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.READ
Surge 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.”READ
WeWork 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.READ