Report: Why Are So Many SPAC Targets EV Companies?

Due to a lack of funding from PIPE investors, which was a precondition for the merger to take place, and in order to complete the move to the U.S. anyway, the company entered into a $100 million equity line agreement.

The SPAC was first led by Patrick Orlando, one of the original architects of the deal to take Truth Social public. Orlando was fired in March 2023 after the deal was delayed, and replaced by Eric Swider. That ouster is the focus of the lawsuit, which was filed by a company Orlando controls called Benessere Investment Group.

Resources such as connected advisors and teams with appropriate in-depth expertise in the sector and geography detailed in the thesis will be important. Profound knowledge of the players in the space will also be essential in decreasing the risk for targets and increasing the successful exit rate for future combinations.

Asian stock markets from Tokyo to Singapore are considering rule changes to allow listing of SPACs, but some industry players say the region may not attract the kind of frenzy, or the massive billions of dollars, seen in the U.S., The Economic Times reports.