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.READ
SEC 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.READ