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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News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...
At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...
News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...
Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...
At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....