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

GSCW chat recap: Romeo Power CEO on importance of CV batteries

This fireside chat recap is from Day 4 of FreightWaves Global Supply Chain Week. Day 4 focuses on automotive.

FIRESIDE CHAT TOPIC: The critical nature of batteries to the success of commercial electric vehicles

DETAILS: Romeo Power Technology recently completed a business combination with RMG Acquisition Corp., a special purpose acquisition company. Romeo is now a public company with $545 million in contracts for heavy-duty truck battery packs. Investors include Republic Services and Tier 1...

https://www.freightwaves.com/news/gscw-chat-recap-romeo-power-ceo-on-importance-of-cv-batteries

Xos Trucks may be next to go public via SPAC: Reuters

Electric chassis maker Xos Trucks Inc. is in talks to go public through a merger with a special purpose acquisition company (SPAC) that could lead to a valuation of $2 billion, Reuters reported Monday.

North Hollywood, California-based Xos makes a customizable chassis with the wiring, battery mounting and axle-mounting systems for medium- and heavy-duty electric trucks. Its customers so far include United Parcel Service (NYSE: UPS), armored truck company Loomis, and Japan’s Hino Motors Ltd., a...

https://s29755.pcdn.co/news/xos-trucks-may-be-next-to-go-public-via-spac-reuters

Supply chain software provider E2Open public again via a SPAC

E2open, a provider of cloud-based supply chain solutions, is once again a publicly traded company after completing its merger with a special purpose acquisition company.

The company has completed a merger with CC Neuberger Principal Holdings 1, a SPAC put together by Neuberger Berman, a Wall Street company, and CC Capital. That SPAC had an IPO in early 2020 to raise funds for a “blank check” company, which raises capital on the strength of its management team to then take those funds, acquire a...

https://www.freightwaves.com/news/supply-chain-software-provider-e2open-public-again-via-a-spac

New SPAC looks to invest in transportation, logistics providers in ‘heartland’

A new special purpose acquisition company (SPAC) that has identified transportation and logistics as a target area for acquisitions also comes with another reason it might target a specific company: location.

In the recent S-1 filing for the MDH Acquisition Corp., the company says it is looking for acquisition targets in what it calls “the heartland.” The $230 million SPAC will search for an “initial” acquisition target in an area it described as bounded by the Rockies in the west, the East...

https://www.freightwaves.com/news/new-spac-looks-to-invest-in-transportation-logistics-providers-in-heartland

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