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.
READ‘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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At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...