Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Financial firms push back on SEC, Polestar to debut electric roadster concept, and DNEG announces business update
U.S. financial firms push back on SEC bid to rein-in blank check company deals
U.S. financial industry groups are pushing to water down a draft Securities and Exchange Commission (SEC) rule aimed at reining-in special purpose acquisition companies or SPACs, arguing it could kill the industry.
The American Securities Association (ASA), the SPAC Association and the CFA Institute are among groups warning that the SEC’s proposed March rule would create too much liability for parties involved in SPAC deals, and as such goes further than traditional initial public offering (IPO) and M&A rules.
Polestar to Debut Polestar 5 Electric Performance 4-Door GT Prototype and Polestar 2 BST Edition 270 at 2022 Goodwood Festival of Speed
Polestar, the Swedish electric performance car company, is returning to the Goodwood Festival of Speed on 23 June 2022 and will debut a Polestar 5 prototype and the new high-performance, limited-edition Polestar 2 BST edition 270. Polestar’s electric roadster concept and its existing product range will also be present.
Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022.READ
Visual Effects and Animation Leader DNEG Announces Business Update
DNEG, a leading technology-enabled visual effects (VFX) and animation company for the creation of feature film, television and multiplatform content, today announced a business update for the year ended March 31, 2022.
For the full-year ended March 31, 2022, DNEG generated revenue of $409.3 million, Net Income of $39.3 million and Adjusted EBITDA of $100.6 million, equating to year-over-year growth of 33.5%, 214.7% and 22.4%, respectively. Additionally, Net Income margin equated to 9.6% and Adjusted EBITDA margin equated to 24.6% for the year.
As previously announced, DNEG entered into a Business Combination Agreement with Sports Ventures Acquisition Corp (“Sports Ventures”), a publicly-traded special purpose acquisition company (Nasdaq: AKIC), in January, 2022.READ
Fortune Rise Acquisition Corp. (NASDAQ:FRLA) announced this morning that it has changed the target of its letter of intent to combine, but only partially. The SPAC had an existing LOI to merge with its own sponsor, but since that sponsor is now a subsidiary of another company it has to combine with a different version...
LatAmGrowth SPAC (NASDAQ:LATG) announced in a filing this morning that it will once adjourn its special meeting to liquidate early a second time and will reconvene it at October 5. The proposals on its ballot would initiate the process of winding down the SPAC and return all trust capital to investors outside of $100,000 for...
Jaguar Global (NASDAQ:JGGC) announced this morning that its shareholders approved its combination with glass-maker GLAAM at a special meeting September 27. The parties have not yet released redemption figures or a timeline to close, but the combined company is expected to change its name to Captivision. Upon close its shares and warrants are to trade...
Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has tacked on $1.7 million more to the PIPE for its combination with Brazilian software firm Nuvini. The move comes as its shareholders are to vote to complete the deal later today and adds to $11.1 million in PIPE funds it secured earlier this...
Crixus BH3 (NASDAQ:BHAC) announced in an 8-K this morning that it will sell its most of its sponsor shares and warrants to a new sponsor entity, which will continue to lead the SPAC. The new sponsor is to buy up 3,746,303 promote shares (65.1%) and 4,160,000 (65%) of the original sponsor’s private placement warrrants for...