SUBSPAC

The Daily Dish (08/13/21)

Fintech Aspiration in talks to go public through $2 Billion SPAC Deal

Fintech Startup Aspiration, is in talks with SPAC InterPrivate III Financial Partners, in a deal that values the combined entity at $2 Billion. The firm boasts a network of over 55,000 ATMs and says that it can give customers who sign up for direct deposits, their pay checks two days early. Aspiration has also sought to tackle climate change through its services. The company has made a pledge to its customers that its savings and transaction fees will never be used to fund the oil and gas industry.

In addition, the company offers a program where the extra charge on transactions can be allocated to tree planting and also offsets the carbon dioxide from every gallon of gas purchased using one of its cards. Aspiration has been exploring options to go public for some time, with it being valued at $1 Billon last May. The company has doubled its customers to over 4 million in the past year. 


Momentus Will Complete SPAC Deal After Settling SEC Charges 

Space company Momentus will go public later this week after settling a lawsuit with the SEC that it mislead investors. Shares of Stable Road will convert to stock in Momentus on Friday, with the ticker symbol of the company changing fro ‘SRAC’ to ‘MNTS’. Stable Road announced that 97% of the shareholders who voted, approved the deal. Shares of Stable Road are down nearly 43% this year as the company has been embattled on numerous fronts.

Momentus has delayed missions with founder and former CEO Mikhail Kokorich leaving the company. Stable Road also faced SEC charges that it falsified the results from a prototype spacecraft test in July 2019. Stable Road and Momentus agreed to settle the charges and penalties of over $8 million in total. 


Pony.ai Is Suspending its US SPAC Merger

Self Driving startup Pony.ai has suspended plans to go public through a SPAC deal  which had valued the company at $12 Billion. The company had negotiated with SPAC deal VectoIQ Acquisition II to go public before October.

Pony.ai now operates business in both China and the US and has launched pilot commuting projects in Beijing and Guangzhou and has signed cooperation agreements with China state owned automobile group. In July, the company obtained license plates required to conduct automatic driving tests on highways. 


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