Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy
Saudi Arabia Explores Setting Up Framework for SPAC Listings
Saudi Arabia’s market regulator is looking into setting up a legal framework to allow special-purpose acquisition companies to list in the kingdom.
“This is one of the things that we are allowing for businesses to reach the market easier,” Yazeed Saleh Aldemaigi, deputy, strategy and international affairs at the Capital Market Authority, said at the Financial Sector Conference in Riyadh Thursday.
READBoxed considers filing for bankruptcy
Online retailer Boxed (NYSE:BOXD) is considering filing for bankruptcy as the cash-starved company faces pressure to make millions of dollars in payments to creditors it might not be able to afford, according to a Tuesday filing with the U.S. Securities and Exchange Commission.
Seven Oaks completed its merger with Boxed in December 2021.
READEmbark Technology (NASDAQ:EMBK), which combined with Northern Genesis II in November 2021, announced this morning that it has agreed to merge with software firm Applied Intuition. The all-cash deal would give the company a total equity value of $71 million – a far drop from the roughly $5 billion valuation it had upon its Nasdaq...
Minority Equality Opportunities (NASDAQ:MEOA) announced this morning that it is once again postponing its vote to complete its combination with cloud services firm Digerati (OTC:DTGI) from 10 am on Friday, May 26 until 2 pm on Wednesday, May 31. The SPAC disclosed that it expects to use this second postponement to allow for additional time...
OceanTech I (NASDAQ:OTEC) announced this morning that it will postpone its special meeting originally scheduled for today for 11:30 ET May 30. Shareholders are to meet virtually to consider extending OceanTech I’s transaction deadline from by up to one year from June 2 to June 2, 2024 in one-month increments. OceanTech I’s new sponsor has...
Latest Non-Redemption Agreements: Bridgetown Holdings Limited Bridgetown Holdings Limited (BTWN) Adds Non-Redemption Agreement Concurrently with the execution of Bridgetown’s (NASDAQ:BTWN) business combination, the sponsor entered into a non-redemption agreement with FWD Life Insurance Company, Limited and FWD Life Insurance Public Company Limited in exchange for them agreeing not to redeem an unspecified number of shares....
Latest SPAC Liquidations: Motive Capital Corp. II Motive Capital Corp II (MTVC) to Liquidate on June 9 Motive Capital Corp II (NYSE: MTVC) announced today that it intends to liquidate and dissolve and will redeem all of its outstanding Class A ordinary shares, effective as of the close of business on June 9, 2023. The per-share redemption price...