Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Betsy Cohen advises investors to look for deals abroad, Zaoui brothers join Europe’s SPAC rush, and listings flow to South Korea
Betsy Cohen Says Investors Must Look Beyond U.S. for SPAC Deals
Betsy Cohen said the hottest acronym in finance ought to go global. While she doesn’t think SPAC opportunities in the U.S. have necessarily dried up, investors should be looking abroad.
“We can do SPACs that are more European-centric, Asian-centric,” said Cohen, chairman of SPAC investment firm FinTech Masala, Tuesday during a webinar hosted by the Economic Club of New York. “We have to be packing our bags — either electronically or actually.”
READZaoui Brothers Join Europe’s Blank-Check Rush With Odyssey SPAC
Investment banker brothers Michael and Yoel Zaoui have teamed up with European executives Jean Raby, Oliver Brandicourt and Michel Combes to create Odyssey Acquisition SA, a 300 million-euro, or $357 million, vehicle that will list on Euronext Amsterdam. The SPAC will invest in European healthcare and technology businesses in the region.
READAs Singapore, Hong Kong weigh SPAC rules, listings flow to the US, South Korea
The Singapore and Hong Kong exchanges are considering loosening their listing rules to attract SPACs, but most of these blank-check companies will likely still opt for exchanges in the U.S. or South Korea, according to S&P Global.
Until now, most Asia-Pacific exchanges have effectively shut out SPAC IPOs due to their strict listing requirements. South Korea is a notable exception in the region, attracting smaller South Korea-based SPACS over the past decade. Now, Singapore and Hong Kong are hoping to reverse the trend and cash in on the SPAC craze, especially in the technology sector, as both explore a framework for SPAC listings.
As of March 2021, the number of SPACs debuting on the Korean stock markets was 50% higher than in the year-ago period, noted Leon Yee, chairman of law firm Duane Morris & Selvam, and investors in the country are increasingly more willing to consider SPACs.
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At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...