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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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...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...