Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Crypto-SPAC deals stuck in SEC limbo, Binance’s CEO says $200M Forbes deal is ‘changing’ and Vision Deal gets nod as Hong Kong’s second SPAC
Crypto-SPAC Deals Stuck in SEC Limbo as Token Demand Plunges
Crypto companies that have been trying to go public since last year’s boom remain stuck in a lengthy back-and-forth with US regulators, adding to the pile of challenges facing the industry.
Bids to merge with blank-check companies are getting scrutiny from accountants at the Securities and Exchange Commission because the asset class raises fresh bookkeeping issues, according to people familiar with the matter. Dates for closing multibillion-dollar deals involving Circle Internet Financial Ltd., a stablecoin issuer, and exchanges run by Bullish Global and eToro Group Ltd. have all been pushed back multiple times.
While the SEC has been stepping up oversight of all deals involving special purpose acquisition companies, the delays are particularly fraught for virtual-coin companies already reeling from a steep market downturn.
READBinance’s $200 Million Forbes Deal is ‘Changing,’ CEO Zhao Says
Binance Holdings Ltd.’s agreement to invest $200 million in Forbes is “changing” after the publisher’s deal to go public via a SPAC fell through, the crypto exchange’s Chief Executive Officer Changpeng ‘CZ’ Zhao said.
In an interview with Bloomberg TV, Zhao reiterated that Binance still wants to make the investment, though he didn’t give any details on how the terms would change.
“It’s changed a little bit, but I believe that’s still in discussions,” Zhao said, noting that Binance’s commitment to invest in Forbes was part of a broader strategy to invest in traditional media outlets.
READVision Deal gets nod as HK’s second SPAC listing
The HKEX listing of Vision Deal, a special purpose acquisition company backed by former Alibaba CEO David Wei, saw three firms advising in the HKD1 billion (USD127 million) transaction.
Kirkland & Ellis, Appleby and Freshfields advised in the second SPAC deal since the new rules allowing such listings took effect in January.
Vision Deal is expected to announce a transaction in 18 months to acquire an enterprise in China involved in smart-car technologies or supply chain and cross-border e-commerce.
READRemember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...