Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Vinod Khosla says SPACs are a great alternative for tech, and Apollo’s Rowan believes the SPAC ecosystem is here to stay, while Fed’s Powell says it makes the market feel ‘frothy’
SPACs Are Great Alternative for Tech: Vinod Khosla
Khosla Ventures co-founder Vinod Khosla discusses the continuing popularity of tech companies deciding to go public via SPACs including Berkshire Grey, warehouse automation company and Khosla Ventures investment recipient.
“If you look at the biotech industry, they’ve been able to do IPOs 5-10 years before first revenue. They need to project into the future, explain their future and IPOs have been available to do that. There’s many more areas of technology that fit the same model, and for them, SPACs may be a great alternative,” Khosla said in an interview with Bloomberg Technology.
READThe SPAC Ecosystem Is Here To Stay: Apollo’s Rowan
Apollo Global Management Inc. co-founder and newly minted CEO Marc Rowan talks about how Wall Street is changing and the future of SPACs.
“I think the SPAC ecosystem is here to stay,” says Apollo’s Rowan. “We have been beneficiaries of the SPAC ecosystem, we view it simply as an extension of growth investing.”
He spoke to Bloomberg’s Jason Kelly in a wide-ranging interview for Bloomberg Live’s Invest Talks series.
READBitcoin, SPACs Make Market Feel ‘Frothy,’ Fed’s Powell Says
Federal Reserve Chair Jerome Powell comments on the state of financial markets during testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
“SPACs are getting done, bitcoin is going up in value and down in value so at times its felt like a somewhat frothy market, and you do worry about that,” said Powell.
READSoftBank Unit to Invest in Thiel-Backed Crypto Exchange Bullish
A unit of SoftBank Group Corp. agreed to invest $75 million in Bullish, the sponsor of a not-yet-operational cryptocurrency exchange, as the startup prepares to go public through a merger with a SPAC, according to Bloomberg.
SB Northstar LP will acquire 7.5 million Bullish shares for $10 each at the time it combines with Far Peak Acquisition Corp., according to documents filed July 9 with the U.S. Securities and Exchange Commission. It will also buy 3 million warrants to purchase shares of Far Peak, the SPAC taking Bullish public.
The SoftBank unit made the commitment through a $300 million private offering that Bullish held last week, according to the filings, though it was not identified in a subsequent release as one of the buyers.
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At the SPAC of Dawn It is only halfway through the month of August, but teams have already filed S-1s for 12 new SPACs, matching the total for all of July. Underwriter Cohen & Company has been responsible for half of this flow and four of its flock were rolled out just this week. This...
Tailwind 2.0 (NASDAQ:TDWDU) has filed for a $150 million SPAC to turn over a new leaf in its ongoing SPAC series. If the naming convention around Tailwind 2.0 seems strange, it is not without purpose. This is neither the second nor the third Tailwind SPAC. It is technically the fourth. The first Tailwind SPAC had...
Dynamix III (NASDAQ:DNMXU) has filed for a $150 million SPAC to accelerate the work of a new serial sponsor that is currently working to close the team’s buzzy second deal. Fresh off of a well-received deal announcement by its predecessor, Dynamix (NASDAQ:DYNX), this new SPAC is running it back with nearly identical terms. It is...
At the SPAC of Dawn What’s in a name? Apparently quite a lot. While many companies use SPAC transactions as a means of launching a rebirth, many have also taken the chance for a re-rebirth once public. This week, saw a raft of de-SPACs change their names to either move in a radically different direction...
Apex Treasury (NASDAQ:APXTU) has filed for a $250 million SPAC to bring another fresh team to the fold with some SPAC experience tucked away in its Board. The SPAC’s name would seem to tip its hand on what type of deal this team will attempt to assemble. But, the S-1 notes that a blockchain, digital...