Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Investor Paul Conway targets top European football club, Tomorrow.io to power Amazon Alexa’s weather app, and lack of insurance for SPAC directors expose risks for Hong Kong deals
U.S. Investor Paul Conway Targets Top European Football Club
Paul Conway, the U.S. media executive turned European football club owner, is targeting one of the region’s elite teams for his next bet on the sport.
Conway said he’s looking to take a minority stake in a club with an enterprise value of $250 million to $500 million in one of Europe’s top five leagues in England, Spain, Germany, Italy or France. Any deal will be funded by Counter Press Acquisition Corp. (NASDAQ:CPAQ), a blank-check firm he set up with partners including investor Michael Kalt.
READTomorrow.io to Power Amazon Alexa’s Leading Third Party Weather App, Big Sky
The Tomorrow Companies Inc. (“Tomorrow.io”), developer of a leading platform for global weather and climate security, today announced that Big Sky, the leading third-party weather app on Amazon’s Alexa Echo will now be powered by Tomorrow.io. Described as one of the 7 essential Alexa Skills, Big Sky brands itself as “better weather for Alexa” and has more than 100,000 monthly active users, more than 8,000 reviews and an average user rating of 4.6 out of 5 stars.
In December, Tomorrow.io announced plans to list on Nasdaq through a merger with Pine Technology Acquisition Corp. (Nasdaq: PTOC).
READGaps in Insurance for SPAC Directors Expose Risks For Deals in Hong Kong
The dearth of insurance that protects directors of SPACs from legal liability could hold back M&A and prove to be a setback for Hong Kong’s new listing regime, according to sponsors and insurance players.
The lack of so-called directors and officers (D&O) liability insurance in Hong Kong has been cited as a risk factor by sponsors of SPACs.
There are only “a handful” of insurers in Hong Kong that offer D&O insurance to SPAC directors, and the premium can be five times more expensive than that charged for a traditional IPO, said Murray Wood, Asia-Pacific head of specialty products at global insurance broker Aon.
Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...
Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Momentus SPAC backers accused of deliberately engineering a catastrophic deal Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...