The Latest SPAC News and Rumors: July 27, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Britain revises SPAC rules, Lucid Motors rises following merger, and Joby completes flight of more than 150 miles with electric vertical take-off air taxi
Britain Eases SPAC Rules As Global Watchdog Puts Sector on Watch
Britain has eased rules for SPACs to attract more listings to London, just as global regulators have put a watch on the blank-check companies.
The Financial Conduct Authority in April had proposed an easing of the rules, waiving the suspension rule if a SPAC raised at least 200 million pounds ($275.66 million) from its float. On Tuesday, the watchdog cut this to 100 million pounds in its final version of the rules.
“The final rules aim to provide more flexibility to larger SPACs, provided they embed certain features that promote investor protection and the smooth operation of our markets,” the FCA said in a statement.
To ensure investors are protected, the FCA also said that investors have redemption rights ahead of a proposed acquisition and a shareholder vote. The new rules come into effect on Aug. 10.
READLucid Motors Shares Rise 11% in First Trading Day After SPAC Merger
Shares of Lucid Group climbed 11% in their first day of trading on Monday after the electric-vehicle company completed a blank-check merger ahead of plans to launch production later this year.
Lucid stock closed Monday at $26.83. Shares of Churchill Capital Corp. IV ended trading at $24.25 on Friday.
READJoby Completes Flight of More Than 150 Miles with Electric Vertical Take-Off Air Taxi
California-based electric air taxi company Joby Aero Inc. today announced it had achieved an important milestone in the development of its aircraft, flying a full-size prototype vehicle more than 150 miles on a single charge, including a vertical take-off and landing.
READFINRA Announces New Sweep Exams
FINRA President Robert Cook has announced that FINRA will conduct new regulatory sweeps focusing on three areas: 1) the use of SPACs to raise money in the markets; 2) social media influencers who publicly give advice on stocks; and 3) the due diligence conducted by member firms prior to the opening of options accounts.
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