Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Better.com laid off 900 workers over Zoom day after SPAC merger deal delayed, Gensler warns execs against using SPACs to shirk rules, and Saudi bourse considers SPAC listings
Better.com’s SPAC Merger Will Be Delayed by Changes It Made a Day Before Laying Off 900 People on Zoom
Better HoldCo Inc., a mortgage and real estate startup backed by SoftBank Group Corp., is pushing back its public listing through a merger with a blank-check firm, according to Bloomberg, after amending the deal a day before it terminated 9% of its workforce.
The company will seek new regulatory approval after revising the terms of the merger with Aurora Acquisition Corp. (NASDAQ:AURC). That will push back the closing of the transaction, which the companies had previously announced was likely to happen in the fourth quarter.READ
Gensler Warns Executives Against Using SPACs to Shirk U.S. Rules
Securities and Exchange Commission Chair Gary Gensler is warning companies against seeking a tie-up with a blank-check company as a less arduous path to going public.
Gensler signaled at an event Tuesday for business executives that Wall Street’s main regulator is on the look-out for firms that want to use SPAC mergers to sidestep red tape associated with traditional IPOs.
Gensler’s comments come as the regulator steps up its scrutiny of firms involved in SPAC deals, including Lucid Group Inc. (NASDAQ:LCID) and Digital World Acquisition Corp. (NASDAQ:DWAC), which is merging with former President Donald Trump’s media company.READ
Saudi Bourse Has 50 IPO Applications for 2022, Considers SPAC Listings
Saudi Arabia’s stock exchange has 50 applications from companies for IPOs next year and is considering whether to allow SPACs to list, the Saudi Tadawul Group chief executive said on Wednesday.
Khalid al-Hussan, the CEO of bourse owner and operator Tadawul, said the exchange was discussing business models and assessing appetite for SPACs in the kingdom, but added that no legal framework had been proposed as yet.