Ibrahim said the performance of the two companies shouldn’t deter others, given the gloomy market environment overall. “It doesn’t have to do with the product itself,” he said, referring to SPACs.
The Latest SPAC News and Rumors: July 1, 2022
by Marlena Haddad on 2022-07-01 at 11:36am
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: eToro to abandon Fintech V deal, NYSE pitches US listings to Middle Eastern tech firms, and experts say lack of education threatens future of SPACs in UAE
Israel eToro to abandon deal to go public via SPAC merger
Online brokerage eToro and Betsy Cohen-backed blank-check firm FinTech Acquisition Corp V (NASDAQ:FTCV) are planning to let the Thursday deadline for their merger pass without closing the deal, The Information reported, citing a person familiar with the matter.
The companies had amended their agreement in late December to extend the deal deadline to June end and lower the Israel-based online stock brokerage’s valuation to $8.8 billion from $10.4 billion
READNYSE Pitches US Listings to Gulf Tech Firms Amid Global Selloff
The New York Stock Exchange is trying to lure Middle Eastern technology companies to list in the US, promising access to a broader investor base and deeper capital markets, even amid heightened volatility that’s scuppered listings worldwide.
“We have spoken to some companies in the region,” NYSE’s head of international capital markets Alexandre Ibrahim said, without naming the firms. “They could come here without a capital raise or conduct an initial public offering in the capital markets,” he said. “There are a lot of unicorns in the Middle East already.”
Spotify Technology SA rival Anghami (NASDAQ:ANGH) went public on the Nasdaq in February after its merger with a special purpose acquisition company and has since slumped more than 50% amid a broader rout in the SPAC industry. Ride-sharing firm Swvl Holdings Corp., which followed Anghami a few months later after being acquired by a blank-check firm, is down more than 30%.
Lack of investor education threatens future of SPACs in the UAE, experts say
Lack of investor education on SPACs remains a major obstacle for the new ‘listing’ route to take off in a big way in the UAE, market experts said.
The tepid progress of listing through the SPAC route remained a concern amidst the recent boom in IPOs in the country, they said.
The rush for IPO listings in UAE saw the Securities and Commodities Authority (SCA) approve in January a regulatory framework for SPACs. But the new listing route has not taken off in the same way as traditional IPOs, market experts at a panel discussion organised by the Institute of Chartered Accountants in England and Wales (ICAEW) held in Dubai pointed out.
READRecent Posts
by Nicholas Alan Clayton on 2024-11-04 at 1:57pm
Cantor Equity Partners I, Inc. (NASDAQ:CEPO) has filed for a $200 million IPO with near identical terms to its sister SPAC Cantor Equity Partners, Cantor Equity Partners (NASDAQ:CEP), giving the team a second vehicle in the mix with terms designed to be particularly attractive to targets. It would be the fourth SPAC to IPO in...
by Kristi Marvin on 2024-11-04 at 8:13am
This week, we speak with Betsy Cohen and Maxwell Smeal from the Cohen Circle Acquisition Corp. I team to get their views on the current SPAC landscape. Betsy Cohen is already a well-known figure in SPAC circles for having previously led the Fintech Acquisition and FTAC SPACs. Betsy and Max discuss the past, present and...
by Nicholas Alan Clayton on 2024-11-04 at 8:12am
At the SPAC of Dawn The first full week of November is expected to be action-packed as SPAC shareholders will be turning in scores of ballots of their own amid the US election week. The next five days are to play host to 10 extension meetings and a pair of completion votes by Atlantic Coastal...
by Kristi Marvin on 2024-11-02 at 10:01am
Terms Tracker for the Week Ending November 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Once again, the past week was all about new issuance while the DeSPAC announcements remain quiet. To kick off November, two SPACs priced IPOs to...
by Anthony Sozzi on 2024-11-01 at 3:47pm
October continued the recent trend of SPAC teams seeking additional extensions beyond their first one, as they work on closing their combinations with the remaining funds after redemptions. Meanwhile, new SPACs are launching IPOs and beginning their search processes, signaling a shift in the market. Extension Votes In October, there were 13 scheduled extension votes....