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.
READEV 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.
READAt 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...