Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Coinbase buys stake in Circle, ZeroNox launches IndiCon platform, and Better.com’s CEO says he went through ‘a lot of leadership training’ to rebuild trust in the company
Coinbase Buys Stake In USDC Issuer Circle
Coinbase is deepening its ties with Circle, the issuer of the USDC stablecoin, through a stake purchase, indicating a stronger partnership between these crypto giants. However, the two companies have also decided to dissolve the Centre Consortium, a private organization governing the USDC stablecoin, citing improved “regulatory clarity” on stablecoins.
Circle, a major player in the stablecoin market valued at $124.1 billion, introduced its own US dollar-pegged stablecoin in 2018. However, their plans to go public through a special purpose acquisition company Concord Acquisition Corp. (NYSE:CND) were shelved in December.READ
ZeroNox Expands Into Industrial and Construction Markets with IndiCon Platform & Pape Material Handling Partnership
Zero Nox Inc., a leading provider of sustainable, off-highway vehicle electrification, today announced a major milestone towards its expansion strategy into the industrial and construction markets with the launch of its IndiCon platform. Focused to support large and specialized dealer and distributor partners in the industrial and construction markets, IndiCon is a new platform created by ZeroNox to expand its product distribution footprint in these strategic growth markets while increasing its service partnerships and potential sales.
As previously announced, ZeroNox signed a definitive business combination agreement with The Growth for Good Acquisition Corporation (Nasdaq: GFGD) (“Growth for Good”).READ
As Better.com readies for its public debut, CEO Vishal Garg says he went through ‘a lot of leadership training’
After merging with SPAC Aurora Acquisition Corp., the combined entity is called Better Home & Finance Holding Company. The deal unlocks about $565 million of fresh capital for Better.com, including a $528 million convertible note from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital) — an investment firm that sponsors Aurora.
In an interview with Better.com’s CEO Vishal Garg, he stated that in order to rebuild trust within the company, he has gone through “a lot of leadership training” and has “learned now that in order for customers to be delighted, teammates also have to feel delight.”READ
After SPAC values cut in half, Chamath Palihapitiya responds to critics
Palihapitiya was dubbed the SPAC king, for the voluminous deals the high-profile media personality brought to market. He did quite well, personally — roughly doubling the $750 million he put in, according to New York Times calculations. And his seed money, for Virgin Galactic (SPCE) and Clover Health (CLOV), was in part borrowed from the fallen Credit Suisse, the Financial Times reported, citing public filing.
Investors in his SPACs did not do so well.
None of this is new, but somehow in response to one of his comments about the markets there was a discussion of his performance. Here’s a good recap, the highlights being him telling investors to “stop being a victim” and saying, “I’m in the arena trying stuff.”
SEC Plans to Finalize 30 Proposed Rules in Near Term
When the SEC’s semiannual update to its rulemaking agenda was unveiled in mid-June 2023, there were 37 proposed rules to be finalized in the near-term. These are rules that the commission expects to vote on over the course of about a year. The agenda reflects the priorities of Chair Gary Gensler.
Since then, the SEC has been chipping away at its heavy rulemaking load and have a couple of proposals that will be adopted on Aug. 23, 2023.
After Aug. 23, the SEC will have the remaining 30 rulemakings slated for final on its short-term agenda.
Among those, the SEC intends to finalize Release No. 33-11048, SPACs, Shell Companies, and Projections, which would require additional disclosures about sponsors, conflicts of interest and sources of dilution. The proposal also would require more information about business combination transactions, including disclosures related to the fairness of the transactions.READ
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...