Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Delaware court finds broad D&O coverage for directors and officers in SPAC claim, UpHealth SPAC lawsuit advances against GigCapital’s Avi Katz, and SoFi named World’s Most Innovative Company
Delaware Court Finds Broad D&O Coverage for Directors and Officers in SPAC Claim
A Delaware court recently issued a significant opinion in a directors and officers liability claim involving a special purpose acquisition company.
In an issue of first impression in Delaware, the Superior Court in Clover Health Investments Corp. (NASDAQ:CLOV) v. Berkley Insurance Co. held that directors and officers of the post-merger entity were “Insured Persons” under the SPAC’s D&O policy because they were acting in “functionally equivalent” roles to directors and officers of the SPAC when the alleged pre-merger wrongful conduct took place.
READUpHealth SPAC Lawsuit Advances Against GigCapital’s Avi Katz
Backers of the blank-check merger that took UpHealth Inc. public lost their bid Wednesday to end litigation in Delaware over claims they duped investors into approving the transaction.
Vice Chancellor Lori W. Will let the proposed class action move forward, saying it’s plausible Israeli businessman Avi S. Katz and other affiliates of GigCapital—which sponsored the shell company that combined with UpHealth—were driven by the deal’s lopsided structure to mislead shareholders about its details.
SoFi Named to Fast Company’s Annual List of the World’s Most Innovative Companies for 2023
SoFi Technologies, Inc. (NASDAQ: SOFI) has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023.
This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. These companies are setting the standard with some of the greatest accomplishments of the modern world. In addition to the World’s 50 Most Innovative Companies, 540 organizations are recognized across 54 sectors and regions.
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions.
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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...