Posts
August 21 2024
Client Alert: Texas Court Permanently Blocks FTC Noncompete Rule
As expected, on August 20, 2024, a federal judge in Texas permanently blocked the Federal Trade Commission (“FTC”) rule banning most employee noncompetition agreements (the “Noncompete Rule”). The judge held that “the FTC lacks statutory authority to promulgate the Noncompete Rule, and that the Rule is arbitrary and capricious.”
Click here to read the alert.
August 19 2024
SPAC Veteran Klein to Shutter Another Blank Check Firm After Deal Break
Wall Street maven Michael Klein’s SPAC empire was dealt another blow when a deal to take CorpAcq Holdings Ltd. public was called off. The banker’s Churchill Capital Corp. VII on Sunday said it will shut down after the deal was terminated, citing conditions about the market for initial public offerings. The liquidation will mark the third special-purpose acquisition company backed by Klein to throw in the towel.
www.bloomberg.com
August 12 2024
Asian Streaming Platform Plans US Listing Via SPAC Merger
Asia-focused animation and streaming platform Global IBO Group Ltd. plans to go public in the U.S. at an estimated $8.3 billion valuation by merging with special purpose acquisition company Bukit Jalil Global Acquisition 1 Ltd., under guidance from two law firms.
www.law360.com
August 10 2024
Investors should beware a revival of Spacs
Sometimes I wonder if investors ever learn from their foolish choices. Take, for instance, the denouement of the latest version of the craze for special purpose acquisition corporations, or Spacs.
www.ft.com
August 09 2024
Healthcare-Focused SPAC Voyager Nets $220M IPO
Shares of healthcare-focused Voyager Acquisition Corp. began trading publicly on Friday after the company priced its $220 million initial public offering. The special purpose acquisition company on Thursday announced plans to raise $220 million in its IPO by offering 22 million units for $10 apiece, according to a Thursday statement. The units began trading on the Nasdaq on Friday under ticker symbol VACHU.
www.law360.com
August 01 2024
Catalyst Partners files to launch Egypt’s 1st SPAC
Catalyst Partners has submitted paperwork to establish Egypt’s first Special Purpose Acquisition Company (SPAC), the firm announced on Tuesday. The company, named Catalyst Partners Middle East, will operate as a venture capital firm focusing on acquiring businesses in the non-banking financial services and fintech sectors.
www.dailynewsegypt.com
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