Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Britain revises SPAC rules, Lucid Motors rises following merger, and Joby completes flight of more than 150 miles with electric vertical take-off air taxi
Britain Eases SPAC Rules As Global Watchdog Puts Sector on Watch
Britain has eased rules for SPACs to attract more listings to London, just as global regulators have put a watch on the blank-check companies.
The Financial Conduct Authority in April had proposed an easing of the rules, waiving the suspension rule if a SPAC raised at least 200 million pounds ($275.66 million) from its float. On Tuesday, the watchdog cut this to 100 million pounds in its final version of the rules.
“The final rules aim to provide more flexibility to larger SPACs, provided they embed certain features that promote investor protection and the smooth operation of our markets,” the FCA said in a statement.
To ensure investors are protected, the FCA also said that investors have redemption rights ahead of a proposed acquisition and a shareholder vote. The new rules come into effect on Aug. 10.
READLucid Motors Shares Rise 11% in First Trading Day After SPAC Merger
Shares of Lucid Group climbed 11% in their first day of trading on Monday after the electric-vehicle company completed a blank-check merger ahead of plans to launch production later this year.
Lucid stock closed Monday at $26.83. Shares of Churchill Capital Corp. IV ended trading at $24.25 on Friday.
READJoby Completes Flight of More Than 150 Miles with Electric Vertical Take-Off Air Taxi
California-based electric air taxi company Joby Aero Inc. today announced it had achieved an important milestone in the development of its aircraft, flying a full-size prototype vehicle more than 150 miles on a single charge, including a vertical take-off and landing.
READFINRA Announces New Sweep Exams
FINRA President Robert Cook has announced that FINRA will conduct new regulatory sweeps focusing on three areas: 1) the use of SPACs to raise money in the markets; 2) social media influencers who publicly give advice on stocks; and 3) the due diligence conducted by member firms prior to the opening of options accounts.
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Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...