Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Singapore’s Kacific in talks for $1B merger and Faraday Future catches attention from DoJ
Singapore’s Kacific in Talks for $1 Billion SPAC Merger, Sources Say
Kacific Broadband Satellites Ltd. is in advanced talks to go public via a special purpose acquisition company, with Singapore’s Pegasus Asia Corp. the leading contender, according to Bloomberg.
Kacific, which provides high-speed internet access by satellite, has agreed to enter into exclusive negotiations with one SPAC after months of negotiations, giving the potential partner a few weeks to conduct due diligence and finalize a deal, said the people, asking not to be named as the matter is private. Pegasus Asia, led by Chief Executive Officer Neil Parekh, won the exclusivity in part because of its deep-pocketed backers and its location in Singapore, said one of the people.READ
EV SPAC Faraday Future now has the attention of the DOJ
The DOJ’s request for information is related to the SEC probe, according to a securities filing submitted by the electric vehicle startup Thursday. Faraday said it’s “in the process of responding to, and intends to fully cooperate with, such request.”
The disclosure comes just one day after a Faraday Future said during an investor presentation that it plans to open a factory in China as early as 2025.
Property Solutions Acquisition Corp. shareholders approved its combination with electric vehicle (EV) maker Faraday Future in July 2020.READ