The Latest SPAC News and Rumors: March 2, 2023
by Marlena Haddad on 2023-03-02 at 11:34am

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.

READ

UpHealth 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.

READ

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.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-04-17 at 3:05pm

Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...

by Nicholas Alan Clayton on 2024-04-17 at 8:13am

At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...

by Nicholas Alan Clayton on 2024-04-16 at 11:33am

Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...

by Nicholas Alan Clayton on 2024-04-16 at 7:58am

At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...

by Nicholas Alan Clayton on 2024-04-15 at 3:47pm

AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved