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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Terms Tracker for the Week Ending April 26, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, it was a quiet week on the new issuance front thanks to Passover and school spring break. Other than 8-ks and some amendments...
AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
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...