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.
READCohn 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.
READSEC 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.
READTerms 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...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...