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.
READDespite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
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...