Posts
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 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 17 2024
Nasdaq Seeks To Tighten Delisting Rules Governing SPACs
Nasdaq is proposing to strengthen its rules governing delistings and trading suspensions of special-purpose acquisition companies that fail to complete mergers within 36-month deadlines or that violate other listing standards.
www.law360.com
July 17 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
www.law360.com
June 28 2024
4 Things To Know As New SPAC Rules Take Effect
The U.S. Securities and Exchange Commission’s new rules governing special-purpose acquisition companies take effect on Monday, marking an expansive attempt to strengthen oversight of SPAC deals, albeit scaled back from the agency’s original proposal.
www.law360.com