Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Former Sony PlayStation CEO launches $225 million gaming SPAC and EToro’s valuation dips over 15% to $8.8B after amended deal
Early Sony PlayStation Boss Launches $225 Million Gaming SPAC
The former CEO of Sony Computer Entertainment America, who helped make the PlayStation a popular gaming console, is leading a $225 million SPAC that’s pursuing a deal in the video game industry.
Jack Tretton, who started his career at Sony in 1995, is now the CEO of PowerUp Acquisition Corp. (NASDAQ:PWUP), according to a prospectus filed Wednesday with the Securities and Exchange Commission. Joining Tretton on the management team is Bruce Hack, former CEO of Vivendi Games and vice chairman of Activision Blizzard Inc. from 2008 to 2009.
READEToro’s Valuation Dips Over 15% to US $8.8B After Amended SPAC Deal
Betsy Cohen-backed blank-check company FinTech Acquisition Corp V (NASDAQ:FTCV) said on Thursday, Dec 30, it had amended the terms of its merger with Israel’s eToro, cutting the online stock brokerage’s valuation to US$8.8 billion from US$10.4 billion.
FinTech said in a regulatory filing the companies will not be able to meet the required closing conditions for the deal by Dec 31, and hence had extended the deadline to Jun 30, 2022.
One of the conditions that could not be met was an effective submission of filings by eToro with the US Securities and Exchange Commission that are required for the registration of certain securities by foreign issuers, FinTech said.
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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...
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...