Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPAC marketing heavily curtailed in draft bill, SEC subpoenas Circle Financial, and VMG Partners taps Goldman Alumna Kapoor to lead new SPAC
SPAC Marketing Heavily Curtailed in Democrats’ Draft Bill
The SPAC boom has House Democrats mulling an aggressive response: largely ban Wall Street from marketing blank-check companies to retail investors.
The proposal was posted on the House Financial Services Committee’s website ahead of Tuesday hearing featuring Securities and Exchange Commission Chair Gary Gensler, signaling topics that lawmakers intend to ask him about.
The bill cracking down on SPACs would only allow brokers and money managers to recommend blank check companies to accredited investors. Marketing such shares to smaller investors would be barred unless SPAC sponsors give up the promote.
READSEC Subpoenas USDC Stablecoin Backer Circle
Circle Financial disclosed on Monday that it is under investigation by the U.S. SEC.
Circle, a key supporter of the USDC stablecoin, said in a regulatory filing that it received an “investigative subpoena” from the SEC’s Enforcement Division in July. That subpoena requests “documents and information regarding certain of our holdings, customer programs and operations,” the filing said.
Private Equity Firm VMG Taps Goldman Alumna Aarti Kapoor to Lead SPAC
Private equity firm VMG Partners hired former Goldman Sachs Group Inc. banker Aarti Kapoor to lead a new SPAC effort, according to Bloomberg.
The San Francisco-based firm, known for its investments in beverage maker Spindrift, nut-butter specialist Justin’s and KIND snacks, is working with advisers including Credit Suisse Group AG and Moelis & Co. on an IPO of its first SPAC.
READHudson I (NASDAQ:HUDA) has signed a definitive agreement to combine with EV maker Aiways Europe at an equity value of $410 million. Munich, Germany-headquartered Aiways Europe is developing a line of EV SUVs for the European market with support from an affiliate manufacturer in China. The combined company is expected to trade on the Nasdaq...
The clearest theme for the changes to come under the incoming Trump administration is lower taxes domestically and trade barriers abroad. And, the election’s impacts on the investment climate have been broadly favorable to SPACs, but this policy-making direction could have detrimental impacts on SPAC deals themselves. That’s because international targets have made up an...
At the SPAC of Dawn Activity has been picking up in SPACland after a sleepy start to the month, but the biggest news for the this corner of the market is not SPAC-specific. SEC Chair Gary Gensler announced his intention to resign on January 20. His resignation press release touted the $21 billion in penalties...
Deals and Amendments Arogo Capital (OTC:AOGO) has received notice that its merger target Ayurcann Holdings (CSE:AYUR) has terminated their business combination citing a breach on behalf of the SPAC. Ayurcann expects to be paid a $250,000 breakup free from Arogo. News and Rumors PR: Smart TV firm Innovid (NYSE:CTV), which combined with ION 2 in...
At the SPAC of Dawn Wednesday night saw two more SPACs price their IPOs, which means November’s eight listings will now eclipse October’s haul of seven and the five IPOs of September. Amid this accelerating momentum, a new name could soon be seen on a number of new SPACs. EF Hutton rebranded to D. Boral...