Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC leans on SPACs for detailed disclosures, Lordstown Motors appoints new CFO, and CompoSecure announces cryptocurrency product Arculus Key Card
SEC Leans on SPACs for Detailed Disclosures of Risk, Controls
Wall Street’s top regulator promises to issue new, tougher rules for SPACs, but the agency already has ramped up its scrutiny of the blank-check companies that became market sensations in 2020.
The SEC is questioning growth projections, asking for details about risks, and seeking more information about the internal controls of individual SPACs, according to comment letters it has sent to companies.READ
Electric Truck Maker Lordstown Motors Names Adam Kroll as CFO
Electric-truck maker Lordstown Motors Corp (NASDAQ:RIDE) named Adam Kroll as chief financial officer, months after the departure of former CEO and finance chief following an internal investigation into claims made by a short-seller.READ
CompoSecure Announces General Availability and Shipping of Its Arculus Key Card
CompoSecure, L.L.C., a leading provider of premium financial payment cards and emergent provider of cryptocurrency storage and security solutions, today announced it has begun shipping its Arculus KeyTM card, the next generation of cryptocurrency cold storage, which is combined with the Arculus WalletTM mobile app that is now available for a free download on iOS and Android app stores.
The Arculus solution uses 3-factor authentication and provides air-gapped protection (i.e., not connected to the internet at all) against hacking and theft, and is the size and shape of a metal credit card.
On April 19, CompoSecure entered into a definitive merger agreement to combine with Roman DBDR Tech Acquisition Corp. (NASDAQ:DBDR).READ
Industry-veteran Elisa Cascade Joins Science 37 as Chief Product Officer; Chris Ceppi Appointed Chief Technology Officer
Science 37, the Operating System for today’s more agile clinical trials, announced Elisa Cascade has joined Science 37 and its senior executive team as Chief Product Officer. Science 37 veteran Chris Ceppi has been appointed to serve as Chief Technology Officer.
LifeSci II shareholders approved its combination with Science 37 (NASDAQ:SNCE) on October 4.READ
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
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...