Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bridgetown Holdings nears merger with Hyphen, Bhutan’s investment arm and Bitdeer plan a $500M fund for crypto mining, and Ares’s $500M SPAC marks return of jumbo blank-check firms
Billionaire-Thiel Backed SPAC Is Said to Near Merger With Hyphen
Bridgetown Holdings Ltd. (NASDAQ:BTWN), the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is nearing a merger with financial technology firm Hyphen Group, according to people familiar with the matter.
Bridgetown has conducted due diligence on Hong Kong-based Hyphen and the firms are holding final negotiations with both existing and prospective shareholders, the people said.
READBhutan Plans a $500 Million Fund for Crypto Mining in the Himalayas
Bhutan’s investment arm and Nasdaq-listed company Bitdeer Technologies Group (NASDAQ:BTDR) plan to seek investors for a fund worth up to $500 million that will be used to develop green crypto mining in the Himalayan kingdom.
Fund raising targeting institutional investors will begin at the end of May and the goal is to set up carbon-free digital mining that taps Bhutan’s abundant hydroelectric power, according to a joint statement Wednesday.
Bitdeer completed its $4 billion business combination with Blue Safari in April.
READAres’s $500 Million SPAC Marks Return of Jumbo Blank-Check Firms
A $500 million special-purpose acquisition company backed by Ares Management Corp. (NYSE:ARES) is the first jumbo blank check firm to emerge after more than a year of mostly tiny offerings.
The alternative asset manager’s second blank-check effort shows there’s demand for SPACs amid a backdrop that has seen dozens shut down and a growing number forced to grapple with investors cashing out. Ares Acquisition Corp. II (NYSE:AACT) is the biggest SPAC offering to price since January 2022, when stock markets traded near all-time highs and hundreds of sponsors were still running to join the SPAC gold rush.
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Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...
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...