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The Latest SPAC News and Rumors: October 28, 2022
The Latest SPAC News and Rumors: October 28, 2022
by Marlena Haddad on 2022-10-28 at 11:48am


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

Latest SPAC News: Palihapitiya blames the Fed for market conditions, Johannesburg Stock Exchange changes listing rules, and Zukin Certification Services partners with Banyan Risk to offer SPAC D&O insurance

Chamath Palihapitiya blames the Fed for ‘perverted’ market conditions that benefited him

Billionaire investor and so-called SPAC King Chamath Palihapitiya said the zero interest rates the Federal Reserve allowed to persist for years created the “perverted” market conditions he benefited from at the height of the Covid pandemic.

Speaking with Axios at an event Wednesday, Palihapitiya explained what he felt contributed to the rapid rise and collapse of the SPAC market, the shorthand for special purpose acquisition companies, which created a way for young firms to go public without some of the usual IPO hurdles. SPACs, which grew in popularity in the first two years of the pandemic, have seen a reset amid economic and regulatory headwinds.


JSE changes listing rules in effort to attract more firms

The Johannesburg Stock Exchange (“JSE”) is implementing measures to amend listing requirements for companies in order to attract more firms. “It is our ongoing objective to create an enabling environment for listing on the JSE as we take into account international best practices,” said Andre Visser, director of issuer regulation at the JSE in the statement.

The JSE will also amend its SPAC rules “to align with international leading markets to ensure the attractiveness and competitiveness of SPACs”, it said, without elaborating on the changes. Spacs are firms with no business operations which merge with a private company to take it public.


Zukin Certification Services and Banyan Risk Bundle Reasonable Basis Review of SPAC Target Projections with SPAC D&O Insurance

Zukin Certification Services (ZCS) today announced its partnership with specialty insurer Banyan Risk to offer discounted Directors’ and Officers’ insurance in combination with a subsidized Zukin Reasonable Basis Review (Zukin RBR™), an essential service designed to provide SPACs with an independent review of a target company’s financial projections.

Since receipt of a Zukin RBR Certification can serve to mitigate a transaction’s risk profile, Banyan will offer its SPAC clients both a subsidized rate on the Zukin RBR service as well as discounted D&O insurance premiums.


Illinois Gaming Board Confirms Tekkorp’s Sports Wagering License Withdrawal 

The Illinois Gaming Board confirmed Thursday that it had approved Tekkorp Corporation’s withdrawal of its application for one of the state’s three online-only sports wagering licenses and announced that the period for submitting applications for the supplemental bidding process will open Tuesday.

The announcement by IGB Administrator Marcus Fruchter was expected given that, earlier this month, Tekkorp announced it would not seek shareholder approval to extend talks with Playtech, Caliente Interactive, and Caliplay. The decision led to the winding down of the SPAC the two sides had planned as part of the bid, effectively ending the pursuit of entry into the Illinois market. Fruchter disclosed during Thursday’s state agency meeting that Tekkorp made the request to withdraw its application on Oct. 14, and he approved the request three days later.



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