Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hong Kong to allow SPAC listings next month, Belgium Proximus rises following TeleSign deal, and asset manager claims he was frozen out of Trump Media SPAC
Hong Kong Stock Exchange to Allow SPAC Listings Next Month
Hong Kong unveiled its rulebook for blank check companies, allowing for listings at the start of next year while setting a strict regime to safeguard investors.
After a consultation period on proposed rules, the city’s exchange decided to keep in place a fund-raising threshold of HK$1 billion ($128 million), while trimming the minimum required backing of institutional investors to 20, according to a conclusion released by the Hong Kong Exchanges & Clearing Ltd. on Friday.
Retail investors are still barred from investing in the SPACs as proposed.
READBelgium’s Proximus Rises After Its TeleSign Unit Agrees SPAC Merger
Shares in Belgian state-controlled telecoms firm Proximus rose on Friday after its subsidiary TeleSign agreed to merge with a New York blank-check company in a deal that would value the unit at $1.3 billion.
U.S.-listed North Atlantic Acquisition Corporation (NASDAQ:NAAC), chaired by Diageo’s former Europe chief Andrew Morgan, said on Thursday it would buy a minority stake in TeleSign for a total transaction size of $487 million.
READAsset Manager Claims He Was Frozen Out of Trump Media SPAC
An asset manager who claims he was “instrumental” in landing former President Donald Trump’s planned media company for Digital World Acquisition Corp. (NASDAQ:DWAC) claims he was removed as a potential director and cheated out of shares.
Bluestone Capital Management’s Brian Shevland said Digital World Chief Executive Officer Patrick Orlando was behind an August regulatory filing in which Shevland’s name was quietly removed from the SPAC’s board, according to a lawsuit filed in a Miami federal court on Tuesday.
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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...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...