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The Latest SPAC News and Rumors: February 25, 2022
by Marlena Haddad on 2022-02-25 at 11:34am

 


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

Latest SPAC News:  Hong Kong’s first SPAC wins exchange approval for IPO, Tomorrow.io enters agreement with NOAA, and Palihapitiya’s Social Capital leads $375M Palmetto round

Hong Kong’s First SPAC Is Said to Win Exchange Approval for IPO

A blank-check company backed by China Merchants Bank Co.’s overseas asset management arm has become the first to win approval for an initial public offering in Hong Kong.

Aquila Acquisition Corp. received the green light for a listing in the city on Thursday. The SPAC will seek to raise about $300 million in the offering.

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Tomorrow.io and NOAA Enter Cooperative Research and Development Agreement

The Tomorrow Companies Inc., developer of a leading platform for global weather and climate security, today announced it has entered into a Cooperative Research and Development Agreement with the National Oceanic and Atmospheric Administration to analyze data to be provided by Tomorrow.io weather satellites, assess its impact on NOAA forecasts, and evaluate use of the data in NOAA’s weather models. Tomorrow.io plans to launch its first satellites starting in late 2022, with a full constellation expected to be in orbit by 2024.

In  December, Tomorrow.io announced plans to list on Nasdaq through a merger with Pine Technology Acquisition Corp. (Nasdaq: PTOC).

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Palihapitiya’s Social Capital Leads $375 Million Palmetto Round

 Palmetto Clean Technology, a home solar and energy company, raised about $375 million in a funding round led by Chamath Palihapitiya’s Social Capital.

Social Capital invested about $220 million in the round, which closed last year. That’s the firm’s biggest single investment, Palihapitiya said in an interview Thursday. The fundraising values Palmetto at more than $1 billion, according to people familiar with the transaction.

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