Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Insurers win partial victory in SPAC D&O case, SEC settles charges against African Gold Acquisition Corp., and MNG Airlines announces $35M dividend
Insurers win partial victory in SPAC D&O case
A Delaware Court has issued a partial victory to insurers in one of the first directors and officers liability insurance coverage cases related to special purpose acquisition companies to reach a ruling.
Social Capital Hedosophia Holdings Corp. III was a publicly traded SPAC that merged with privately held Clover Health Investments Co. in January 2021, according to the Feb. 6 ruling by the Delaware Superior Court in Wilmington in Clover Health Investments Corp. et al. v. Berkley Insurance Co. et. al.READ
SEC Settles Charges Against SPAC African Gold Acquisition for Internal Control, Recordkeeping Failures
The SEC said Wednesday it settled charges against African Gold Acquisition Corp. (NYSE:AGAC) for internal controls, reporting, and record keeping violations that enabled its former CFO to misappropriate about $1.2 million from the company’s bank account.
The SEC said the SPAC made materially false filings with the agency and maintained inaccurate books and records. African Gold agreed to a cease-and-desist order and to pay a $103,591 civil monetary penalty without admitting or denying the findings.READ
MNG Airlines Announces Approximately $35 Million Dividend for Fiscal Year 2022
The board of directors of MNG has announced its intent to distribute a cash dividend of TRY 662 million (TRY 16.76 per ordinary share), or approximately $35 million ($0.89 per ordinary share) based on the exchange rate from S&P CapitalIQ as of February 17, 2023, for the fiscal year 2022 subject to the approval of its shareholders in its upcoming general assembly to holders of record of MNGA’s ordinary shares as of the general assembly date.
Assuming the previously announced proposed business combination with Golden Falcon Acquisition Corp. (NYSE:GFX) is consummated, and the Available Cash Condition of $30 million is satisfied, on a pro forma basis, this dividend would equate to $0.55 per ordinary share, resulting in a 5.5% dividend yield based on an illustrative $10.00 price per share.READ
Nikola will make Plus autonomous truck technology standard in 2024
Nikola Corp. (NASDAQ: NKLA) will test autonomous driving software from Plus on its battery- and fuel cell-electric trucks later this year and become the first zero-tailpipe-emission truck maker to make it standard in 2024.
Plus requires drivers in the cab as it opens up more autonomous features through its PlusDrive system. It is aiming for driverless operation. But it wants to log 8 billion miles of operation with safety drivers monitoring the technology before removing the driver.READ
Trailblazer Merger Corporation I priced its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TBMCU” Wednesday, March 29, 2023. The SPAC intends to focus its search on companies operating in the technology industry in the following segments: cloud as a service, supply chain technologies, servicing the hybrid workforce...
Alpine (NYSE:REVE) announced this afternoon that it has again adjourned its special meeting to complete its transaction with experiential entertainment company Two Bit Circus. The SPAC originally intended to hold its special meeting on February 24, but has adjourned it four times since then. Alpine now expects to reconvene the meeting on March 30 at 12:00 p.m....
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned its extension vote today and will reconvene the special meeting at 10:30 am ET on March 30. At the upcoming meeting, the SPAC hopes to gain shareholder approval to extend its completion deadline from April 4, 2023, to October 4, 2023. Home Plate announced a $214 million business combination with...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ares considers raising $400M for new SPAC and electric air mobility division of AIRO and Kernel Group sign MOU with Blade India Ares Considers New $400 Million SPAC Despite Market Lull Ares Management Corp....
DiamondHead Holding Corps. (NASDAQ:DHHC) announced in an 8-K this morning that it has entered into subscription agreements with lock-up investors and PIPE investors in connection to its business combination with Great Southern Homes. Although the deal was approved by shareholders during a meeting last Thursday, the parties are still working to raise funds to meet...