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The Latest SPAC News and Rumors: September 20, 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: Hong Kong struggles to lure SPACs while MENA SPAC activity surges; WeWork to start trading in October


Hong Kong Seen Struggling to Lure SPACs With Strict Rulebook

Hong Kong could have a hard time attracting blank check companies after it proposed a high threshold to list in the city, according to Bloomberg.

In a consultation paper released on Friday, Hong Kong Exchanges & Clearing Ltd. proposed that SPACs would need to raise at least HK$1 billion ($128 million) when listing and that retail investors would be barred from participating.

It also set an eligibility test for SPAC promoters, including having managed at least HK$8 billion for three years or possessing senior management experience at major listed companies.

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Surge in MENA’s SPAC Activity Counters IPO Drop, Says Ernst & Young 

Middle Eastern businesses are increasingly making use of SPACs, a report by Ernst & Young has claimed.

The analysis shows a rise in activity involving SPACs and MENA-based firms.

Gregory Hughes, Ernst & Young MENA IPO and transaction diligence leader, said: “IPO activity during H1 2021 was below expectations, nevertheless the year did bring some remarkable deals with MENA companies showing an ever-increasing interest in SPAC transactions as a means to go public. We expect this trend to continue as companies seek to increase their international presence and gain access to a wider pool of investors.”

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WeWork to Start Trading in October, Two Years After IPO Crash

WeWork Cos. plans to begin trading its shares around Oct. 21 on the NYSE, nearing the end of a years-long journey to the public markets.

Shareholders in a SPAC set to acquire WeWork will meet on Oct. 19 to vote on the plan, the companies said in a statement.

Subject to shareholder approval, the deal will close on or about Oct. 21 and the shares will be listed after that under the ticker WE. The SPAC, BowX Acquisition Corp. (NASDAQ:BOWX), currently trades at $10.00, off its high of $13.71 in April after unveiling the merger with the New York-based real estate company.

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Source: https://spacinsider.com/2021/09/20/latest-spac-news-and-rumors-september-20-2021/

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HHG Capital Corp. (HHGCU) Prices $50M IPO

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IPO-Pricing

Sep 20, 2021 IPOs by Marlena Haddad

HHG Capital Corp.  announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HHGCU” Tuesday, September 21.

The new SPAC intends to combine with an established business that is currently under-performing its potential due to a temporary period of dislocation in the markets. HHG Capital Corp. is led by CEO Chee Shiong (Keith) Kok and CFO Shuk Man (Lora) Chan.

Total SPAC deal count for 2021 year-to-date is now 436. This offering is expected to close on Thursday, September 23.


EF Hutton, division of Benchmark Investments, LLC, and Brookline Capital Markets, a division of Arcadia Securities, LLC, are the joint book-running managers for the IPO. Loeb & Loeb LLP is serving as Issuer’s Counsel with Nelson Mullins Riley & Scarborough LLP serving as Underwriter’s Counsel. Friedman LLP serves as auditor. American Stock Transfer & Trust Company, LLC is acting as trustee.

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Source: https://spacinsider.com/2021/09/20/hhg-capital-corp-prices-50m-ipo/

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Cartesian Growth Corporation (GLBL) to Combine with Alvarium Tiedemann Holdings in $1Bn Deal

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SPAC IPO Terms Tracker: Another Quiet Holiday Week

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Marsh Ad July 2021

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Source: https://spacinsider.com/2021/09/19/terms-tracker-week-ending-september-17-2021/

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The Latest SPAC News and Rumors: September 17, 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: Hong Kong considers allowing SPAC listings, Redbox Entertainment acquires Vendetta distribution rights, and EQRx announces presentation of phase 3 data


Hong Kong Proposes SPAC Listings, But Only for Professional Investors

Hong Kong Exchanges & Clearing has outlined plans to allow the listing of blank-check corporations whose global popularity has soared over the past year, just two weeks after regional rival Singapore greenlit the float of such entities.

HKEX, however, proposes to take a more cautious approach than Singapore or the U.S.

Under the proposal offer for public comment on Friday, only institutional investors or individuals with a portfolio worth at least 8 million Hong Kong dollars ($1.03 million) would be allowed to invest in Hong Kong SPACs.

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Redbox Entertainment Acquires U.S. Distribution Rights to Action Thriller Movie Vendetta

Redbox Entertainment, the original content division of Redbox, today announced it has acquired U.S. distribution rights to the action-thriller movie Vendetta.  The film will premiere in 2022 and is expected to have a limited theatrical run and be available day-and-date On Demand.

Redbox recently announced a definitive agreement to combine with Seaport Global Acquisition Corp. (NASDAQ:SGAM).

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EQRx Announces Presentation of Phase 3 Data Demonstrating a Progression-Free Survival Benefit 

EQRx, a new type of pharmaceutical company committed to developing and delivering important new medicines to patients at radically lower prices, today announced a late-breaking mini oral presentation of data from its partner CStone Pharmaceuticals’ Phase 3 GEMSTONE-301 study at the European Society for Medical Oncology (ESMO) Congress 2021.

GEMSTONE-301 is a placebo-controlled Phase 3 trial evaluating the efficacy and safety of the anti-PD-L1 antibody sugemalimab as consolidation therapy in patients with locally advanced/unresectable Stage III non-small cell lung cancer (NSCLC) without disease progression after concurrent or sequential chemoradiotherapy.

In August 2021, EQRx announced a proposed combination with CM Life Sciences III (NASDAQ: CMLTU) to accelerate growth.

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Source: https://spacinsider.com/2021/09/17/latest-spac-news-and-rumors-september-17-2021/

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