Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bridgetown Holdings nears merger with Hyphen, Bhutan’s investment arm and Bitdeer plan a $500M fund for crypto mining, and Ares’s $500M SPAC marks return of jumbo blank-check firms
Billionaire-Thiel Backed SPAC Is Said to Near Merger With Hyphen
Bridgetown Holdings Ltd. (NASDAQ:BTWN), the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is nearing a merger with financial technology firm Hyphen Group, according to people familiar with the matter.
Bridgetown has conducted due diligence on Hong Kong-based Hyphen and the firms are holding final negotiations with both existing and prospective shareholders, the people said.READ
Bhutan Plans a $500 Million Fund for Crypto Mining in the Himalayas
Bhutan’s investment arm and Nasdaq-listed company Bitdeer Technologies Group (NASDAQ:BTDR) plan to seek investors for a fund worth up to $500 million that will be used to develop green crypto mining in the Himalayan kingdom.
Fund raising targeting institutional investors will begin at the end of May and the goal is to set up carbon-free digital mining that taps Bhutan’s abundant hydroelectric power, according to a joint statement Wednesday.
Bitdeer completed its $4 billion business combination with Blue Safari in April.READ
Ares’s $500 Million SPAC Marks Return of Jumbo Blank-Check Firms
A $500 million special-purpose acquisition company backed by Ares Management Corp. (NYSE:ARES) is the first jumbo blank check firm to emerge after more than a year of mostly tiny offerings.
The alternative asset manager’s second blank-check effort shows there’s demand for SPACs amid a backdrop that has seen dozens shut down and a growing number forced to grapple with investors cashing out. Ares Acquisition Corp. II (NYSE:AACT) is the biggest SPAC offering to price since January 2022, when stock markets traded near all-time highs and hundreds of sponsors were still running to join the SPAC gold rush.READ
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...
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...