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SPAC Crackdown Threatens Gauzy Forecasts That Power EV Startups
Source: By Crystal Kim, Bloomberg • Posted: Tuesday, May 4, 2021
The marriage between SPACs and clean-tech vehicle startups is on the rocks as regulators push for detail on the one thing most of them lack: a solid business.
Stocks of electric-mobility firms like Nikola Corp., Lordstown Motors Corp. and Romeo Power Inc. that went public by merging with special-purpose acquisition companies are down at least 69% from dizzying peaks, as investors question whether their visions for a greener future are divorced from reality.
For months, the SEC has raised concern that investors aren’t fully informed of risks embedded in SPACs, also known as “blank-check” companies. The agency warned in early April that the safe-harbor provision which allows sponsors, targets and others to make business projections protects participants only from private ....

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