The Latest SPAC News and Rumors: May 19, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Ex-Gucci backer Investcorp weighs UAE SPAC, Lionheart in talks with Security Matters, and Polestar cuts 2022 delivery forecast amid China lockdown

Ex-Gucci Backer Investcorp Weighs Setting Up UAE SPAC 

Investcorp is considering listing a special purpose acquisition company in the UAE, according to people with knowledge of the matter, boosting momentum for the Middle East’s nascent blank-check market.

The Bahrain-based asset manager, which previously backed luxury brands Tiffany & Co. and Gucci Ltd., is working with banks including Moelis & Co on setting up a regional SPAC that could raise as much as $250 million.

Lionheart SPAC Discussing a Deal With Security Matters

Lionheart III Corp. (NASDAQ:LION), a SPAC has held talks with Australian technology company Security Matters Ltd., according to Bloomberg.

Lionheart has begun discussions with backers of a potential private investment in public equity, or PIPE, for a deal that would provide growth capital to Melbourne-based Security Matters, said one of the people, who requested anonymity discussing confidential negotiations. A transaction hasn’t been finalized and it’s possible talks collapse.

Polestar Cuts 2022 Delivery Forecast Amid China Lockdown

Swedish electric-vehicle maker Polestar cut its 2022 delivery forecast by 15,000 units to 50,000 vehicles on Thursday, hit by COVID-19 lockdowns in China.

“The reduction for 2022 is 100% attributable to the lockdowns in China,” the electric-vehicle maker said in a statement.

COVID-19 lockdowns in China have caused supply chain disruptions for semiconductors and components widely used in electric vehicles, hurting the ability of companies to produce them.

Polestar, which was founded by China’s Geely and Volvo Cars, is set to merge with special purpose acquisition company Gores Guggenheim Inc (NASDAQ:GGPI) this year.

SEBI Readies Framework for SPAC Listing in India

Soon India may have its own version of a blank check company. Like in the US, market regulator SEBI is likely to allow the listing of SPACs.

SEBI told the Parliamentary Standing Committee on Finance that it was deliberating on the framework of SPACs in Indian capital markets and a committee, which was set-up to look into it, is in the process of finalizing its report.