SPAC Track's Nightly Newsletter

Nightcap: No fireworks for Lordstown

Nightly recap of the day’s SPAC highlights (July 2nd, 2021)


The Weekly Stats:



The Stats:


The Deals:

None today


Notable News:

1) Justice Department Is Probing Lordstown Motors (article behind paywall)

The inquiry into Lordstown Motors is being handled by the U.S. attorney’s office in Manhattan and is in early stages, the people said. A spokesman for Lordstown Motors said the company is committed to cooperating with any investigations and inquiries and looks forward to focusing on production with its new leadership team.


The Securities and Exchange Commission is also looking at the company, Lordstown Motors has previously said.


The SEC first requested information from Lordstown Motors in February and has issued subpoenas regarding Lordstown Motors’ move last year to become a public company and its representations about preorders, according to company filings. Lordstown Motors has said it is cooperating with the SEC’s investigation.


Shares in Lordstown Motors fell after The Wall Street Journal’s report on the Justice Department probe, trading down around 9% in Friday morning trading to $9.42.


The criminal probe is the latest challenge for the Ohio-based vehicle maker, which has been racked with months of bad news as it approaches a September target to start limited production of a full-size electric pickup truck called the Endurance.


New S-1s


1)  Armada Acquisition Corp. I (AACI)

  • $150M, 1/2 warrant

  • Focus: FinTech

  • Management:

    • Stephen Herbert (Former CEO of USAT)


2) Genesis Unicorn Capital Corp. (GENQ)

  • $100M, 1/2 warrant

  • Focus: Healthcare

  • S-1 Link


Upcoming Dates:

Next Week’s Shareholder Meetings and Unit Splits:


Tuesday, July 6th

  • Unit Splits: Osiris Acquisition Corp. (OSI-U: $9.96)


Thursday, July 8th

  • Spartan Acquisition Corp. II (SPRQ: $9.88) Shareholder Meeting to Approve Business Combination with Sunlight Financial


Friday, July 9th

  • Unit Split: GigInternational1, Inc. (GIWW-U: $10.05)



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