The Daily Dish (7/26/21)

Green Economy SPAC Planning Stock Market Listing
Spinnaker Acquisitions, an SPAC that is looking for target companies in the green economy, is listing on the London Stock Exchange this week.
Spinnaker is hoping to cash in on the growing focus on ESG issues in London and is looking to target businesses valued between $8 and $42 million.

The IPO comes amidst rising interest in renewable energy suppliers as the world shifts away from gas and coal. Spinnaker aims to bridge the funding gap between promising green technologies and the ‘wall of ESG money’ that exists.
Spinnaker said that it was expecting high demand from investors after raising $3 million in a private fundraising.
Thomas Barrack Drops SPAC Plans
Former US President Donald Trump’s ally Thomas Barrack, withdrew his plans for an IPO after he was charged with illegal lobbying. Falcon Peak Acquisition Corp, which had filed for a $250 million IPO in march, did not give a reason for the cancellation in its regulatory filing.
Barrack, who chaired Trump’s inaugural fund was a frequent guest at the White House and was arrested last week with charges of illegal lobbying on behalf of the United Arab Emirates.

Sponsors for the cancelled SPAC include Falcon Peak Partners, Barrack’s family office and TI Capital Management.
Barrack founded telecommunications infrastructure-focused private equity firm Colony Capital in 1991, which was rebranded as DigitalBridge Group Inc. He stepped down on DigitalBridge’s chief executive in 2020, but remains a non-executive director.
Israeli EV Platform Completes SPAC Merger
REE Automotive has completed its SPAC merger with 10x Capital Venture Acquisition Corp, with the deal valuing the company at $3.1 Billion.
The company raised over $288 million in proceeds and is now listed on Nasdaq under the symbol REE.

The total proceeds raised from the merger is less than originally expected, after some shareholders decided not to participate in the merger deal.
The company produces a modular platform which contains all the propulsion elements needed for an EV. REE announced that it would open a US headquarters in Austin, Texas with the proceeds of the SPAC merger.