Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Pershing Square asks judge to toss investor suit; Aurora appoints trucking expert to its Safety Advisory Board
Ackman’s Pershing Square SPAC Asks Judge to Toss Investor Suit
Bill Ackman’s Pershing Square Tontine Holdings Ltd. (NYSE:PSTH) said a federal judge should throw out a lawsuit from a shareholder who alleges that the SPAC is operating illegally as an investment company, reported Bloomberg Law.
The claims should be tossed because the purpose of a SPAC is only “to effect a business combination, not manage a portfolio of investment securities,” Pershing Square Tontine said in a letter to the judge on Friday. SPACs like PSTH are “fundamentally distinct” from investment companies and have to choose assets that are cash equivalents that “do not materially fluctuate in value and are held in trust,” the firm said.READ
Aurora Welcomes Trucking and Freight Expert to Company’s Safety Advisory Board
The self-driving company Aurora is welcoming freight and trucking safety expert Karen Rasmussen to its Safety Advisory Board, further strengthening its steadfast commitment to delivering its technology to market safely.
Aurora, which announced earlier this summer its plans to merge with Reinvent Technology Partners Y (NASDAQ: RTPY), expects to be listed on Nasdaq with the ticker symbol AUR on November 4.READ