Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Law professor takes deal sponsor to court, and CEO of Wisk Aero predicts electric air taxi shakeout
Enemy of the SPAC: Law Professor Takes Deal Sponsors to Court
Stanford Law Professor Michael Klausner toiled in academic obscurity for decades until 2020, when he wrote a paper slamming special purpose acquisition companies as a rip-off of everyday investors.
Now he’s taking his newfound cache to Delaware Chancery Court. He’ll argue in a Friday hearing that blank-check company GigCapital3 Inc. did what SPACs across the industry do—hide from investors how much money they give to insiders through the promise of nearly free shares.
READChief of Boeing-backed electric air taxi venture predicts sector ‘shakeout’
The number of companies in the electric air taxi industry is expected to shrink next year as investors tighten their belts amid global economic uncertainty and focus on projects they believe will come to fruition, the chief executive of a Boeing-backed venture has said. “I expect more shakeout next year,” Gary Gysin, chief executive of Wisk Aero, told the Financial Times in an interview. “I would expect two or three more that don’t make it through 2023.”
Investors last year poured close to $7bn into the market for all types of future air mobility solutions, mainly through SPAC such as Joby (NYSE:JOBY) which combined with Reinvent Technology Partners, according to data from McKinsey. While all kinds of vehicles, from cargo planes to surveillance drones, are planned, almost 75 per cent of the money went to companies developing manned electric vertical take-off and landing (eVTOL) craft.
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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...