Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Singapore Exchange to allow SPAC listings, Lucid shares tumble, and A-Rod’s SPAC backs out of merger with Panini
Singapore Rolls Out SPAC Rules
Singapore Exchange Ltd. has introduced a framework for blank-check companies to list in the city-state, the first Asian financial hub to host the vehicles whose popularity in global financial markets has surged over the past year.
SPACs will be allowed to list in Singapore starting Friday under a more liberal rulebook than initially envisioned by the exchange. The entities require a minimum market capitalization of S$150 million ($112 million), half of the amount SGX proposed earlier, while certain limits on warrants and share redemption have been removed, a statement from the bourse showed Thursday.READ
Lucid Plunges as Key Stockholders Are Freed From Trading Lockup
Luxury electric-vehicle startup Lucid Group Inc. (NASDAQ:LCID) plunged to fresh lows on Wednesday, tumbling as much as 19%, as key investors were allowed to sell shares for the first time since it went public via SPAC in July.
A-Rod’s SPAC Ends Panini Pursuit After NBA, NFL Losses
Alex Rodriguez’s blank-check firm has ended merger talks with Panini SpA after the maker of sports cards, stickers and other collectibles lost exclusive licenses related to the National Basketball Association and National Football League, according to Bloomberg.
Slam Corp. (NASDAQ:SLAM) had been conducting due diligence on a transaction set to value Panini at $3 billion or more, Bloomberg News reported in July. Those talks were ended recently, in part because of the new deals signed between several sports leagues and collectibles retailer Fanatics Inc.READ
Cambium Biomaterials Announces Partnership with Ginkgo Bioworks to Accelerate Industrial Adoption of High-Performance Biomaterials
High-performance biomaterials firm Cambium Biomaterials today announced a partnership with Ginkgo Bioworks, Inc., which is building the leading horizontal platform for cell programming.
Ginkgo, which recently announced a business combination with Soaring Eagle Acquisition Corp. (NASDAQ: SRNG), serves customers across industries seeking to develop new and better products using biology. The partnership will leverage Ginkgo’s Codebase and high-throughput facility to accelerate Cambium’s discovery, development, manufacturing and commercialization of biomaterials that deliver superior performance and sustainability across a range of industries.READ