Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC sues investment firm for not disclosing conflicts of interest, and Rumble sets new monthly active user record
SEC Sues SPAC Adviser for Not Disclosing Conflicts of Interest
The US Securities and Exchange Commission sued an investment firm on Tuesday for failing to properly disclose conflicts of interest tied to SPACs– the latest example of Wall Street’s main regulator clamping down on the once white-hot market.
The SEC alleged that Perceptive Advisors didn’t make to clear to investors that the sponsors of multiple SPACs it had formed were owned by both the firm’s personnel and a private fund that it had advised. The firm also didn’t file a form disclosing its ownership of a public company on time, the agency said in a statement.
Perceptive, which didn’t admit or deny the SEC’s allegations, agreed to pay a $1.5 million penalty to settle the case. In a statement, the firm said that it fully cooperated with the SEC and identified the disclosure gaps.
READRumble Sets New Monthly Active User Record in August Citing Growth Among ‘Gen Z’ Users
Rumble, the video-sharing platform, announced that its user base reached a new record in August, increasing its global monthly active users (MAUs) to 78 million, representing 77% year over year growth. In addition, the company announced a new record for MAUs in the United States and Canada with 63 million, representing 103% year over year growth. Rumble also noted that a substantial portion of this growth came from users in the 18- to 24-year-old ‘Gen Z’ age group.
In December 2021, Rumble announced a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...
PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...
Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....
Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...