Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Vista Equity considers SPACs, ousted founder of Velodyne wants directors off the board, and Ackman deal remains elusive
Robert Smith’s Vista Equity Weighs Joining Rivals With Two SPACs
Vista Equity Partners is exploring raising two SPACs despite a slowdown in issuance in the vehicles that have gained mainstream popularity and even inspired a hip-hop track.
Vista, led by billionaire Robert F. Smith, last month registered entities named V-Acquisition I Corp. and V-Acquisition II Corp. with the U.S. Securities and Exchange Commission, according to data reviewed by Bloomberg.
READThe Founder of Lidar Maker Velodyne Is Going To War With His Own SPAC
David Hall, the founder of leading lidar manufacturer Velodyne, is going to war with the SPAC that acquired his company. In a letter, Hall is calling for the resignation of two of the company’s SPAC-appointed board directors, whom he blames for Velodyne’s “poor financial performance.”
“I will not stand idly by and watch the board squander Velodyne Lidar’s bright future with what I believe is a lack of strategic focus and poor corporate governance,” Hall writes.
READAckman Says Hopes to Make Announcement on SPAC Target Within Weeks
Ackman told investors on a quarterly call that his team is “working to complete the transaction” and that he likes the business and loves the management team.
If however the deal should collapse, Ackman said he would then move on to his next target. Either way, he said he would offer an update.
The SPAC Overcorrection
“It’s not even the SPAC market that’s tightening; it’s the pipe market,” Scott Gallaway tells the Intelligencer.
On the latest Pivot podcast, Kara Swisher and Scott Galloway discuss why the shell companies have fallen out of favor — and why they will likely have an enduring place in the market regardless.
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YHN I (NASDAQ:DTSQU) has filed for a $60 million IPO today and brought with it a number of questions, chief among them: who is their underwriter? This is the first entry into SPAC underwriting for Lucid Capital Markets, a firm that does not appear to have a web presence or much of an existing reputation...
WinVest (NASDAQ:WINV) has entered into a definitive agreement to combine with ecommerce platform Xtribe at an equity value of $141 million. London-based Xtribe provides an ecommerce and ad-targeting marketplace connecting buyers and sellers in their local areas. The combined company is expected to trade on the Nasdaq once the deal is completed in late 2024....
At the SPAC of Dawn The long drought of new SPAC deals broke yesterday evening with WinVest‘s (NASDAQ:WINV) announcement of a $141 million ecommerce deal. It came exactly one month after the last deal, Blockchain Coinvestors‘ (NASDAQ:BCSA) announced tie-up with fintech Linqto. Before this, the SPAC market had scarcely gone two weeks without a fresh...
Thunder Bridge Capital Partners IV (NASDAQ:THCP) this week announced it believes it is nearing an SEC approval for its combination with Japanese crypto market place Coincheck, enough so that it aims to make it file its first public registration statement after previously filing them confidentially. Progress on the deal is surely welcome as it is...
At the SPAC of Dawn With the pricing of GP-Act III (NASDAQ:GPATU) this morning, May has already become the second most productive month for SPAC IPOs with two. February saw three get through, but the pair of May SPAC IPOs is encouraging both because they come just nine days into the month and follow a...