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.
READLionheart 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.
READPolestar 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.
READSEBI 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.
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Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...