Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC publishes rulemaking agenda, American Battery Materials expands board and strategic relationships, and Tomorrow.io raises $87M in Series E round
SEC Spring Rulemaking Agenda Published
A number of final rules are slated for October 2023, including the following:
- Climate change disclosure rules
- Cybersecurity risk governance rules
- SPAC rules
- Amendments to 13D/G
The Commission proposed rules and rule amendments intended to enhance investor protections in IPOs by SPACs and in subsequent business combination transactions between SPACs and private operating companies. Specifically, the Commission proposed specialized disclosure requirements with respect to, among other things, compensation paid to sponsors, conflicts of interest, dilution, and the fairness of these business combination transactions.
READSeaport Global Acquisition II : American Battery Materials, Inc. Expands Board and Strategic Relationships to Accelerate Lithium Extraction Development
American Battery Materials (OTC Pink: BLTH), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced the appointment of a new director and engagement of new team members critical to the acceleration of the Company’s development of its lithium extraction plans.
ABM has also engaged advisory firms Buenos Aires Capital Partners, and iRadia Capital to explore acquisition and joint venture opportunities to diversify its lithium platform into Latin America with a focus on Argentina.
On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”) has previously announced the signing of a definitive merger agreement for a business combination.
READTomorrow.io Raises $87M in Series E Round
Tomorrow.io announced an $87 million Series E funding round, along with the successful launch of its second satellite on this week’s SpaceX rideshare mission. Activate Capital led the round for the weather intelligence startup, and new investors include RTX Ventures, Seraphim, and Chemonics.
Existing investors SquarePeg Capital, Canaan, ClearVision, JetBlue Ventures, and Pitango participated as well.
The company initially planned on combining with Pine Technology Acquisition Corp., but later paid to end the deal, citing the poor performance of stocks for other growth-stage companies.
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Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...