Wilbur Ross’s SPAC in Talks to Merge With GaN Systems: Report

GaN Systems, which specializes in gallium-nitride technology for products such as semiconductors and transistors, is in talks to go public through Wilbur Ross’s Ross Acquisition Corp. II, Bloomberg reports, citing people with knowledge of the matter.

Terms could change and the talks could fall apart, the sources said.

The SPAC raised $300 million in a March IPO to target companies engaged in EVs, renewable energy and tech. Read more.

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Leisure Acquisition Will Appeal Nasdaq Delisting

Management in a statement said the SPAC's securities will be immediately eligible to trade on the OTC Markets system on June 3. Although trading, if any, will occur in the OTC market, the SPAC will remain technically listed on Nasdaq pending the expiration of all review and appeal processes.