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The Latest SPAC News and Rumors: July 16, 2021

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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Vinod Khosla says SPACs are a great alternative for tech, and Apollo’s Rowan believes the SPAC ecosystem is here to stay, while Fed’s Powell says it makes the market feel ‘frothy’ 


SPACs Are Great Alternative for Tech: Vinod Khosla

Khosla Ventures co-founder Vinod Khosla discusses the continuing popularity of tech companies deciding to go public via SPACs including Berkshire Grey, warehouse automation company and Khosla Ventures investment recipient.

“If you look at the biotech industry, they’ve been able to do IPOs 5-10 years before first revenue. They need to project into the future, explain their future and IPOs have been available to do that. There’s many more areas of technology that fit the same model, and for them, SPACs may be a great alternative,” Khosla said in an interview with Bloomberg Technology.

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The SPAC Ecosystem Is Here To Stay: Apollo’s Rowan

Apollo Global Management Inc. co-founder and newly minted CEO Marc Rowan talks about how Wall Street is changing and the future of SPACs.

“I think the SPAC ecosystem is here to stay,” says Apollo’s Rowan. “We have been beneficiaries of the SPAC ecosystem, we view it simply as an extension of growth investing.”

He spoke to Bloomberg’s Jason Kelly in a wide-ranging interview for Bloomberg Live’s Invest Talks series.

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Bitcoin, SPACs Make Market Feel ‘Frothy,’ Fed’s Powell Says

Federal Reserve Chair Jerome Powell comments on the state of financial markets during testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

“SPACs are getting done, bitcoin is going up in value and down in value so at times its felt like a somewhat frothy market, and you do worry about that,” said Powell.

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SoftBank Unit to Invest in Thiel-Backed Crypto Exchange Bullish

A unit of SoftBank Group Corp. agreed to invest $75 million in Bullish, the sponsor of a not-yet-operational cryptocurrency exchange, as the startup prepares to go public through a merger with a SPAC, according to Bloomberg.

SB Northstar LP will acquire 7.5 million Bullish shares for $10 each at the time it combines with Far Peak Acquisition Corp., according to documents filed July 9 with the U.S. Securities and Exchange Commission. It will also buy 3 million warrants to purchase shares of Far Peak, the SPAC taking Bullish public.

The SoftBank unit made the commitment through a $300 million private offering that Bullish held last week, according to the filings, though it was not identified in a subsequent release as one of the buyers.

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Source: https://spacinsider.com/2021/07/16/latest-spac-news-and-rumors-july-16-2021/

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Queen’s Gambit Growth Capital (GMBT) to Combine with Swvl in $1.1Bn Deal

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Source: https://spacinsider.com/2021/07/28/queens-gambit-to-merge-with-swvl/

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SPAC Insiders

Queen’s Gambit Growth Capital (GMBT) to Combine with Swvl in $1.1Bn Deal

Published

on

Marsh Ad July 2021

Archives

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://spacinsider.com/2021/07/28/queens-gambit-to-merge-with-swvl/

Continue Reading

SPAC Insiders

Queen’s Gambit Growth Capital (GMBT) to Combine with Swvl in $1.1Bn Deal

Published

on

Marsh Ad July 2021

Archives

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://spacinsider.com/2021/07/28/queens-gambit-to-merge-with-swvl/

Continue Reading

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The Latest SPAC News and Rumors: July 28, 2021

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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Lordstown to sell $400 million in stock, the London Stock Exchange has its first SPAC listing, and Sebi explores framework for SPACs in India


Lordstown Is Selling Some Stock

Electric-vehicle startup Lordstown Motors Corp. reached a deal to sell as much as $400 million in stock over the next three years to an investment fund managed by Yorkville Advisors Global.

The terms allow the Ohio-based truckmaker to direct the fund to buy a tranche of Class A shares equal to as much as 30% of a day’s trading value of the stock or a block of $30 million, the EV maker said in a regulatory filing Monday.

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U.K.’s SPAC Market Rouses From Its Slumber 

Almost eight months into 2021, the London Stock Exchange finally has its first listing of a SPAC for the year. The deal is likely to be a harbinger of more, bigger offerings to come, according to Bloomberg.

The tiny blank-check firm, Spinnaker Acquisitions Plc, surged as much as 25% Wednesday after raising 2 million pounds ($2.77 million).

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Sebi Exploring Framework for SPACs in India, Says Chairman Tyagi

The Primary Market Advisory Committee of Sebi is exploring whether the regulator should introduce a framework for SPACs in India, chairman Ajay Tyagi said today at a FICCI event.

“We have few other proposals in pipeline that are in the early discussion stage – IPO reforms on the book building & fixed price framework and provisions relating to price band and further reforms on preferential issue – being some of them,” Tyagi said.

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A SPAC Earnings Disaster Has Advent Facing $800 Million Loss

ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. ATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC.

Earlier this month, the company pulled a $570 million loan transaction to refinance its capital structure. The offering, led by Barclays Plc, was the first to be withdrawn from syndication since late May.

Boston-based Advent, with $75 billion in assets under management, owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million.

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Source: https://spacinsider.com/2021/07/28/latest-spac-news-and-rumors-july-28-2021/

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