Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Delaware court finds broad D&O coverage for directors and officers in SPAC claim, UpHealth SPAC lawsuit advances against GigCapital’s Avi Katz, and SoFi named World’s Most Innovative Company
Delaware Court Finds Broad D&O Coverage for Directors and Officers in SPAC Claim
A Delaware court recently issued a significant opinion in a directors and officers liability claim involving a special purpose acquisition company.
In an issue of first impression in Delaware, the Superior Court in Clover Health Investments Corp. (NASDAQ:CLOV) v. Berkley Insurance Co. held that directors and officers of the post-merger entity were “Insured Persons” under the SPAC’s D&O policy because they were acting in “functionally equivalent” roles to directors and officers of the SPAC when the alleged pre-merger wrongful conduct took place.
READUpHealth SPAC Lawsuit Advances Against GigCapital’s Avi Katz
Backers of the blank-check merger that took UpHealth Inc. public lost their bid Wednesday to end litigation in Delaware over claims they duped investors into approving the transaction.
Vice Chancellor Lori W. Will let the proposed class action move forward, saying it’s plausible Israeli businessman Avi S. Katz and other affiliates of GigCapital—which sponsored the shell company that combined with UpHealth—were driven by the deal’s lopsided structure to mislead shareholders about its details.
SoFi Named to Fast Company’s Annual List of the World’s Most Innovative Companies for 2023
SoFi Technologies, Inc. (NASDAQ: SOFI) has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023.
This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. These companies are setting the standard with some of the greatest accomplishments of the modern world. In addition to the World’s 50 Most Innovative Companies, 540 organizations are recognized across 54 sectors and regions.
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions.
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Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...
Chain Bridge I (NASDAQ:CBRG) has entered into a definitive agreement to combine with cannabinoid pharmaceuticals firm Phytanix Bio at a pre-deal valuation of $58 million. Santa Barbara, California-based Phytanix is working to develop bladder and seizure treatments using cannabis-based substances. The combined company is expected to trade on the Nasdaq under the symbol “PHYX” once...
At the SPAC of Dawn A new ripple is expected to come to the market today in the form of Ethereum spot ETFs after the SEC gave final approval to several yesterday. BlackRock, Fidelity, Bitwise, Franklin, and VanEck all received approval for their new funds and all but BlackRock plan to waive fees until they...
Maquia Capital (NASDAQ:MAQC) has entered into a definitive agreement to combine with AI infrastructure firm Velocium at a valuation of $445 million. Miami-based Velocium is developing data center processors designed to be particularly efficient for use by AI applications and Web 3.0. The combined company is expected to trade on the Nasdaq under the symbol...
At the SPAC of Dawn The third week of July brings just three votes and only ARYA IV‘s (NASDAQ:ARYD) is to complete a transaction, but plenty more is turning in SPACland. For one, this week’s anticipated IPO for M3-Brigade V (NASDAQ:MBAV) now looks notably different with 1/2 warrants in its units and its trust overfunded...