special purpose acquisition companies News

U.S. SEC Proposes Boosting Blank-Check Company Disclosures, Liability

Proposal requires SPACs disclose conflicts during, after listing Disclosures must be issued at least 20 days before deal vote Rule would strip SPACs of legal safe harbor for projections Wall Street’s watchdog on Wednesday unveiled a draft new rule to …

Home Insurance Agency Hippo to Go Public in $5B SPAC

Hippo Enterprises said it will go public through a merger with a blank-check firm, backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus, in a deal that gives the merged entity a pro forma enterprise value of $5 billion. …

Ex-Credit Suisse CEO Raises $300M for Financial Services-Focused SPAC

Former Credit Suisse Group AG Chief Executive Officer Tidjane Thiam raised $300 million for his blank-check company after boosting the size of the deal. Thiam’s Freedom Acquisition I Corp. sold 30 million units at $10 apiece in its U.S. initial …

SPAC Backed by AmTrust Executives Files for $300M IPO

A blank-check firm, backed by AmTrust Financial Services Chief Executive Officer Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday. Pine Technology Acquisition Corp. said it plans to sell 30 …

Liability for SPAC Flops: Waitr Could Be Test Case for Disgruntled Investor Lawsuits

Waitr Inc. never had the resources of rivals Grubhub Inc. and UberEats. Yet in November 2018 the online food ordering and delivery business went public through a merger with blank-check firm Landcadia Holdings Inc. Landcadia had some powerful names behind …

Foley’s SPAC in $7.3B Deal to Take Blackstone’s Benefits Firm Alight Public

A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday. …

Insurance Acquisition Completes Shift Auto Retailer Deal; IPO Launches

Shares of Shift Technologies Inc. fell 6.7% in their Nasdaq debut on Thursday after the online used-car seller went public through a reverse-merger deal with blank check firm Insurance Acquisition Corp. Shift shares were trading at $10.86 in morning trade, …

Online Used Car Retailer Shift Talking Merger With Insurance Acquisition

Shift Technologies Inc., an online retailer for used cars, is in talks to merge with blank-check company Insurance Acquisition Corp., according to people familiar with the matter. The companies could announce a transaction within a month, said the people, who …