Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bitfufu among creditors of Sam Bankman-Fried’s FTX, tech startups shun Singapore and Hong Kong for U.S. SPACs, and City Council to introduce $10.1M incentives package for Paysafe
Bitmain-Backed Crypto Mining Company Among Creditors of Sam Bankman-Fried’s FTX
Singapore-based Bitfufu, backed by Chinese mining rig giant Bitmain, has filed claims for $11.7 million against crypto exchange FTX, which has revealed it owes more than $3 billion to its largest creditors as its bankruptcy process gets under way.
The claims were submitted by Bitfufu’s subsidiary Ethereal Tech last week, according to Kroll, a U.S. restructuring administration firm appointed by FTX. The company is among 13 unsecured creditors that has so far handed in claims against the collapsed crypto empire founded by former billionaire Sam Bankman-Fried.
Tech startups shun Singapore and Hong Kong for U.S. SPACs
Singapore and Hong Kong startups are sidestepping their home stock exchanges to merge with SPACs in the U.S., as fundraising vehicles in the Asian financial hubs have yielded little on their exit plans.
Information from financial data provider Refinitiv shows that at least nine Singapore and Hong Kong companies this year have announced plans to go public with SPACs listed in the U.S., despite the cities offering a number of these shell companies since the first quarter — none of which has merged successfully with a target business.
READCity Council to introduce $10.1 million incentives package for Paysafe headquarters
The Jacksonville City Council is expected to introduce legislation Nov. 22 that would award $10.1 million in cash grants to online payment provider Paysafe Ltd. (NYSE:PSFE) to bring its North American headquarters and 600 jobs to Northeast Florida.
The bill, filed Nov. 16 by Mayor Lenny Curry’s administration, includes an exhibit estimating the city’s incentives package for London-based Paysafe’s $51.5 project would have a negative return for taxpayers.
In March 2021, Paysafe merged with Foley Trasimene Acquisition Corp. II, a SPAC, that was founded by Fidelity National Financial Inc. Chairman Bill Foley.
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Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...