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.
READForbes 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.
READBlackSky 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.
READPalantir 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.”
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At the SPAC of Dawn The rebound of the growth companies that made up the SPAC class of 2021 has been one of the bigger stories of second half of 2024, but not all of the de-SPACs are feeling the love equally. Instead, in many new sectors that hit the public markets together as a...
DT Cloud (NASDAQ:DYCQ) has entered into a definitive agreement to combine with Maius Pharmaceutical at an equity value of $250 million. Shanghai-based Maius is a drug developer and researcher focused on small-molecule chemical treatments for different forms of cancer. The combined company is expected to trade on the Nasdaq once the deal is completed in...
Charlton Aria Acquisition Corporation announced the pricing of its $75 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHARU”, Thursday, October 24, 2024. The new SPAC plans to focus on industries that complement the management team’s and board of director’s background and network. The sponsor team for...
At the SPAC of Dawn As the market goes through a cooling period this week, new readouts for jobless claims and new home sales are set to hit later today. Jobless claims are of course something of a proxy indicator for SPACs as to when the Fed might continue to its rate-cutting process, while home...
Bold Eagle Acquisition Corp. announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BEAGU”, Thursday, October 24, 2024. The new SPAC plans to search for a combination target valued at $3 billion or more that would benefit from the relationships and experience...