The Latest SPAC News and Rumors: February 23, 2023
by Marlena Haddad on 2023-02-23 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Insurers win partial victory in SPAC D&O case, SEC settles charges against African Gold Acquisition Corp., and MNG Airlines announces $35M dividend


Insurers win partial victory in SPAC D&O case

A Delaware Court has issued a partial victory to insurers in one of the first directors and officers liability insurance coverage cases related to special purpose acquisition companies to reach a ruling.

Social Capital Hedosophia Holdings Corp. III was a publicly traded SPAC that merged with privately held Clover Health Investments Co. in January 2021, according to the Feb. 6 ruling by the Delaware Superior Court in Wilmington in Clover Health Investments Corp. et al. v. Berkley Insurance Co. et. al.

READ

SEC Settles Charges Against SPAC African Gold Acquisition for Internal Control, Recordkeeping Failures

The SEC said Wednesday it settled charges against African Gold Acquisition Corp. (NYSE:AGAC) for internal controls, reporting, and record keeping violations that enabled its former CFO to misappropriate about $1.2 million from the company’s bank account.

The SEC said the SPAC made materially false filings with the agency and maintained inaccurate books and records. African Gold agreed to a cease-and-desist order and to pay a $103,591 civil monetary penalty without admitting or denying the findings.

READ

MNG Airlines Announces Approximately $35 Million Dividend for Fiscal Year 2022

The board of directors of MNG has announced its intent to distribute a cash dividend of TRY 662 million (TRY 16.76 per ordinary share), or approximately $35 million ($0.89 per ordinary share) based on the exchange rate from S&P CapitalIQ as of February 17, 2023, for the fiscal year 2022 subject to the approval of its shareholders in its upcoming general assembly to holders of record of MNGA’s ordinary shares as of the general assembly date.

Assuming the previously announced proposed business combination with Golden Falcon Acquisition Corp. (NYSE:GFX) is consummated, and the Available Cash Condition of $30 million is satisfied, on a pro forma basis, this dividend would equate to $0.55 per ordinary share, resulting in a 5.5% dividend yield based on an illustrative $10.00 price per share.

READ

Nikola will make Plus autonomous truck technology standard in 2024

Nikola Corp. (NASDAQ: NKLA) will test autonomous driving software from Plus on its battery- and fuel cell-electric trucks later this year and become the first zero-tailpipe-emission truck maker to make it standard in 2024.

Plus requires drivers in the cab as it opens up more autonomous features through its PlusDrive system. It is aiming for driverless operation. But it wants to log 8 billion miles of operation with safety drivers monitoring the technology before removing the driver.

READ

 

The Latest SPAC News and Rumors: February 23, 2023
Recent Posts
by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved