Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hong Kong struggles to lure SPACs while MENA SPAC activity surges; WeWork to start trading in October
Hong Kong Seen Struggling to Lure SPACs With Strict Rulebook
Hong Kong could have a hard time attracting blank check companies after it proposed a high threshold to list in the city, according to Bloomberg.
In a consultation paper released on Friday, Hong Kong Exchanges & Clearing Ltd. proposed that SPACs would need to raise at least HK$1 billion ($128 million) when listing and that retail investors would be barred from participating.
It also set an eligibility test for SPAC promoters, including having managed at least HK$8 billion for three years or possessing senior management experience at major listed companies.
READSurge in MENA’s SPAC Activity Counters IPO Drop, Says Ernst & Young
Middle Eastern businesses are increasingly making use of SPACs, a report by Ernst & Young has claimed.
The analysis shows a rise in activity involving SPACs and MENA-based firms.
Gregory Hughes, Ernst & Young MENA IPO and transaction diligence leader, said: “IPO activity during H1 2021 was below expectations, nevertheless the year did bring some remarkable deals with MENA companies showing an ever-increasing interest in SPAC transactions as a means to go public. We expect this trend to continue as companies seek to increase their international presence and gain access to a wider pool of investors.”
READWeWork to Start Trading in October, Two Years After IPO Crash
WeWork Cos. plans to begin trading its shares around Oct. 21 on the NYSE, nearing the end of a years-long journey to the public markets.
Shareholders in a SPAC set to acquire WeWork will meet on Oct. 19 to vote on the plan, the companies said in a statement.
Subject to shareholder approval, the deal will close on or about Oct. 21 and the shares will be listed after that under the ticker WE. The SPAC, BowX Acquisition Corp. (NASDAQ:BOWX), currently trades at $10.00, off its high of $13.71 in April after unveiling the merger with the New York-based real estate company.
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Terms Tracker for the Week Ending May 30, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. May went out with a bang. Four more IPOs priced this week, bringing the monthly tally to 22 and the YTD total to 53. That...
June is set to be one of the quietest months in some time in terms of sponsors and de-SPAC’d companies coming free from their lock-ups, owing to the quieter periods for transactions closing that occurred six and 12 months ago. Up first will be company shareholders for East Asian media conglomerate TNL Mediagene (NASDAQ:TNMG) on...
Pioneer I (NASDAQ:PACHU) has filed for a $220 million SPAC to hunt for a healthcare target with a mix of industry veterans heading up its team. The new SPAC is the 12th new S-1 underwritten by Cantor Fitzgerald this year as left lead as it hopes to join the 10 SPACs that the underwriter has...
At the SPAC of Dawn This week comes to an end with a flurry of SPAC votes including three special meetings called for shareholders to approve business combinations. Aetherium (OTC:GMFI) was also scheduled to seek shareholder approval for its extension proposal, but has punted this vote for two weeks to June 13. Two of today’s...
At the SPAC of Dawn After multiple days of market rallies, traders are set to ingest a full plate of economic indicators today with jobless claims coming first, followed by a GDP growth revisions, home sales and a raft of Fed comments. GDP figures for the first quarter are broadly forecast to be revised downward...