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.
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...