By Linda Pasquini (Reuters) -HelloFresh forecast 2023 profit below analysts' expectations on Tuesday, sending its shares down as much as 12.7%, as few.
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OUT OF ROAD. Supercar maker McLaren is trying to find a SPAC-signposted escape route. The Surrey-based manufacturer, whose sales have been slammed by the pandemic, told the Financial Times it was in talks to raise up to 500 million pounds in fresh equity, potentially through a special purpose acquisition company. That would come on top of a 300 million pound capital injection earlier this year by existing investors, including Bahrain’s sovereign wealth fund.
Given investors’ thirst for SPACs – the shares of Paris-listed 2MX Organic bounced 30% after it listed this week – that seems like a great idea. But pitching McLaren as a Ferrari-style luxury investment may be tricky: its revenue has fallen 61% and it generated negative EBITDA in the year to September, making it more akin to high-octane jalopy Aston Martin Lagonda. Even for the freewheeling world of SPACs, McLaren may be a bumpy ride. (By Christopher Thompson)