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.READ
Boxed 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.READ
BuzzFeed 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.READ
SEC’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.READ