special purpose acquisition company

SPACs aren’t out of whack in 2020 (with video)

SPACs— special purpose acquisition corporations — have come a long way from being regarded as the “skunk at the garden party” to a welcome investment vehicle.

“It’s a pretty tricky world, especially given all the filing requirements with the SEC and the interaction that is required with public equity investors,” said John Larkin, an operating partner at Clarendon Capital, a private equity firm that invests solely in transportation and logistics companies. 

During a virtual fireside chat Friday as...

https://www.freightwaves.com/news/spacs-arent-out-of-whack-in-2020-with-video

Once lightly regarded SPACs are here to stay (With video)

Once a sniffed-at alternative to the traditional initial public offering, the special purpose acquisition company (SPAC) is all the rage on Wall Street. Blank check companies wielding $56 billion in cash chase startup candidates that can handle the rigor of public trading.

Vince Cubbage, CEO of Tortoise Acquisition Corp., believes SPACs are here to stay. He led heavy-duty truck natural gas-electric hybrid driveline maker Hyliion Holdings Corp. (NYSE: HYLN) from private startup to public trading i...

https://www.freightwaves.com/news/once-lightly-regarded-spacs-are-here-to-stay-with-video

E2Open, about to go public through a SPAC, gets B rating from S&P Global

E2Open, the supply chain software provider that is going public through a merger with a special purpose acquisition company (SPAC), has been given a B rating on its new debt from S&P Global Ratings.

A B rating is not investment-grade. It is roughly halfway down the scale between the strongest non-investment grade rating of BB+ and the bottom rating. (The rating below that is D, which means a company has defaulted. The highest rating at S&P is AAA, carried by only two companies in the U.S.,...

https://s29755.pcdn.co/news/e2open-about-to-go-public-through-a-spac-gets-b-rating-from-sp-global

Birth of a SPAC: Ex-GM executive hunting next-gen mobility target

Former General Motors (NYSE: GM) executive Barry Engle and his team at Qell Acquisition Corp. raised $380 million in less than a month to invest in a next-generation mobility company. Despite a record number of special purpose acquisition companies (SPACs) being formed this year, he still sees plenty of opportunity.

“The number of companies out there for whom this might be a really good alternative is infinitely larger,” Engle told FreightWaves in an interview. “Very few companies looking for...

https://s29755.pcdn.co/news/birth-of-a-spac-ex-gm-executive-hunting-next-gen-mobility-target

Hyliion CEO draws distinctions with besieged Nikola

Hyliion Holdings Corp. (NYSE: HYLN) founder and CEO Thomas Healy considered lessons from the Nikola Corp. (NASDAQ: NKLA) debacle as his startup began public trading Friday — and he became the nation’s youngest paper billionaire.

“From our end, there’s a lot of differences,” the 28-year-old Healy told FreightWaves in an interview. “One is actually having delivered products to fleets.”

Hyliion proprietary technology winds through and around electric driveline systems from Dana Corp. (NYSE: DAN), a...

https://www.freightwaves.com/news/hyliion-ceo-draws-distinctions-with-besieged-nikola

Nikola appoints new board member

Nikola Corp. (NASDAQ: NKLA) has appointed veteran finance executive Steve Shindler to its board of directors. He replaces a retiring member with close ties to founder Trevor Milton, who resigned from the company in September.

Shindler replaces Lonnie Stalsberg, who served on the board for three years. He was appointed chair of the audit committee.

Shindler most recently served as chief financial officer of VectoIQ Acquisition Corp. It is the special purpose acquisition company (SPAC) that brought...

https://s29755.pcdn.co/news/nikola-appoints-new-board-member

Breaking News: Electric pickup maker Lordstown Motors going public in reverse merger

Electric pickup truck startup Lordstown Motors Corp. (LMC) is going public through a reverse merger with a special purpose acquisition company (SPAC), the latest clean transportation company to take a fast-track to public trading.

Former Workhorse Group (NASDAQ: WKHS) CEO Steve Burns created LMC in 2019 with the purchase of a former General Motors plant (NYSE: GM) in northeast Ohio. GM is investing $75 million in LMC, including a mortgage loan to LMC and money for retooling the plant.

DiamondPeak...

https://www.freightwaves.com/news/breaking-news-electric-pickup-maker-lordstown-motors-going-public-in-reverse-merger

Flood of new and cheap shares sink Nikola stock

New shares sinnk Nikola stock

Holders of warrants for new stock and early investors who bought discounted shares in electric truck startup Nikola Corp. (NASDAQ: NKLA) poised to head for the exits after trading hours on Friday.

In a prospectus filed with the U.S. Securities and Exchange Commission, Nikola said it would receive about $274 million from the sale of 23 million new shares. Those shares will be added to the current 361 million shares.

But Nikola gets nothing from owners who purchased 53 million shares in VectoIQ....

https://s29755.pcdn.co/news/flood-of-new-and-cheap-shares-sink-nikola-stock

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