Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Scion of billionaire family says SPAC mergers are here to stay, Boxed and AEON launch software and services technology in Malaysia, and BuzzFeed reports 51% growth in revenue
Scion of Billionaire Family Says SPAC Mergers Are Here to Stay
Gaurav Burman, who hails from a billionaire Indian consumer-goods family, says the boom in blank-check company mergers may have eased, but don’t expect SPACs to go away.
“Obviously, there are a lot of SPACs out there looking for deals, and there’ve been some public and visible retreats,” Burman, 49, said in an interview with Bloomberg. But “sponsors that have a lot of credibility” will “be able to separate themselves from the pack.”
Jupiter Acquisition (NASDAQ:JAQCU), a SPAC co-founded by Burman, listed on the Nasdaq last month. While Burman acknowledges that he’s coming late to the party, he says his team is looking to build a long-term business, rather than just achieve a quick share-price pop.
READBoxed and AEON Announce Launch of myAEON2go Software and Services Technology in Malaysia
Boxed , an e-commerce grocery platform selling bulk consumables to households and businesses, and AEON CO, one of the largest retailers in Asia, today announced the launch of its end-to-end software and services platform in the Malaysian market with myAEON2go.
AEON will use Boxed’s proprietary e-commerce technology to power myAEON2go at over 40 locations for both in-store pick-up or on-demand grocery delivery.
Boxed initially announced its business combination with Seven Oaks Acquisition Corp. (Nasdaq: SVOK, SVOKU, SVOKW) on June 14.
READBuzzFeed Inc. Reports Results for Second Quarter and Six Months Ended June 30,2021
BuzzFeed, a leading tech-powered media company for digital content and commerce for millennial and Gen Z audiences, today announced results for the three and six months ended June 30, 2021.
In the second quarter of 2021, BuzzFeed’s revenues grew 51% over the corresponding period last year, driven by accelerating growth in advertising and commerce revenues. Adjusted EBITDA improved by $7.0 million to $5.6 million in Q2, primarily driven by continued growth in overall revenue.
890 5th Avenue (NASDAQ:ENFU) entered into a definitive agreement to combine with BuzzFeed on June 24.
READSEC’s Investor Advisory Committee to Consider Recommendations Regarding SPACs
In addition to Rule 10b5-1 plan recommendations, the SEC’s Investor Advisory Committee is slated to take up draft subcommittee recommendations regarding SPACs in a meeting today. The new SPAC recommendations address SPAC regulatory and investor protection issues that have been under scrutiny as a result of the proliferation of SPACs in 2020 and 2021.
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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...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...