A Spanish electric vehicle maker specializing in racing cars is to list in Amsterdam through a merger with SPEAR Investments I, testing investor appetite into a market that has all but collapsed.
The decade-old QEV Technologies, which is set to be valued at more than €200 million, comes to a once red-hot EV SPAC market which has been hit by a series of high profile failures and frauds, the Financial Times reports.
Lordstown Motors filed for bankruptcy protection in June, while Arrival and Canoo have issued “going concern” warnings that they expect to run out of funds within a year.
SPEAR Investment I, backed by corporate finance houses STJ Advisors and AZ Capital, listed in Amsterdam in late 2021. Last month, it extended a deadline to strike an acquisition to mid-August. Read more.
