Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nikola to pay SEC penalty, Cohn Robbins SPAC discusses merger with Allwyn, and SEC demands Chinese firms bolster risk disclosures for investors
Nikola to Pay $125 Million SEC Penalty Over Milton Comments
Nikola Corp. (NASDAQ:NKLA) will pay a $125 million penalty to the U.S. Securities and Exchange Commission over allegedly misleading statements its founder and former chief executive officer made to investors about the electric-vehicle startup.
The former CEO, Trevor Milton, deceived investors about the company’s technological advancements, in-house production capabilities and truck reservations, according to a Tuesday statement from the SEC. Nikola settled the SEC’s allegations without admitting or denying wrongdoing.READ
Cohn Robbins SPAC Discusses Merger Deal With Lottery Operator Allwyn
Cohn Robbins Holdings Corp. (NYSE:CRHC), the blank-check firm led by former Goldman Sachs Group Inc. executive Gary Cohn and Clifton Robbins, has held talks to merge with Allwyn, a Europe-focused lottery operator which also has digital-gaming and sports-betting businesses, according to people with knowledge of the matter.
The Cohn Robbins SPAC has attempted to raise a PIPE to support the transaction.READ
SEC Demands Chinese Firms Bolster Risk Disclosures for Investors
Chinese companies trading in the U.S. must disclose more about the risks they can pose for investors, according to new guidance from the Securities and Exchange Commission.
The firms need to make more specific and prominent disclosures to comply with federal securities laws, the SEC’s unit in charge of reviewing corporate filings said Monday. The agency also said that SPACs should disclose whether their sponsors or majority of executives are based in China, or whether a merger target is located there.READ