special purpose acquisition company

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

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

XL Fleet expands electric truck conversions to infrastructure

Startup XL Fleet is expanding its electric drive business to creating charging infrastructure. The new division called XL Grid covers energy storage and solar power for electrified fleets.

XL Fleet’s goal is creating electrification as a service (EaaS).

“Fleet electrification requires a massive rollout of vehicle charging infrastructure. And XL Fleet has the customers and data already in place to quickly deliver charging solutions,” founder and Chief Strategy Officer Tod Hynes said in a press...

https://www.freightwaves.com/news/xl-fleet-expands-electric-truck-conversions-to-infrastructure

News alert: Transfix said in talks to go public in reverse merger

Digital freight brokerage Transfix Inc. may be the reverse merger target of a $150 million special purpose acquisition company (SPAC), according to Bloomberg.

Transfix and Tuscan are in exclusive negotiations, with terms yet to be finalized, according to a person with knowledge of the talks that Bloomberg did not identify because the discussions are private. Neither New York City-based Transfix nor Tuscan Holdings Corp. II (NASDAQ: THCA) would comment on discussions. 

Tuscan II raised $150...

https://www.freightwaves.com/news/news-alert-transfix-said-in-talks-to-go-public-in-reverse-merger

Trevor Milton can dump his Nikola stock on Monday — will he?

Nikola Motor Corp. (NASDAQ: NKLA) founder Trevor Milton no longer makes decisions for the startup electric truck maker. But he still wields significant influence. On Monday, he can sell his 91.6 million shares, about a quarter of all outstanding shares. What will he do?

Milton isn’t saying.

If he sells a large portion or all of his shares, the price of the already volatile stock likely would fall. A sudden glut could overwhelm the number of prospective buyers. 

“I can’t comment for Trevor,” Nikola...

https://s29755.pcdn.co/news/trevor-milton-can-dump-nikola-his-stock-on-monday-will-he

Laying PIPE: Additional cash raises valuations of SPAC targets

Electric vehicle and infrastructure startups continue to attract hundreds of millions of dollars from special purpose acquisition companies (SPACs) targeting business combinations and speedy public trading debuts.

Set aside the hype around the tens of billions invested in so-called blank-check companies. It is  pocket change compared to the trillions held by investment funds, venture capital and private equity, said Mark Saraiva, Cowen Inc. managing director and head of its transportation group.

“...

https://www.freightwaves.com/news/laying-pipe-additional-cash-raises-valuations-of-spac-targets

Hyliion decides against booking revenue from early trucks

Startup electric driveline maker Hyliion Holdings Corp. (NYSE: HYLN) reported a $9.1 million third-quarter loss in its first earnings report as a public company. It decided against booking $1 million in revenue from the first 20 trucks equipped with its hybrid electric system.

Remaining a pre-revenue company is not a big deal for Hyliion. Wall Street has no expectations for it to sell much or report significant profits until 2023. A more meaningful way to judge the Austin, Texas-based company is...

https://www.freightwaves.com/news/hyliion-decides-against-booking-revenue-from-early-trucks

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