Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bill Ackman’s SPAC gets sued, Forbes Media in talks to merge with Magnum Opus, and BlackSky awarded contract for geospatial imagery
Bill Ackman SPAC Sued, Plaintiffs Say Sponsors Got “Staggering Compensation”
Bill Ackman’s troubled SPAC Pershing Square Tontine Holdings was hit with a lawsuit this morning that alleged the blank-check company awarded “staggering compensation” to its sponsors, and asked that the entity’s special status be revoked.
The lawsuit’s plaintiffs — former SEC commissioner Robert Jackson and law professor at Yale John Morley — claimed that Pershing Square Tontine Holdings isn’t an operating company at all, but that Ackman’s SPAC instead is an investment firm, just like his hedge funds.
They said the SPAC should adhere to the Investment Company Act of 1940.
READForbes Media in Talks To Go Public Via Magnum Opus SPAC
Forbes Media LLC is discussing going public through a merger with Magnum Opus Acquisition Ltd.(NYSE:OPA), according to Bloomberg.
Forbes is set to be valued at more than $650 million in a deal with Hong Kong-based Magnum Opus, and if reached, would scuttle Forbes’s earlier talks with a consortium led by Michael Moe’s GSV Asset Management.
READBlackSky Awarded Contract to Provide Geospatial Imagery
BlackSky Holdings, Inc. (“BlackSky”), a leading technology platform providing real-time geospatial intelligence and global monitoring, today announced that it has been awarded a contract modification from the National Reconnaissance Office to provide on-demand satellite imagery through a monthly subscription.
BlackSky’s high-resolution satellite constellation will generate imagery for defense and intelligence communities to support homeland defense, national security, disaster and emergency response missions.
Earlier this year, BlackSky announced its business combination with Osprey Technology Acquisition Corp. (NYSE: SFTW) and expects to close the transaction during the third quarter of 2021.
READPalantir Invests in More SPACs, and Buys $51 Million in Gold Bars
Palantir Technologies (NYSE:PLTR) has expanded its portfolio of investments in companies going public via SPACs to well over $300 million, according to Barrons.
In its June quarter financial filing with the SEC, Palantir disclosed $250 million in commitments to a group of 10 companies through June 30. That includes eight identified by name, all previously announced—Lilium, Sarcos Robotics, Roivant Sciences, Celularity (NASDAQ:CELU), Wejo, Babylon Health, Boxed, Pear Therapeutics—and two others described as “mobility company” and “autonomous vehicle company.”
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At the SPAC of Dawn Lost in the daily assault of A.I. company news are all of the “other” companies that were created in the past decade or so. The normies. These venture-backed companies that achieved unicorn status during the boom years of 2020 and 2021 have been sidelined and much has been discussed about...
Quantum computing has been one of the hottest investment topics in the past two months and three of the leading listed companies in the space are de-SPACs. But, how close is quantum computing to generating real value and what capabilities are still years away? This week, we speak with Alan Baratz, CEO of D–Wave (NYSE:QBTS), which...
At the SPAC of Dawn The sudden burst of SPAC activity this week slowed down after the closing bell yesterday as the market faces a period sandwiched between CPI and PPI readouts. Yesterday’s CPI news and Fed Chair Jerome Powell’s comments before Congress did not provide an instant relief in terms of clarity on a...
Maywood Acquisition Corp. (NASDAQ:MAYAU) announced the pricing of its $75 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “MAYAU”, Thursday, February 13, 2025. Maywood will have a broad search focus and will pursue an initial business combination in any industry or geographic location. The team is led...
Artius II Acquisition Inc. (NASDAQ:AACBU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “AACBU”, Thursday, February 13, 2025. Artius II intends to search for a target company with a technology-enabled business with opportunities that have multiple vectors to create value post-combination....