The Latest SPAC News and Rumors: February 23, 2023
by Marlena Haddad on 2023-02-23 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Insurers win partial victory in SPAC D&O case, SEC settles charges against African Gold Acquisition Corp., and MNG Airlines announces $35M dividend


Insurers win partial victory in SPAC D&O case

A Delaware Court has issued a partial victory to insurers in one of the first directors and officers liability insurance coverage cases related to special purpose acquisition companies to reach a ruling.

Social Capital Hedosophia Holdings Corp. III was a publicly traded SPAC that merged with privately held Clover Health Investments Co. in January 2021, according to the Feb. 6 ruling by the Delaware Superior Court in Wilmington in Clover Health Investments Corp. et al. v. Berkley Insurance Co. et. al.

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SEC Settles Charges Against SPAC African Gold Acquisition for Internal Control, Recordkeeping Failures

The SEC said Wednesday it settled charges against African Gold Acquisition Corp. (NYSE:AGAC) for internal controls, reporting, and record keeping violations that enabled its former CFO to misappropriate about $1.2 million from the company’s bank account.

The SEC said the SPAC made materially false filings with the agency and maintained inaccurate books and records. African Gold agreed to a cease-and-desist order and to pay a $103,591 civil monetary penalty without admitting or denying the findings.

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MNG Airlines Announces Approximately $35 Million Dividend for Fiscal Year 2022

The board of directors of MNG has announced its intent to distribute a cash dividend of TRY 662 million (TRY 16.76 per ordinary share), or approximately $35 million ($0.89 per ordinary share) based on the exchange rate from S&P CapitalIQ as of February 17, 2023, for the fiscal year 2022 subject to the approval of its shareholders in its upcoming general assembly to holders of record of MNGA’s ordinary shares as of the general assembly date.

Assuming the previously announced proposed business combination with Golden Falcon Acquisition Corp. (NYSE:GFX) is consummated, and the Available Cash Condition of $30 million is satisfied, on a pro forma basis, this dividend would equate to $0.55 per ordinary share, resulting in a 5.5% dividend yield based on an illustrative $10.00 price per share.

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Nikola will make Plus autonomous truck technology standard in 2024

Nikola Corp. (NASDAQ: NKLA) will test autonomous driving software from Plus on its battery- and fuel cell-electric trucks later this year and become the first zero-tailpipe-emission truck maker to make it standard in 2024.

Plus requires drivers in the cab as it opens up more autonomous features through its PlusDrive system. It is aiming for driverless operation. But it wants to log 8 billion miles of operation with safety drivers monitoring the technology before removing the driver.

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