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.
READAt 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...
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...