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The Latest SPAC News and Rumors: September 30, 2022
by Marlena Haddad on 2022-09-30 at 11:33am

 


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

Latest SPAC News: Billtrust surges on go-private deal, and Robinhood trader ‘deceived’ by Nikola founder snubs SEC filings


FinTech IPO Index Flat as Billtrust Surges on Go-Private Deal

Tech stocks have had a reckoning in the past several days — a rally proved short lived, a blip.

But the FinTech IPO Index managed to see at least some gains through the past five sessions. Slight gains, to be sure — the group was up less than 1%.

Billtrust (NASDAQ:BTRS) saw a rally of about 49% through the week. Billtrust has been sold to the investment organization EQT in an all-cash transaction that values Billtrust’s equity at approximately $1.7 billion. The go-private deal comes after the company went public last year through a combination with South Mountain.

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‘I Always Listen to the CEOs’: Nikola Investor Snubbed Filings, Jury Told

An investor who bought into the heady promises of Nikola Corp. (NASDAQ:NKLA) founder Trevor Milton in 2020 told the jury in Milton’s criminal fraud trial that he shunned the electric truck maker’s regulatory filings as long and unilluminating.

“I always listen to the CEOs of companies,” Marc Schonberger, a self-described “midlevel investor” from Fort Lauderdale, Florida, testified on Thursday about Milton, who was Nikola’s executive chairman at the time. “They have a fiduciary responsibility to tell you kind of what’s going on and be truthful and honest, so I relied on that.”

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