Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Brad Pitt’s Plan B in talks to sell stake to Mediawan, BuzzFeed allowed to block worker arbitration claims over IPO snafu, and Bright Machines raises $100M after pulling SPAC deal
Brad Pitt’s Plan B Is Said in Deal Talks With France’s Mediawan
Actor Brad Pitt’s Plan B Entertainment, the production company behind films like Moonlight and The Big Short, is in talks to sell a significant stake to French media conglomerate Mediawan, according to people with knowledge of the matter.
The company has received bids from a few potential investors, said the people, who asked not to be identified discussing private negotiations. Mediawan, which has been backed by KKR & Co., is the front-runner. Plan B is expected to make a final decision in the next couple of weeks.
Mediawan’s businesses range from TV to cinema production and content distribution. It was founded in 2015 as a SPAC by French TV producer Pierre-Antoine Capton, telecom billionaire Xavier Niel and Centerview Partners banker Matthieu Pigasse.READ
BuzzFeed Can Block Worker Arbitration Claims Over IPO Snafu
A judge said BuzzFeed Inc. (NASDAQ:BZFD) can block arbitration demands from employees who claim the company bungled its initial-public offering and wrongfully denied workers the chance to sell their shares before the stock crashed in value.
New York-based BuzzFeed, which went public last year, has the legal right to bar workers from having their allegations reviewed by American Arbitration Association officials, Delaware Chancery Court Judge Morgan Zurn ruled Friday.
The media company, founded in 2006, had a turbulent IPO. The shares plummeted by more than 20% after it merged with 890 Fifth Avenue Partners Inc., a special purpose acquisition company. The company had once been valued at more than $1 billion.
After Pulling Its SPAC Deal, Startup Bright Machines Raises $100 Million On Factory-Reshoring Trend
Lior Susan figures snarled supply chains, Covid lockdowns in China and geopolitical pressures give U.S. manufacturers a new push to set up factories closer to home. “It suddenly became extremely attractive because we can move fast, and we can help customers build something in Cincinnati and Salt Lake,” says Susan, founder of Eclipse Ventures and CEO of microfactory firm Bright Machines. “It sounds crazy—who builds electronics in Cincinnati in the last 40 years?”
Ten months ago, San Francisco-based Bright Machines pulled its $1.6 billion deal to go public via SPAC with SCVX Corp. (NYSE: SCVX) as the market turned. The firm told Forbes Monday that it had raised $100 million in venture funding led by Eclipse Ventures (plus an additional $32 million in debt financing) to fund its next stage of growth. The new investment values Bright Machines, whose microfactories automate electronics production lines with robotics, powered by intelligent software, at $938 million.READ
Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...