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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AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...