://fullavantenews.com/la-startup-de-vehiculos-electricos-canoo-se-declara-en-quiebra-y-cesa-sus-operaciones/?lang=es

Electric vehicle startup Canoo files for bankruptcy, ceases operations

The medium-duty electric vehicle space continues to get smaller. Seven-year-old electric vehicle startup Canoo has filed Chapter 7 bankruptcy and announced an immediate halt to operations. A press release noted the liquidation process is being overseen by a bankruptcy trustee in the Delaware Bankruptcy Court.

Canoo Inc., once listed on the Nasdaq Composite under the ticker symbol GOEV, was a notable player in the EV market, particularly in the electric cargo segment. Despite its partnerships...

https://www.freightwaves.com/news/electric-vehicle-startup-canoo-files-for-bankruptcy-ceases-operations

What made the froth in transportation SPACs go flat?

Special purpose acquisition companies targeting startups to take public have not gone away. On the contrary, more than 500 SPACs are currently searching for targets across all sectors. But in almost all cases, SPACs that have completed mergers with transportation companies are performing more like risky investments than they did in 2020. 

What happened?

FreightWaves spoke on background to SPAC experts who agreed to share insights without attribution. They laid out several reasons for the...

https://www.freightwaves.com/news/what-made-the-froth-in-transportation-spacs-go-flat

ELMS passes first test, delivers first EV cargo van ahead of schedule

ELMS delivers first electric cargo van

The first step in the mission to launch a Class 1 electric delivery van has been reached with Electric Last Mile Solutions announcing on Wednesday that it has delivered the first Urban Delivery van from its Indiana assembly facility.

The vehicle was handed over to Randy Marion Automotive Group, a large nationwide commercial dealership group. Just last week, the dealer announced an order for 1,000 of the EVs.

“There is no doubt that the commercial last-mile delivery market is demanding electric...

https://www.freightwaves.com/news/elms-passes-first-test-delivers-first-ev-cargo-van-ahead-of-schedule

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...

https://www.freightwaves.com/news/elms-to-show-prototype-class-3-electric-van-at-fedex-event

Grab to secure $4.5B in new funding from $39.5B SPAC merger

Singapore-based Grab Holdings announced it will go public on the NASDAQ stock exchange through a merger with special purpose acquisition company (SPAC) Altimeter Growth Corp. (NASDAQ: AGC) in a deal that will value the company at approximately $39.5 billion.

AGC was off more than 5% in morning trading following the news. It closed Monday at $13.95.

Grab will net nearly $4.5 billion in funding from the transaction, including private investment in public equity (PIPE) funding of $4 billion....

https://www.freightwaves.com/news/grab-to-secure-45b-in-new-funding-from-395b-spac-merger

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...

https://s29755.pcdn.co/news/grab-closing-in-on-35b-spac-deal-largest-ever

Viewpoint: The role SPACs play for FreightTech founders today

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

The world of investing has heard a lot about SPACs in just the past year. What used to be an avoided alternative to IPOs is now getting a spotlight for the advantages it brings in the current market conditions. As SPACs take off, particularly within the technology sector, it signals a good outlook for FreightTech founders and their startup companies. SPACs are a...

https://s29755.pcdn.co/news/viewpoint-the-role-spacs-play-for-freighttech-founders-today

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