Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Canoo names former diplomat as its president, and Bloomberg Law reports law firms are cashing in on de-SPACs
Electric Car Startup Canoo Names Former Diplomat As President
Electric car startup Canoo Inc (NYSE:GOEV.O) on Monday named Josette Sheeran, a former diplomat, as its president.
Hennessy Capital Acquisition Corp. IV completed its $1.84 billion business combination with Canoo on December 21.
READThe SPAC Explosion Dimmed But Law Firms Are Still Cashing Checks
SPACs are no longer raising record levels of new cash, but that’s OK with White & Case partner Joel Rubinstein. Bloomberg Law reported that Rubinstein is optimistic the summer vacations many capital markets lawyers missed out on a year ago might return this August.
While the wave of SPAC IPOs seems to have gone out as fast as it came, some Big Law capital markets attorneys have moved on to the more lucrative, second step in the SPAC process—advising blank check companies in their go-public acquisitions, known as “de-SPACs.”
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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...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...