The Latest SPAC News and Rumors: January 27, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Eli Manning-backed SPAC pulls IPO and Singapore hosts third SPAC listing

Eli Manning-Backed Brand Velocity SPAC Pulls Plans for IPO

Brand Velocity Acquisition Corp., the blank-check firm whose advisers include former National Football League quarterback Eli Manning, dropped its plans for an initial public offering.

The SPAC asked to withdraw its registration for an IPO in a filing Wednesday with the U.S. Securities and Exchange Commission. The company filed last March to raise $200 million to seek a merger target, saying it planned to focus on “a branded consumer-facing businesses in North America.”

The SPAC is controlled by private equity firm Brand Velocity Partners, which was founded in 2019.

Singapore Hosts Third SPAC Listing; Novo Tellus-Backed Firm Makes Debut

Southeast Asian industrial technology buyout fund Novo Tellus Capital Partners listed its SPAC in Singapore on Thursday, marking the third such IPO this month as the city-state seeks to become a hub for SPAC listings.

Novo Tellus Alpha Acquisition, which raised S$150 million ($111 million), traded at S$4.96 versus its IPO price of S$5 per unit. Each unit comprises one Class A share and one half of a warrant exercisable at S$5.75 per share.