Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC sues investment firm for not disclosing conflicts of interest, and Rumble sets new monthly active user record
SEC Sues SPAC Adviser for Not Disclosing Conflicts of Interest
The US Securities and Exchange Commission sued an investment firm on Tuesday for failing to properly disclose conflicts of interest tied to SPACs– the latest example of Wall Street’s main regulator clamping down on the once white-hot market.
The SEC alleged that Perceptive Advisors didn’t make to clear to investors that the sponsors of multiple SPACs it had formed were owned by both the firm’s personnel and a private fund that it had advised. The firm also didn’t file a form disclosing its ownership of a public company on time, the agency said in a statement.
Perceptive, which didn’t admit or deny the SEC’s allegations, agreed to pay a $1.5 million penalty to settle the case. In a statement, the firm said that it fully cooperated with the SEC and identified the disclosure gaps.
READRumble Sets New Monthly Active User Record in August Citing Growth Among ‘Gen Z’ Users
Rumble, the video-sharing platform, announced that its user base reached a new record in August, increasing its global monthly active users (MAUs) to 78 million, representing 77% year over year growth. In addition, the company announced a new record for MAUs in the United States and Canada with 63 million, representing 103% year over year growth. Rumble also noted that a substantial portion of this growth came from users in the 18- to 24-year-old ‘Gen Z’ age group.
In December 2021, Rumble announced a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).
Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...