Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Thiel-backed crypto exchange eyes SPAC merger with Far Peak, Bowlero in talks to merge with Isos while Sternlicht and SEC Chair Gensler call for more oversight and transparency on SPACs
Thiel-Backed Crypto Exchange Bullish is in SPAC Merger Talks
Cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, is in talks to merge with SPAC Far Peak Acquisition Corp.
The blank-check company is discussing a deal that could value Bullish at as much as $12 billion, but the final valuation could change depending on the price of Bitcoin.
An agreement could be reached as soon as the next few weeks. The SPAC has already received interest from investors about taking part in a PIPE transaction, which could extend into the hundreds of millions of dollars, to help fund a deal.
READBowlero in Merger Talks With SPAC Led by Ex-WWE Executives
Bowling center operator Bowlero Corp. is in talks to go public through a merger with blank-check firm Isos Acquisition Corp., people with knowledge of the matter told Bloomberg.
Isos is in discussions to raise new equity to support a transaction that’s set to value the combined entity at about $2.6 billion. Shares surged as much as 4.2% after Bloomberg News reported the talks.
READSternlicht Sees Clover As Sign SPACs Need Reining In
Property billionaire Barry Sternlicht said SPACs are in need of further oversight from the SEC, and pointed at Clover Health Investments Corp. as a sign of a bubble.
“The stock market is detached from reality,” he said in a virtual panel discussion on Wednesday at Bloomberg’s Qatar Economic Forum. “Clover Health Care is basically a fraud, is trading at $16 a share, and it keeps going up. The more you say it is going out of business, the higher the stock goes.”
Sternlicht, despite recently pricing two new IPOs of his own in the past two weeks to add to his three other JAWs SPACs, and a sixth SPAC currently getting ready to IPO, said that he hoped the trend had peaked.
READSEC Chair Gensler Says SPACs Need More Transparency
Securities and Exchange Commission Chair Gary Gensler talks about ways to boost transparency around SPACs.
The SEC chief said he wants to make sure that mom-and-pop investors don’t lose out to larger, more sophisticated players especially when they are putting their money in SPACs.
READSPACs and Traditional IPOs: An Offshore Perspective
As more SPACs list outside the US, an increasing number of de-SPAC transactions and greater interest from Asia-based sponsors, it is expected the use of Cayman, BVI and other offshore companies will continue to increase in relation to Asia-connected SPAC deals.
It remains to be seen which Asian exchange will become the region’s go-to for SPACs and whether Asia will be the next to see the SPAC boom. What is certain is that Cayman and BVI will continue to remain central to global capital and M&A markets as more Asia based SPACs are launched and large numbers of existing cashed-up SPACs race to identify merger targets, according to Lexology.
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At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
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...
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...
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....
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...