Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bill Ackman’s SPAC gets sued, Forbes Media in talks to merge with Magnum Opus, and BlackSky awarded contract for geospatial imagery
Bill Ackman SPAC Sued, Plaintiffs Say Sponsors Got “Staggering Compensation”
Bill Ackman’s troubled SPAC Pershing Square Tontine Holdings was hit with a lawsuit this morning that alleged the blank-check company awarded “staggering compensation” to its sponsors, and asked that the entity’s special status be revoked.
The lawsuit’s plaintiffs — former SEC commissioner Robert Jackson and law professor at Yale John Morley — claimed that Pershing Square Tontine Holdings isn’t an operating company at all, but that Ackman’s SPAC instead is an investment firm, just like his hedge funds.
They said the SPAC should adhere to the Investment Company Act of 1940.READ
Forbes Media in Talks To Go Public Via Magnum Opus SPAC
Forbes Media LLC is discussing going public through a merger with Magnum Opus Acquisition Ltd.(NYSE:OPA), according to Bloomberg.
Forbes is set to be valued at more than $650 million in a deal with Hong Kong-based Magnum Opus, and if reached, would scuttle Forbes’s earlier talks with a consortium led by Michael Moe’s GSV Asset Management.READ
BlackSky Awarded Contract to Provide Geospatial Imagery
BlackSky Holdings, Inc. (“BlackSky”), a leading technology platform providing real-time geospatial intelligence and global monitoring, today announced that it has been awarded a contract modification from the National Reconnaissance Office to provide on-demand satellite imagery through a monthly subscription.
BlackSky’s high-resolution satellite constellation will generate imagery for defense and intelligence communities to support homeland defense, national security, disaster and emergency response missions.
Earlier this year, BlackSky announced its business combination with Osprey Technology Acquisition Corp. (NYSE: SFTW) and expects to close the transaction during the third quarter of 2021.READ
Palantir Invests in More SPACs, and Buys $51 Million in Gold Bars
Palantir Technologies (NYSE:PLTR) has expanded its portfolio of investments in companies going public via SPACs to well over $300 million, according to Barrons.
In its June quarter financial filing with the SEC, Palantir disclosed $250 million in commitments to a group of 10 companies through June 30. That includes eight identified by name, all previously announced—Lilium, Sarcos Robotics, Roivant Sciences, Celularity (NASDAQ:CELU), Wejo, Babylon Health, Boxed, Pear Therapeutics—and two others described as “mobility company” and “autonomous vehicle company.”READ
Latest SPAC Liquidations: 26 Capital Acquisition Corp. 26 Capital Acquisition Corp.(ADER) to Liquidate on September 21, 2023 26 Capital Acquisition Corp. (Nasdaq: ADER), today announced that it will be unable to complete an initial business combination within the time period required due to the Delaware Court of Chancery’s decision denying 26 Capital’s request for an order...
LatAmGrowth SPAC (NASDAQ:LATG) announced in an 8-K that it adjourned its special meeting yesterday to liquidate early and will reconvene it at 2 pm ET September 28. The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. JSE reviewing listing requirements with aim to simplify them The Johannesburg Stock Exchange will be reviewing all its listings requirements with the objective of further simplifying its requirements, as part of its ongoing efforts to create an...
Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast. The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close. A further...
M3-Brigade III (NYSE:MBSC) announced this morning that it has closed its combination with Canadian energy producer Greenfire and the combined company is expected to trade on the NYSE under the symbol “GFR” later today. Concurrent with close, Greenfire also issued $300 million in new senior secured notes at a 2% discount, priced at $980 per...