Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: PropertyGuru nears merger with Bridgetown 2, and Rover booms following lifted COVID rules
PropertyGuru Is Said to Near $1.8 Billion Merger With Thiel SPAC
Singapore’s online real estate firm PropertyGuru Pte is nearing a deal to go public through a merger with Bridgetown 2 Holdings Ltd., the blank-check company backed by billionaires Richard Li and Peter Thiel, according to Bloomberg.
A transaction could value the combined entity at about $1.8 billion and will also include a PIPE of about $100 million to $150 million, anchored by institutional investors including Australia’s REA Group Ltd.
READDog-Walking App Booms as Workers Return to the Office and Travel
A Place for Rover Inc. said its business connecting pet owners to walkers and groomers is growing rapidly, closely tracking the rebound in airline trips. It’s one of myriad of real-time indicators of which places are opening up first and also shows some changes in behavior that may stick long after the last coronavirus rules are lifted, according to Bloomberg.
To profit from the wave of “pandemic puppies” adopted during lockdowns, in February, Rover agreed to a blank-check “SPAC” deal with Nebula Caravel Acquisition Corp. that valued the platform at $1.63 billion.
READSPACs Hit the Road to Washington
SPACs now have a trade group in Washington. The SPAC Association will include investors, sponsors, investment banks, auditors and others, Politico reported on Thursday. But with too many competing interests inside the tent, the new group’s influence on the Hill could be dulled.
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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...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...