Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bed Bath & Beyond draws interest from Tailwind SPAC, Swvl buys Turkish transit firm, and crypto platform investors sue SPAC execs over accounting
Bed Bath & Beyond Stock Jumps on Report Company Received Bids for BuyBuy Baby Unit
Bed Bath & Beyond’s (NASDAQ:BBY) shares jumped Friday on news that the company is considering offers to buy its BuyBuy Baby business.
Shares closed Friday at $17.46, up 6.85%. The news was reported by The Wall Street Journal, which cited unnamed sources. According to the report, private equity firm Cerberus Capital Management and Tailwind Acquisition, which originally announced a business combination with risk analytics firm QOMPLX before terminating the deal, are among the companies interested in the baby apparel and supplies retailer.
The home goods retailer recently struck a deal with activist investor Ryan Cohen, chair of GameStop and co-founder of Chewy, who owns a stake in the company through his firm RC Ventures. As part of the deal, Bed Bath agreed to do a strategic review of BuyBuy Baby, one of the bright spots of the company’s business. It also agreed to add three new directors to its board as part of the truce.
READSwvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree
Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
Ride-sharing startup Swvl made its debut on the Nasdaq Stock Market on April 1 after merging with blank-check company Queen’s Gambit Growth Capital.
READCrypto Platform Investors Sue SPAC Execs Over Accounting
Shareholders in cryptocurrency platform Bakkt Holdings Inc (NYSE:BKKT) sued the investment managers who took the company public via a blank check company, alleging they misled investors by improperly classifying shares.
An investor filed the lawsuit in Brooklyn on Thursday against Bakkt and five individuals associated with Chicago-based Victory Park Capital Advisors. The Chicago-based investment manager sponsored the special purpose acquisition company that took the company public last year in a deal that valued Bakkt at $2.1 billion.
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Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
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...