Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Martin Franklin warns of more pain to come for SPACs, ShiftPixy announces special distribution of shares of Industrial Human Capital, and Betclic owner targets €7B Amsterdam listing
SPAC Pioneer Franklin Sees More Pain Coming for Blank-Check Bets
Serial blank-check investor Martin Franklin is warning of more pain to come for SPACs, recommitting to his notion that the market for the vehicles is overheated and should be governed by the same guidelines as initial public offerings.
“A lot of these companies are going to disappear,” Franklin, co-chairman at API Group, said Thursday in an interview on Bloomberg TV. “I’ve been saying this for quite some time that it was going to end badly and now it is. The reality is that we’re not finished because you’ve got a lot of companies that went public that had no business going public.”
READShiftPixy, Inc. Announces Special Distribution of Shares of Industrial Human Capital, Inc.
ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced that its Board of Directors approved a special distribution to ShiftPixy shareholders in the form of shares of common stock of Industrial Human Capital, Inc. (NYSE: AXH), in which ShiftPixy currently owns an approximate 15% ownership stake. All ShiftPixy shareholders of record as of May 17, 2022, will receive their pro rata share of AXH common stock equal in proportion to their percentage holdings of ShiftPixy common stock issued and outstanding.
READBetclic Owner Targets €7B Amsterdam Listing Via SPAC Merger
A potential listing of FL Entertainment on the Euronext Amsterdam, which is targeting a €7.2bn enterprise valuation, has been lauded as “a milestone in the history of our group”.
This comes after French media mogul Stéphane Courbit ordered for his Banijay, comprising Zodiak + Endemol Shine, venture to merge with Betclic Everest to form the aforementioned group. The business, which reported combined revenue of approximately €3.5bn and adjusted EBITDA of €609m through the past year, would be listed courtesy of a merger with special purpose acquisition company Pegasus Entrepreneurial Acquisition.
READDNEG Opens New Toronto Visual Effects and Animation Studio
DNEG, a leading visual effects (VFX) and animation studio for the creation of feature film, television and multiplatform content, officially opened its previously announced studio in the King West district of Toronto today, with more than 150 already hired, and revealed significant progress in its aggressive Canadian expansion efforts.
On January 25, 2022, DNEG announced its entry into a definitive business combination agreement with Sports Ventures Acquisition Corp. (Nasdaq: AKIC).
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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...
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...