Just when you think you’ve seen it all in SPAC-land, along comes a money-losing company that only recently went public via a blank-check firm announcing a merger with a second special-purpose acquisition company to save its skin. SPAC-squared, if you like.
Wejo Group Ltd., a British connected-vehicle data company, became a public company in November 2021 after combining with Virtuoso Acquisition Corp., a SPAC. On Tuesday, Wejo said it plans to merge with another blank-check firm, TKB Critical Technologies I, to secure up to $100 million in cash.
It’s also the first time I’ve seen a company that’s already completed one SPAC merger promptly turn around and do another. Former SPACs are called De-SPACs, so I guess we could also dub this a Re-SPAC….
Source: SPAC-Squared Is Wall Street’s Latest Wheeze – Bloomberg