Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Pershing Square asks judge to toss investor suit; Aurora appoints trucking expert to its Safety Advisory Board
Ackman’s Pershing Square SPAC Asks Judge to Toss Investor Suit
Bill Ackman’s Pershing Square Tontine Holdings Ltd. (NYSE:PSTH) said a federal judge should throw out a lawsuit from a shareholder who alleges that the SPAC is operating illegally as an investment company, reported Bloomberg Law.
The claims should be tossed because the purpose of a SPAC is only “to effect a business combination, not manage a portfolio of investment securities,” Pershing Square Tontine said in a letter to the judge on Friday. SPACs like PSTH are “fundamentally distinct” from investment companies and have to choose assets that are cash equivalents that “do not materially fluctuate in value and are held in trust,” the firm said.
READAurora Welcomes Trucking and Freight Expert to Company’s Safety Advisory Board
The self-driving company Aurora is welcoming freight and trucking safety expert Karen Rasmussen to its Safety Advisory Board, further strengthening its steadfast commitment to delivering its technology to market safely.
Aurora, which announced earlier this summer its plans to merge with Reinvent Technology Partners Y (NASDAQ: RTPY), expects to be listed on Nasdaq with the ticker symbol AUR on November 4.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...
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...