Posts
July 31 2024
Client Alert: Deadline to Remove NYC Dining Sheds Is This Saturday
Restaurants with outdoor dining sheds must either apply for New York City’s official outdoor dining program or remove their outdoor dining sheds in their entirety by Saturday August 3, 2024.
Click here to read the alert.
July 25 2024
SPAC DT Cloud Star Acquisition prices $60 million IPO, led by CITIC Securities exec
DT Cloud Star Acquisition, a blank check company led by an executive from CITIC Securities, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-ninth of a share upon the completion of an initial business combination.
www.renaissancecapital.com
July 24 2024
Bitcoin Reward Firm Fold to Go Public Via Betsy Cohen SPAC
Fold Inc., the Bitcoin reward firm, has agreed to go public via merging with a blank-check company started by SPAC veteran Betsy Cohen. The deal with FTAC Emerald Acquisition Corp. gives Fold a pre-money equity valuation of $365 million, according to a Wednesday statement, confirming an earlier Bloomberg News report.
www.bloomberg.com
July 24 2024
Client Alert: Pennsylvania Court Denies Preliminary Injunction of FTC Noncompete Rule
Less than two weeks after a Texas federal court declined to issue a nationwide preliminary injunction enjoining the Federal Trade Commission (“FTC”) rule banning most employee noncompetition agreements (the “Noncompete Rule”) from going into effect, except as to the plaintiff in that case, a Pennsylvania federal court refused to enjoin the Noncompete rule from going into effect.
Click here to read the alert.
July 23 2024
Phytanix Bio to go public with Chain Bridge SPAC in $58 million deal
It’s been a minute since the market has seen a medical cannabis company go public via a SPAC. Phytanix Bio, a pharmaceutical company dedicated to the development of therapeutics based on cannabinoid and cannabinoid-like molecules is going public through a Special Purpose Acquisition Corp. called Chain Bridge I (Nasdaq: CBRG).
www.greenmarketreport.com
July 22 2024
Auditor ‘Going Concern’ Warnings Tumble After SPAC-Driven Spike
The number of auditors of public companies who had substantial doubts about the businesses staying afloat fell in 2023. Auditors of 21.9% of public companies last year had doubts about their clients’ ability to continue as “going concerns,” down from 24.3% in 2022, according to a new Ideagen Audit Analytics report. The study analyzed annual reports for US companies and foreign groups that file with US regulators.
www.news.bloombergtax.com
July 18 2024
Veteran SPAC Sponsors Drive $1.7 Billion Surge in Just Six Weeks
Michael Andretti, Howard Lutnick and James Graf are among the serial sponsors returning to a US blank-check market that’s been heating up over the past six weeks, with mostly seasoned backers attracting $1.7 billion between them.
www.bloomberg.com
July 18 2024
Client Alert: California Supreme Court Eliminates “Two Strike” Rule For Employment Contract Unconscionability
In a watershed ruling for employers across the state, this week the California Supreme Court threw out the long-standing presumption against arbitration if an employment agreement contains multiple unconscionable terms. The Court rejected the often-applied “two strike” rule that employees need to establish only two unconscionable terms to escape a contractual obligation to arbitrate.
Click here to read the alert.