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
The Fed crushed the bubble in special purpose acquisition companies, Chamath Palihapitiya said, deflecting blame for the poor performance of companies he took public in recent years.
“Nobody forced anybody to invest in anything,” the venture capitalist, who is also known as the “SPAC King,” told the New York Times, adding that Fed rate hikes ended the era of cheap money that allowed so-called blank check companies to thrive.
The comments doubled down on his previous attempts to pin the responsibility on the central bank and its chairman. “The long-term regime in which we operate has changed,” he said at a conference in Manhattan in October. “That is not in the control of one human being except Jerome Powell.”
READHong Kong is set to regain top-three IPO ranking in 2022, says KPMG China
Following a resurgence in IPO activity in the second half of the year, the Hong Kong Stock Exchange is expected to rank third globally in terms of total funds raised in 2022. With a solid pipeline of companies planning to list in the year ahead, the Hong Kong IPO market is expected to continue this momentum into 2023.
Additionally, the Hong Kong SPAC regime has had a steady start, with 14 special purpose acquisition companies submitting IPO applications, of which four have listed.
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Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...
Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...
Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...
Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...