Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Financial firms push back on SEC, Polestar to debut electric roadster concept, and DNEG announces business update
U.S. financial firms push back on SEC bid to rein-in blank check company deals
U.S. financial industry groups are pushing to water down a draft Securities and Exchange Commission (SEC) rule aimed at reining-in special purpose acquisition companies or SPACs, arguing it could kill the industry.
The American Securities Association (ASA), the SPAC Association and the CFA Institute are among groups warning that the SEC’s proposed March rule would create too much liability for parties involved in SPAC deals, and as such goes further than traditional initial public offering (IPO) and M&A rules.
Polestar to Debut Polestar 5 Electric Performance 4-Door GT Prototype and Polestar 2 BST Edition 270 at 2022 Goodwood Festival of Speed
Polestar, the Swedish electric performance car company, is returning to the Goodwood Festival of Speed on 23 June 2022 and will debut a Polestar 5 prototype and the new high-performance, limited-edition Polestar 2 BST edition 270. Polestar’s electric roadster concept and its existing product range will also be present.
Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022.READ
Visual Effects and Animation Leader DNEG Announces Business Update
DNEG, a leading technology-enabled visual effects (VFX) and animation company for the creation of feature film, television and multiplatform content, today announced a business update for the year ended March 31, 2022.
For the full-year ended March 31, 2022, DNEG generated revenue of $409.3 million, Net Income of $39.3 million and Adjusted EBITDA of $100.6 million, equating to year-over-year growth of 33.5%, 214.7% and 22.4%, respectively. Additionally, Net Income margin equated to 9.6% and Adjusted EBITDA margin equated to 24.6% for the year.
As previously announced, DNEG entered into a Business Combination Agreement with Sports Ventures Acquisition Corp (“Sports Ventures”), a publicly-traded special purpose acquisition company (Nasdaq: AKIC), in January, 2022.READ
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...