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.
READSPAC Deja Vu There’s been a lot of talk this year in the SPAC market about how it’s finally reverting back to a healthier version of deal flow and the comparison is always, “….like 2019”. In fact, in 2019, Trump was in office and there were 59 SPAC IPOs priced. As of this morning, Trump...
This year has seen a variety of innovations for SPACs to continue the lifespan beyond their traditional search windows. In general, this creativity is welcome as long as investors get their chance to have a say and a redemption opportunity at the appropriate time. But, in the second half of 2024, some SPACs have not...
At the SPAC of Dawn US market futures are green after the gut punch of news on slowing rate cuts, but there are now fresh concerns that the post-election rally may be short-lived. New clouds could be on the horizon as well in the form of a potential government shutdown as well as the implementation...
At the SPAC of Dawn As the countdown to the Fed’s 2 pm ET rate cut decision tick down, the space sector continues to be one of the main areas of SPAC activity most unblemished from the volatility ahead of the move. AST SpaceMobile (NASDAQ:ASTS) and Intuitive Machines (NASDAQ:LUNR) each finished up significantly in Tuesday...
At the SPAC of Dawn De-SPACs have continued to be able to raise significant capital this quarter. This morning, two more companies launched share offerings while another pulled in private capital funding from a strategic partner. This is a good sign for the ability of SPACs to raise PIPE capital for any forthcoming deals as...