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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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...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...