The Latest SPAC News and Rumors: June 30, 2021

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.”

Zaoui 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.

As 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.