Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Circle’s Allaire says crypto is ‘double-edged sword’ amid war, HKMA’s former chief files SPAC listing, and judge says Palihapitiya must face Clover shareholders’ lawsuit
Crypto is ‘Double-Edged Sword’ Amid War, Circle’s Allaire Says
Circle Internet Financial’s Jeremy Allaire said Russia’s attack on Ukraine highlights the paradox of cryptocurrencies for both participants and regulators.
Allaire, co-founder of the payments and financial infrastructure company behind the USDC stablecoin, said the situation is similar to the early days of the internet.
Allaire co-founded Circle in 2013 and recently reworked a deal with blank-check company Concord Acquisition (NYSE:CND) that raised its valuation to $9 billion, roughly double when the terms were first struck in 2021. Circle’s USDC stablecoin recently surpassed $50 billion in circulation.
READFormer HKMA Chief’s SPAC Files Hong Kong IPO, Eyes Fintech Targets
The former head of Hong Kong’s de facto central bank has formed a SPAC with two family members of the city’s former chief executive, as they look to bank on their credentials to raise funds for their blank check company.
Named HK Acquisition Corp, the company filed a draft prospectus sponsored solely by Haitong International on the city’s stock exchange on Monday night.
U.S. Judge Says Palihapitiya Must Face Clover Shareholders’ Lawsuit
A U.S. judge has ruled that venture investor Chamath Palihapitiya, Clover Health Investments Corp (NASDAQ:CLOV) and its executives must face a lawsuit that claims they misled investors about the health insurance company when it went public via one of Palihapitiya’s many SPACs.
U.S. District Judge Aleta Trauger in Nashville on Monday declined to dismiss the case, allowing investors to proceed with allegations Clover lied about the source of its growth and the existence of a U.S. Department of Justice probe into the company.
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AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while...
At the SPAC of Dawn After a tepid month for SPAC activity in April, prominent teams are already scheduling things to make for some fireworks in early May. AltC (NYSE:ALCC) has already been turning heads as being the rare SPAC to trade significantly above trust value before close, and it has now booked the completion...
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...