Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC tightens SPAC accounting rules, Mahindra weighs funding options for electric supercar unit, and Lucid to start deliveries of electric sedans
U.S. SEC Cracks Down a Second Time on SPAC Equity Accounting Treatment
The U.S. Securities and Exchange Commission has told top auditors of SPACs to account more strictly for public shares in these shells, according to multiple industry accountants and lawyers familiar with the change.
SEC staff have privately told auditors that “redeemable” shares issued by these shells must be treated as temporary – known as “mezzanine” – equity, in a break from the long-standing industry practice of treating them as permanent equity, according to Reuters.
Mahindra Is Said to Weigh Electric Supercar Unit Funding Options
Mahindra & Mahindra Ltd. is weighing options to raise funds for its Automobili Pininfarina unit as it seeks to bring a delayed $2.2 million electric hypercar into production, Bloomberg said.
A merger with a blank-check company is one scenario being studied for Automobili Pininfarina and Mahindra could seek to value the unit at around $500 million.
READLucid to Start Deliveries of Electric Cars With Range Exceeding Tesla’s in October
U.S. startup Lucid Group Inc. (NASDAQ:LCID) said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.
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....
News and Rumors SpaceNews: Boeing (NYSE:BA) has sued Virgin Galactic (NASDAQ:SPCE) alleging the space tourism venture refused to pay $25 million it owed for design work and violated Boeing’s intellectual property rights. Virgin Galactic combined with Social Capital Hedosophia in 2019. Bloomberg: The most popular options contract for Trump Media (NASDAQ:DJT) predicts it to plunge...