Chinese Autonomous Yacht Ride Rental Company Said to Mull $1B SPAC Deal

 Zero Degree New Energy Technology (Guangdong) Co., Ltd., an autonomous yacht manufacturer and ride operator, is mulling going public through a merger with a SPAC, according to India Shorts.

The company intends to be listed on Nasdaq around the first quarter of 2024 at the earliest, with an estimated valuation of $1 billion.

Founded in 2021 and headquartered in Guangdong-Hong Kong-Macao Greater Bay Area, Zero Degree specializes in research and development of alternative energy yachts and boats for municipal parks and tourist destinations. Read more.

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Delaware Chancery Validates SPACs’ Charter Amendments and Share Issuances

Many SPACs, in connection with a de-SPAC merger, have approved charter amendments authorizing an increase in the number of their authorized shares of Class A Common Stock to facilitate the issuance of shares required for the merger. Class A and B stock typically voting together. The chancery court has ruled that such amendments require an additional, separate vote of Class A shares.