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.
READ
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...