Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Investor Paul Conway targets top European football club, Tomorrow.io to power Amazon Alexa’s weather app, and lack of insurance for SPAC directors expose risks for Hong Kong deals
U.S. Investor Paul Conway Targets Top European Football Club
Paul Conway, the U.S. media executive turned European football club owner, is targeting one of the region’s elite teams for his next bet on the sport.
Conway said he’s looking to take a minority stake in a club with an enterprise value of $250 million to $500 million in one of Europe’s top five leagues in England, Spain, Germany, Italy or France. Any deal will be funded by Counter Press Acquisition Corp. (NASDAQ:CPAQ), a blank-check firm he set up with partners including investor Michael Kalt.READ
Tomorrow.io to Power Amazon Alexa’s Leading Third Party Weather App, Big Sky
The Tomorrow Companies Inc. (“Tomorrow.io”), developer of a leading platform for global weather and climate security, today announced that Big Sky, the leading third-party weather app on Amazon’s Alexa Echo will now be powered by Tomorrow.io. Described as one of the 7 essential Alexa Skills, Big Sky brands itself as “better weather for Alexa” and has more than 100,000 monthly active users, more than 8,000 reviews and an average user rating of 4.6 out of 5 stars.
In December, Tomorrow.io announced plans to list on Nasdaq through a merger with Pine Technology Acquisition Corp. (Nasdaq: PTOC).READ
Gaps in Insurance for SPAC Directors Expose Risks For Deals in Hong Kong
The dearth of insurance that protects directors of SPACs from legal liability could hold back M&A and prove to be a setback for Hong Kong’s new listing regime, according to sponsors and insurance players.
The lack of so-called directors and officers (D&O) liability insurance in Hong Kong has been cited as a risk factor by sponsors of SPACs.
There are only “a handful” of insurers in Hong Kong that offer D&O insurance to SPAC directors, and the premium can be five times more expensive than that charged for a traditional IPO, said Murray Wood, Asia-Pacific head of specialty products at global insurance broker Aon.
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...
Latest Non-Redemption Agreements: EVe Mobility EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 5, 2023, EVe Mobility Acquisition Corp. (NYSE:EVE) and the Sponsor entered into non-redemption agreements with unaffiliated third party investors, pursuant to which the Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior...
Latest SPAC Liquidations: ST Energy Transition I, MELI Kaszek Pioneer Corp. ST Energy Transition I Ltd. (STET) to Liquidate on June 7 ST Energy Transition I Ltd. (NYSE:STET) announced today that the Board of Directors has elected to dissolve and liquidate the company. Net of taxes and dissolution expenses, the per-share redemption price for the...
Worldwide Webb Acquisition Corp. (NASDAQ: WWAC) announced this afternoon that it has secured a $5 million PIPE for its proposed merger with consultancy firm Aeries Technology. While most PIPEs are priced at $10 per share, Worldwide Webb’s $5 million subscription agreement was executed at just $4.48 per share in a private placement to be completed concurrently...