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.
READAurora 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.
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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...