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.
READ
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...