The Daily Dish (09/29/21)
Mahindra & Mahindra is considering a SPAC Listing for its Automobili Pininfarina unit, which aims to bring a $2.2 million electric hypercar into production. Automobili Pininfarina, which has offices in Turin and Munich, is capitalizing on the two hottest trends of 2021: EVs and SPACs.
The Indian carmaker is looking to value the EV unit at around $500 million, and expects to use the funding to help the company speed up development.
Automobili Pininfarina has yet to begin deliveries of the 1900-horsepower Battista it showed as a prototype back in 2019 at the Geneva Auto Show. The Battista uses battery and powertrain technology from Croatian EV maker Rimac Automobili.
The EV maker had originally planned to produce 150 hyper-cars by 2020, but has subsequently delayed deliveries to next year. The unit sold out all five of the limited-production Battista Anniversario edition vehicles it unveiled last year, and is very happy with its sales so far.
EV startup Lucid began has begun the production of its first cars, with deliveries scheduled to begin late next month.
The milestone is crucial for Lucid, which was the first EV startup to go public through a SPAC deal which actually produces a commercial vehicle for customers. Lucid has long been viewed as a front runner to rival EV leader Tesla.
The company’s first car is a $169,000 special edition of its flagship sedan called the Air Dream Edition, which boasts an industry-leading range of up to 520 miles. Pricing for the entry-level version of the car starts at $77,400, before accounting for a $7,500 tax credit.
Lucid aims to produce 20,000 Lucid Aird Sedans in 2022 in its new factory in Casa Grande, Arizona, and expects to generate more than $2.2 billion in revenue. Lucid went public in July through a SPAC merger with Churchill Capital Corp.
The final prospectus for IRNT is coming shortly, unlocking PIPE and Warrants, ensuring massive dilution in the stock after a de-SPAC short squeeze earlier.
Brokerage House Jefferies has initiated coverage on Space Stock Redwire, stating that the company offers a diversified portfolio of space components that are well-positioned to capture emerging trends. The $15 price target means that there is a 50% upside from the current stock price.
MoneyLion’s Post Redemption Float stands at 9.1 million shares, which means that the current short interest on the stock stands at 45%.
Chinese Bitcoin mining company Saitech has announced plans to list on Nasdaq through a SPAC merger with TradeUP Global Corp, in a deal that values the firm at $228 million.
The deal will generate $45 million in gross proceeds, which will be used to invest in the company’s growth initiatives and provide additional working capital. Saitech, which was founded in 2018, offers a proprietary liquid cooling and heat exchange technology that allows for the utilization of wasted heat to provide recycled energy.
The company also operates a 15-megawatt power capacity mining operation, with an additional 90 megawatts under construction that is expected to launch in the fourth quarter. A further 200-300 megawatts is expected to be deployed by 2022.
Saitech says it’s striving to become the most cost-efficient digital assets mining operation company globally while simultaneously promoting the clean transition of the bitcoin mining industry.