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.
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.
READCity 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.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Mission Advancement Acquisition Corp., and Clarim Acquisition Corp. Mission Advancement Acquisition Corp. Shareholders Approve Liquidation Date Amendment On December 6, 2022, the stockholders of Mission Advancement Corp. approved an amendment to allow...
BYTE Acquisition Corp. (NYSE:BYTS) announced this afternoon that its special meeting to extend its deadline, originally scheduled for Tuesday, December 20, 2022, has been postponed. The SPAC has not yet disclosed the new date for the meeting, but it is expected to be announced at a later date. BYTE did note that it intends to...
D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...
EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...