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.
READGensler 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.
READSaudi 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.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
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...