Blank check company Qell Acquisition ($QELLU) is concluding its first week trading on the Nasdaq and will be focusing on companies working in next-generation mobility, transportation, and sustainable industry technology sectors. The company's founder and CEO Barry Engle told Cheddar it can be beneficial for a company to go public via increasingly popular special purpose acquisition companies (SPAC) instead of a traditional IPO or a direct listing.
"In periods of volatility like we're seeing now, a SPAC becomes an excellent alternative. It's a quicker, faster route to market," he said.
Engle stressed the stability that a SPAC provides over other options. "Because of the nature of the SPAC, you're able to agree with the target company in advance what the price is. In contrast with a traditional IPO — where, depending on the day you launch, maybe you get lucky, maybe it's a bad day in the market — all of that uncertainty can be removed with a SPAC."
Now that Qell Acquisition is trading on the public market, it will be able to engage with potential targets. When it comes to businesses in industries such as next-generation mobility and transportation, Engle says his team is looking for, "companies in these spaces that are growing, that have winning technologies, and have the opportunity to take advantage of some of these large secular trends." Engle specifically pointed to a move towards electric vehicles and away from internal combustion engines.
Above all, Engle said that it's about the potential these companies have, both on Wall Street and in their particular sectors. With their technologies "these companies will have the opportunity to grow and post extraordinary growth versus the market and versus other companies."
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
