Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Backers of Super Group deal hit with lawsuit and Freightos partners with Electrolux Group
Super Group’s Blank-Check Backers Hit With SPAC Deal Challenge
An investor sued architects of the blank-check merger between online gambling company Super Group (NYSE:SGHC) Ltd. and a shell entity, claiming they duped shareholders into approving a lousy deal that made insiders rich.
The lawsuit targets the finance and sports industry veterans—including former senior executives at Goldman Sachs & Co. and the NFL—who sponsored Sports Entertainment Acquisition Corp., the special purpose acquisition company that combined with Super Group to take it public. Super Group operates the digital sports betting platform Betway and Spin, an online casino.
Electrolux Group Taps Freightos for Real-Time Procurement of Air Freight
Electrolux Group, a global leader in home appliances, has announced a new partnership with Freightos (NASDAQ: CRGO), the leading global freight booking platform, to improve its freight booking process across its forwarders and carriers. The partnership follows a successful proof of concept addressing efficiencies in cost estimation, booking, and end to end tracking and air freight visibility.
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...