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The Latest SPAC News and Rumors: August 24, 2022
by Marlena Haddad on 2022-08-24 at 11:34am

 


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Singapore sees more US-listed Chinese firms coming to its shores, Packable begins liquidating and announces job cuts, and Gel Blaster to use Nogin’s SmartShip program


Singapore Sees More US-Listed Chinese Firms Coming to Its Shores

Singapore Exchange Ltd. sees more listings in coming months by Chinese issuers that already trade American depository receipts, even as it grapples with delayed deals amid a global valuation slump.

Following Nio Inc.’s technical listing in May, investors can expect others will follow suit, Chief Executive Officer Loh Boon Chye said in an interview. If market conditions are supportive for the rest of the exchange’s fiscal year through June, “there would be fund-raising, but if they are not as conducive, it will be a technical secondary listing,” he added.

Potential SPACs are waiting to see mergers conducted by the first wave of blank-check companies in Singapore to see how the process unfolds, Loh said.

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Top Amazon seller Packable begins liquidating and announces job cuts after failed SPAC attempt

About a year ago, online retailer Packable was preparing to go public through a special purpose acquisition company. With the SPAC market having evaporated and the economy now sputtering, Packable is laying off staff and preparing to liquidate, according to internal documents reviewed by CNBC.

Packable is the parent company of Pharmapacks, an online seller of health, personal care and beauty products. Pharmapacks was founded in 2010 as a single brick-and-mortar pharmacy in the Bronx, New York, before it turned to the internet and established a big home on Amazon.

Highland Transcend Partners I Corp. (NYSE:HTPA) mutually terminated its combination with ecommerce service provider Packable on March 25, 2022.

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Gel Blaster to Use Nogin’s SmartShip Program

Gel Blaster, the exclusive provider of advanced backyard battle blasters with clean-up technology, has upgraded its online store fulfillment with the SmartShip program delivered by Nogin (NASDAQ:NOGN), a leading provider of innovative Commerce-as-a-Service (“CaaS”) technology.

Software Acquisition Group III recently announced that its shareholders approved its combination with software firm Nogin at a special meeting held on August 22.

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