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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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...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...