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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Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...