Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Insurers win partial victory in SPAC D&O case, SEC settles charges against African Gold Acquisition Corp., and MNG Airlines announces $35M dividend
Insurers win partial victory in SPAC D&O case
A Delaware Court has issued a partial victory to insurers in one of the first directors and officers liability insurance coverage cases related to special purpose acquisition companies to reach a ruling.
Social Capital Hedosophia Holdings Corp. III was a publicly traded SPAC that merged with privately held Clover Health Investments Co. in January 2021, according to the Feb. 6 ruling by the Delaware Superior Court in Wilmington in Clover Health Investments Corp. et al. v. Berkley Insurance Co. et. al.READ
SEC Settles Charges Against SPAC African Gold Acquisition for Internal Control, Recordkeeping Failures
The SEC said Wednesday it settled charges against African Gold Acquisition Corp. (NYSE:AGAC) for internal controls, reporting, and record keeping violations that enabled its former CFO to misappropriate about $1.2 million from the company’s bank account.
The SEC said the SPAC made materially false filings with the agency and maintained inaccurate books and records. African Gold agreed to a cease-and-desist order and to pay a $103,591 civil monetary penalty without admitting or denying the findings.READ
MNG Airlines Announces Approximately $35 Million Dividend for Fiscal Year 2022
The board of directors of MNG has announced its intent to distribute a cash dividend of TRY 662 million (TRY 16.76 per ordinary share), or approximately $35 million ($0.89 per ordinary share) based on the exchange rate from S&P CapitalIQ as of February 17, 2023, for the fiscal year 2022 subject to the approval of its shareholders in its upcoming general assembly to holders of record of MNGA’s ordinary shares as of the general assembly date.
Assuming the previously announced proposed business combination with Golden Falcon Acquisition Corp. (NYSE:GFX) is consummated, and the Available Cash Condition of $30 million is satisfied, on a pro forma basis, this dividend would equate to $0.55 per ordinary share, resulting in a 5.5% dividend yield based on an illustrative $10.00 price per share.READ
Nikola will make Plus autonomous truck technology standard in 2024
Nikola Corp. (NASDAQ: NKLA) will test autonomous driving software from Plus on its battery- and fuel cell-electric trucks later this year and become the first zero-tailpipe-emission truck maker to make it standard in 2024.
Plus requires drivers in the cab as it opens up more autonomous features through its PlusDrive system. It is aiming for driverless operation. But it wants to log 8 billion miles of operation with safety drivers monitoring the technology before removing the driver.READ
Oak Woods Acquisition Corporation priced its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OAKU” Friday, March 24, 2023. The SPAC intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. Oak Woods is led by...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: SMX successfully marks steel at manufacturing facility in Europe, and Rainwater Tech partners with Discovery Land to generate rainfall across developer’s properties SMX Leads the Transition from Linear to Circular Production through the Success...
Between the various recent cases in the Delaware courts, such as Boxed, which involved the different SPAC voting classes, or the Multiplan case, or Arrival, all of which are in addition to the 1% excise tax on share buybacks, there has been a noticeable trend of SPACs moving to off-shore domiciles. We spoke with Derek...
two (NYSE:PIAI) announced in an 8-K this morning that it has transferred the majority of its sponsor interest to a new team led by SPAC veteran Thomas Hennessy. The new sponsor entity HC Proptech Partners III is to purchase 4,854,375 promote shares (90.9%) for undisclosed cash consideration and all current SPAC officers are expected to...
Metals Acquisition Corp. (NYSE:MTAL) announced in an 8-K this afternoon that it has entered into a silver stream equity subscription agreement, redemption backstop, and copper stream equity subscription agreement to support its combination with Glencore’s (LON:GLEN) CSA Copper Mine. On March 20, the SPAC entered into a silver stream subscription agreement with Osisko Bermuda pursuant to...