SPACInsider Logo
The Latest SPAC News and Rumors: November 21, 2022
The Latest SPAC News and Rumors: November 21, 2022
by Marlena Haddad on 2022-11-21 at 11:35am


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

Latest SPAC News: Bitfufu among creditors of Sam Bankman-Fried’s FTX, tech startups shun Singapore and Hong Kong for U.S. SPACs, and City Council to introduce $10.1M incentives package for Paysafe

Bitmain-Backed Crypto Mining Company Among Creditors of Sam Bankman-Fried’s FTX

Singapore-based Bitfufu, backed by Chinese mining rig giant Bitmain, has filed claims for $11.7 million against crypto exchange FTX, which has revealed it owes more than $3 billion to its largest creditors as its bankruptcy process gets under way.

The claims were submitted by Bitfufu’s subsidiary Ethereal Tech last week, according to Kroll, a U.S. restructuring administration firm appointed by FTX. The company is among 13 unsecured creditors that has so far handed in claims against the collapsed crypto empire founded by former billionaire Sam Bankman-Fried.

The startup, which offers services including sales, rental and hosting of bitcoin mining machines, announced in January that it is merging with Arisz Acquisition Corp. (NASDAQ:ARIZ) to go public in the U.S. at a valuation of $1.5 billion.

Tech startups shun Singapore and Hong Kong for U.S. SPACs

Singapore and Hong Kong startups are sidestepping their home stock exchanges to merge with SPACs in the U.S., as fundraising vehicles in the Asian financial hubs have yielded little on their exit plans.

Information from financial data provider Refinitiv shows that at least nine Singapore and Hong Kong companies this year have announced plans to go public with SPACs listed in the U.S., despite the cities offering a number of these shell companies since the first quarter — none of which has merged successfully with a target business.


City Council to introduce $10.1 million incentives package for Paysafe headquarters

The Jacksonville City Council is expected to introduce legislation Nov. 22 that would award $10.1 million in cash grants to online payment provider Paysafe Ltd. (NYSE:PSFE) to bring its North American headquarters and 600 jobs to Northeast Florida.

The bill, filed Nov. 16 by Mayor Lenny Curry’s administration, includes an exhibit estimating the city’s incentives package for London-based Paysafe’s $51.5 project would have a negative return for taxpayers.

In March 2021, Paysafe merged with Foley Trasimene Acquisition Corp. II, a SPAC, that was founded by Fidelity National Financial Inc. Chairman Bill Foley.



Recent Posts
by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

by Kristi Marvin on 2022-11-23 at 3:50pm

SPACs and the use of projections have gotten a fair amount of attention this year from both the media and the SEC. And the pending SEC SPAC Rule could have an additional effect on how bankers and SPAC teams handle projections in the future. However, Jim Zukin, of Zukin Certification Services (“ZCS”), and Christian Nagler,...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved