The Latest SPAC News and Rumors: October 18, 2021
by Marlena Haddad on 2021-10-18 at 11:45am

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

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved