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.

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.

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.

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.”