Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bed Bath & Beyond draws interest from Tailwind SPAC, Swvl buys Turkish transit firm, and crypto platform investors sue SPAC execs over accounting
Bed Bath & Beyond Stock Jumps on Report Company Received Bids for BuyBuy Baby Unit
Bed Bath & Beyond’s (NASDAQ:BBY) shares jumped Friday on news that the company is considering offers to buy its BuyBuy Baby business.
Shares closed Friday at $17.46, up 6.85%. The news was reported by The Wall Street Journal, which cited unnamed sources. According to the report, private equity firm Cerberus Capital Management and Tailwind Acquisition, which originally announced a business combination with risk analytics firm QOMPLX before terminating the deal, are among the companies interested in the baby apparel and supplies retailer.
The home goods retailer recently struck a deal with activist investor Ryan Cohen, chair of GameStop and co-founder of Chewy, who owns a stake in the company through his firm RC Ventures. As part of the deal, Bed Bath agreed to do a strategic review of BuyBuy Baby, one of the bright spots of the company’s business. It also agreed to add three new directors to its board as part of the truce.
READSwvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree
Swvl Holdings Corp. (NASDAQ:SWVL), a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
Ride-sharing startup Swvl made its debut on the Nasdaq Stock Market on April 1 after merging with blank-check company Queen’s Gambit Growth Capital.
READCrypto Platform Investors Sue SPAC Execs Over Accounting
Shareholders in cryptocurrency platform Bakkt Holdings Inc (NYSE:BKKT) sued the investment managers who took the company public via a blank check company, alleging they misled investors by improperly classifying shares.
An investor filed the lawsuit in Brooklyn on Thursday against Bakkt and five individuals associated with Chicago-based Victory Park Capital Advisors. The Chicago-based investment manager sponsored the special purpose acquisition company that took the company public last year in a deal that valued Bakkt at $2.1 billion.
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At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...