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.READ
Tomorrow.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).READ
Gaps 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.
Latest Non-Redemption Agreements: EVe Mobility and Swiftmerge EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 7, EVe Mobility Acquisition Corp. (NYSE:EVE) and the sponsor entered into further non-redemption agreements with additional unaffiliated third party investors pursuant to which the investors have, in connection with the Extension Meeting, agreed not to redeem their Class A Ordinary...
Latest SPAC Liquidations: Ahren Acquisition Corp. Ahren Acquisition Corp. (AHRN) to Liquidate on June 19 Ahren Acquisition Corp. (Nasdaq: AHRN) today announced its board of directors has determined to redeem all of its outstanding Class A ordinary shares, effective as of June 19. As of the open of business on June 20, the Class A Shares...
ROC Energy Acquisition Corp. (NASDAQ:ROC) announced in an 8-K today that its shareholders have approved its combination with oilfield services company Drilling Tools International (“DTI”) during a special meeting held on June 1. At the meeting, holders of 23,008,929 shares of common stock were present in person or by proxy, representing approximately 85.69% of the voting...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...