Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Kazuo Okada vows to keep up Philippine casino fight following arrest, and Sonder president, CFO to step down
Kazuo Okada vows to keep up Philippine casino fight after arrest
Gaming tycoon Kazuo Okada has vowed to fight for his interests in the multibillion-dollar Philippine casino that bears his name after his arrest in Manila this week opened a new chapter in the drawn-out dispute over the company.
Okada is facing charges of “grave coercion” in relation to the physical takeover of the Okada Manila integrated resort and casino by his associates in May. The tycoon was arrested by Philippine police on Monday upon his arrival at the Manila airport from Japan and was later released after posting bail.
The dispute has delayed indefinitely Okada Manila’s plans to list on Nasdaq by merging with 26 Capital Acquisition (NASDAQ:ADER), a special purpose acquisition company, in a deal that would value the casino at $2.5 billion.
READSonder President, CFO to Step Down, Join Board
Sonder Holdings (NASDAQ: SOND) president and CFO Sanjay Banker will step down from those positions and join the short-term accommodation provider’s board of directors, effective Jan. 1, 2023, the company announced Monday.
Sonder earlier this year went public through a merger with Gores Metropoulos II, Inc.
READParsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....
AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...