Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Goldman Sachs and BofA scale back on SPACs, and American Express Global Business Travel announces first quarter earnings date
Goldman Sachs and Other Big Banks Hit SPAC Pause Button as Market Shifts and New Regulations Loom
Goldman Sachs Group Inc. (NYSE:GS) said it’s taking a break from handling special-purpose acquisition company initial public offerings amid a sharp slowdown in the market in recent months.
The investment bank blamed a slew of new regulations in the works by the Securities and Exchange Commission to level the playing field between traditional initial public offerings and special-purpose acquisition companies, which are shell enterprises that raise money in the stock market to buy operating companies
BofA Scales Back on SPAC Work as Bank Retreat Accelerates
Bank of America Corp. (NYSE:BAC) scaled back work with some SPACs, part of a retreat by banks including Goldman Sachs Group Inc. (NYSE:GS) and Citigroup Inc. (NYSE:C) from blank-check firms over concern about potential liability risks associated with the vehicles.
The Charlotte, North Carolina-based lender ended its relationships with some of the special purpose acquisition companies it helped take public while reviewing its policies for working with such vehicles, according to people familiar with the matter. The bank has been in discussions with clients on navigating the current environment and is continuing selective work with some deals, said the people, who asked not to be identified discussing private information.
READAmerican Express Global Business Travel Announces First Quarter 2022 Earnings Date
American Express Global Business Travel, the world’s leading B2B travel platform, today announced it will issue its first quarter 2022 earnings release before market open on Tuesday, May 17, 2022. The Company plans to post earnings materials, including a pre-recorded earnings webcast to its website at 8:00 am ET.
In December, Amex GBT entered into a business combination agreement with Apollo Strategic Growth Capital (NYSE: APSG) in a transaction that would result in Amex GBT being listed on the NYSE. The transaction is expected to close by the end of May, subject to the satisfaction of customary closing conditions.
READElectric-Vehicle Startup Canoo Sues Investor With China Ties
Canoo Inc. (NASDAQ:GOEV) accused its second-largest shareholder of wrongfully benefiting from recent share sales, and is trying in a lawsuit to claw back those profits.
The electric-vehicle startup says that DD Global Holdings Ltd., a Cayman Islands firm, should pay back more than $61 million in so-called “short swing” profits, according to a complaint filed Monday in federal court in Manhattan.
The beneficial owner of DD Global Holdings is Pak Tam Li, who has run a large investment firm in China called Beijing Zhaode. He is reportedly the son-in-law of Jia Qinglin, who was once the fourth-most senior leader in China.
Hennessy Capital Acquisition Corporation I completed its combination with EV company Canoo in December 2020.
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Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....