Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Saudi stock exchange CEO sees strong IPO pipeline, and Grove Collaborative products now available at more than 4,000 stores
Saudi stock exchange CEO sees strong IPO pipeline in busy year
The Middle East is having a banner year for IPOs on the back of high oil prices, investor inflows and strong demand for share sales. “What we’ve seen so far is great indications that this will not slow down in terms of pipeline,” Mohammed Al-Rumaih, CEO of the Tadawul stock exchange, said in an interview on the sidelines of Saudi Arabia’s Future Investment Initiative conference in Riyadh.
Special purpose acquisition company listings – which exploded on Wall Street at the height of the pandemic but have since largely fizzled out – are also on the bourse’s radar, Al-Rumaih said, while stressing that the timing of such a new product needs to be carefully planned.READ
Grove Collaborative products now available at more than 4,000 stores
Grove Collaborative (NYSE:GROV) products are popping up in stores all across the US, and two new retailers, Harris Teeter and H-E-B, are now stocking Grove Co., its sustainable home care brand.
Grove Collaborative is a leading sustainable consumer products company and Certified B Corp, and merged with Virgin Group Acquisition Corp. II, a publicly-traded special purpose acquisition company, earlier this year.
This expansion is the latest distribution landmark for the company, following its recent expansions into CVS, Kohl’s, Meijer and Giant Eagle, as well as increasing its range that is available at Target.READ
Big Four Shunned SPAC IPOs But Now Flock to Audit New Companies
When SPACs became Wall Street’s favorite way to take companies public, the Big Four accounting firms steered clear, leaving audit work to smaller outfits churning out hundreds of fast, cheap audits of the blank-check vehicles.
For those freshly minted public companies that emerged from the boom, it’s been a different story. The largest firms — Deloitte & Touche LLP, PricewaterhouseCoopers LLP, KPMG LLP, Ernst & Young LLP and their affiliates— audit almost two-thirds of the approximately 330 companies that went public through special purpose acquisition companies since 2020 and are still trading today, according to Bloomberg data. EY and its affiliates lead the Big Four in the de-SPAC client market, with 65 companies that went public via SPAC on its roster.READ
Regulatory challenges to allowing SPAC IPOs in Indonesia
Regardless of the benefits that a SPAC provides, the current regulatory framework in Indonesia presents several regulatory challenges that will need to be addressed before SPAC IPOs (and de-SPAC) can be implemented in Indonesia.
An important provision under the Indonesian Company Law that needs to be observed concerns merger requirements. The law requires a joint merger plan document to include, among other things, the financial report of each merging company for the past three years. This is quite different from an acquisition transaction, where the law only requires the latest financial report of each of the acquiring and target companies.READ
D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...
EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...
What is your life insurance policy worth while you’re still living? This week, we speak with Abacus Life President and CEO Jay Jackson who may just want to buy yours. Abacus Life has made a business of buying consumer life insurance policies for upfront payments and holding them until maturity. To help bring this particular kind of transaction...
Golden Falcon (NYSE:GFX) has entered into a definitive agreement to combine with freight aviation company MNG Airlines at an enterprise value of $676 million, or 5.8x its LTM adjusted EBITDA. Istanbul-based MNG Airlines operates air freight services to four continents with a fleet of nine jets. The combined company is expected to trade on the...