Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Solid Power partners with SK Innovation, ex-Barclays banker Azar sees more SPAC scrutiny following crackdown, and Cantor plans hiring spree
Solid Power Partners with SK Innovation to Jointly Produce All-Solid-State-Batteries
Solid Power, Inc., an industry-leading developer of all-solid-state battery cells for electric vehicles, in the process of merging with Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC), today announced a partnership with SK Innovation Co. to manufacture automotive-scale all-solid-state batteries under a memorandum of understanding and joint development agreement.
Together, the partnership is expected to enable SK Innovation to produce automotive-scale all-solid-state battery cells utilizing Solid Power’s sulfide-based solid electrolyte, proprietary cell designs and production processes.READ
Ex-Barclays Banker Azar Sees More SPAC Scrutiny After Crackdown
Former Barclays Plc banker Makram Azar, who listed his SPAC last year to scout for European tech unicorns, warned SPACs could come under yet more scrutiny by U.S. regulators after a crackdown earlier this year cooled off the market.
Stiffer oversight by the U.S. Securities and Exchange Commission “put a lid on the market that way,” Azar said in an interview in Riyadh on the sidelines of Saudi Arabia’s flagship investment forum. “They may continue to adjust the rules by the way, it’s not over yet.”READ
Cantor Fitzgerald Plans a Hiring Spree as Businesses Grow
Cantor Fitzgerald LP, the brokerage run by Chief Executive Officer Howard Lutnick, is planning a hiring spree as it looks to boost market share in its equities and investment-banking businesses.
“At this time of the year, you rarely see this type of a hiring agenda and acceleration of growth,” Pascal Bandelier, Cantor’s global head of equities, said in an interview. “We’re encouraged by what we’re seeing, so we’re moving forward.”
Cantor is looking to expand in public and private capital markets, Bandelier said , while also adding bankers for special purpose acquisition companies, or SPACs — an area in which Cantor ranks among the top three firms, according to data compiled by Bloomberg.READ
Twitter’s Vijaya Gadde to Join Planet’s Board of Directors
Planet, a leading provider of daily data and insights about Earth, today announced that Vijaya Gadde will be joining Planet’s Board of Directors. Vijaya brings over 20 years of legal, technology and business growth experience to Planet’s Board. As Planet prepares to become a public company, Vijaya’s history of leadership at high-growth, global companies will help Planet navigate the scaling of its business and products across international markets.
Earlier this year, Planet entered into a definitive merger agreement with dMY Technology Group, Inc. IV (NYSE:DMYQ) to become a publicly-traded company.READ
Investment Banks Argue Hong Kong’s Proposed SPAC Rules Are Too Rigid
Investment banks and corporate advisors are pushing back against Hong Kong’s proposed rules for blank check listings, arguing they are too onerous and will not make the city competitive, Reuters said.
Interested parties have until Oct. 31 to lodge submissions with the Hong Kong stock exchange over its proposed framework for SPACs.READ
Music Streamer Akazoo Agrees to $38.8 Million Settlement Over SEC Charges
The U.S. Securities and Exchange Commission on Wednesday said it had settled charges against Akazoo S.A., a Greek firm purporting to be a music streaming business, for $38.8 million after the firm allegedly defrauded investors out of tens of millions of dollars.
Akazoo went public via a SPAC in 2019. The SEC froze the firm’s assets a year ago as part of an investigation into claims made by the company.READ