Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: New listing rules could bring more SPACs to Hong Kong Exchange; Virgin Orbit invests in startups as it wraps up SPAC merger
Surprise New Rules Could Bring More SPACs to Hong Kong Exchange
The city’s exchange on Dec. 17 unveiled its rule book for SPACs to take place in the Asian financial hub, while keeping a strict regime to safeguard investors. The new rules could provide a much needed bump after a significant slowdown in IPOs here in the second half of the year amid a crackdown in China and increased market turmoil.
Until now, Hong Kong had struggled attract to SPAC listings as it had arguably taken the most careful approach among major exchanges.
READVirgin Orbit Investing in Startups As SPAC Merger Wraps Up
As Virgin Orbit prepares to complete its merger with NextGen Acquisition Corp. II (NASDAQ:NGCA), the launch provider has announced a series of partnerships and investments to diversify its business.
Among the announcements was a $30 million Series B investment by Virgin Orbit into Polish company SatRevolution Dec. 14, valuing that company at $150 million. SatRevolution is developing a smallsat constellation of imaging satellites and has launched some of its satellites on Virgin Orbit’s LauncherOne.
Virgin Orbit announced Dec. 15 it is taking a 17.5% stake in Hypersat, a Virginia-based geospatial analytics company developing a constellation of hyperspectral imaging satellites that will be launched by Virgin Orbit.
On Dec. 21, Virgin Orbit said it was taking an equity stake into Horizon Technologies, a British company developing satellites for maritime domain awareness.
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At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
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...