Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hong Kong market regulator urges city to uphold rule of law, IPO market freeze sparks 80% drop in Nasdaq listings, and Grab takes cost-cutting measures
Top Hong Kong Market Regulator Urges City to Uphold Rule of Law
Hong Kong’s status as an international financial center hinges on ensuring investors have confidence that the city follows the “conventional” rule of law in place in other global hubs and maintaining its special role as a bridge between the world and China, according to Ashley Alder, the outgoing top market regulator.
Alder noted that “SPACs were one of the phenomena which basically signaled the final bit of bull market. We were very aware of that. Given that there seemed to be an inevitable, unstoppable drive to create a SPAC regime, we ended up with one that was deliberately designed to detoxify it. Because the incentives and other features of SPACs, without that sort of framework, in my view, broadly works against public investors.”
READIPO market freeze sparks 80% drop in Nasdaq listings
Equity listings on the Nasdaq fell about 80% this year, as the appetite for new issues took a hit from extreme volatility in the stock market, sparked by the Federal Reserve’s war on inflation.
A total of 156 companies listed their shares on the bourse this year, raising nearly $15 billion in initial public offerings, a far cry from 743 firms that raised $180 billion in what was a blockbuster 2021, data from the exchange operator showed.
The year also saw a big drop in the listings of blank-check companies, as regulatory concerns and their free-falling share price seemed to have cooled Wall Street’s hottest investment trend of 2021. In total, 68 SPACs listed on the exchange in 2022, compared with 110 a year earlier.
READGrab cost-cutting measures necessary but uncertainties continue to loom, say analysts
The recent round of cost-cutting measures undertaken by super app company Grab (NASDAQ:GRAB), coming two-and-a-half years since it last executed a major retrenchment exercise, was a necessary move given the firm’s financial situation, said analysts.
Its move was the latest in a spate of cost-cutting measures by high-profile tech firms, some of which have laid off workers, with one analyst describing Grab’s decision as a “matter of survival”.
READ
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...