Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Shuaa confirms talks to set up three SPACs, EV startup E.GO and Goldman-backed Echelon Fitness both explore listing options, and former BP CEO plans to list Energy Transition SPAC
Dubai’s Shuaa Confirms Talks to Set Up Three SPACs; Shares Surge
Shuaa Capital PSC said it is in early talks with investment banks to set up three SPACs, confirming a Bloomberg News report from last week.
The Dubai-based financial services firm surged 15% on Sunday, with volumes soaring to 170 times the daily average of traded shares. The stock pared gains to trade up 6% at 10:15 a.m. in Dubai.
Bloomberg reported last week Shuaa, which manages close to $14 billion in assets, had approached banks to set up three SPACs of around $200 million each to pursue deals in the energy, finance, and technology sectors.
READGerman EV Startup E.GO Weighs Listing Options Including SPAC
German EV hopeful Next.e.GO Mobile SE is in talks to go public through a SPAC or an IPO that could value the manufacturer of compact cars for shorter trips at as much as 2 billion euros ($2.4 billion), according to Bloomberg.
The company, saved from insolvency last year, may go through with the plan within the next 12 months, Chairman Ali Vezvaei said in an interview.
Goldman-Backed Echelon Fitness Is Exploring Strategic Options
Workout equipment maker Echelon Fitness Multimedia LLC is exploring strategic alternatives that could value the company at more than $1 billion.
The company tapped an adviser after receiving interest from prospective investors, and is considering options including raising at least $100 million in fresh funding, a sale or a public listing through a merger with a SPAC.
READFormer BP CEO Plans to List Energy Transition SPAC, Sky Reports
Former BP CEO Tony Hayward is in advanced talks to list SPAC Energy Transition Partners on the Euronext Amsterdam, Sky News reported Saturday.
The company is looking to raise 175 million euros ($208 million) and has hired JPMorgan Chase & Co. to work on the offering, Sky said. An announcement could be published as soon as next week.
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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...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...