The Latest SPAC News and Rumors: June 29, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Inventor of the ‘Super Soaker’ joins quadruple play in SPAC market, Canoo gets hit with shareholder derivative suit, Perella Weinberg shares saw a sharp rise following SPAC deal, and SoftBank SPAC drops deal with Mapbox
‘Super Soaker’ Inventor Joins Rare Quadruple Play in SPAC Market
The serial dealmakers at Navigation Capital Partners unveiled plans for a quartet of new blank-check companies, in the latest sign that repeat issuers’ enthusiasm for the SPAC market remains unabated, according to Bloomberg.
Regulatory filings show the investment firm aims to raise $150 million apiece for Navigation Capital Acquisition VI, VII, VIII and IX. Lonnie Johnson, inventor of the “Super Soaker” water gun, is CEO of one of the SPACs, while Super Bowl champion Jerome “the Bus” Bettis will be on the board of another.
Wells Fargo & Co. and Mizuho Financial Group Inc. are leading Navigation Capital’s latest deals as joint book-running managers, while Loop Capital Markets LLC is co-manager of the offerings.
READCanoo Hit With Shareholder Derivative Suit Over SPAC Merger Statements
Canoo Inc investor Claude Patterson hit the electric vehicle maker’s board members and executives with a derivative suit on Friday, alleging they made false statements about its engineering business in connection with its $2.4 billion merger with a blank check company.
The derivative suit adds to Canoo’s mounting legal woes. The company faces at least three proposed class actions in a California federal court that claim securities fraud for making false and misleading statements related to the merger.
READPerella Weinberg Shares Popped After Going Public Via SPAC
Perella Weinberg shares saw a sharp rise early Monday after going public last week via a SPAC. The stock opened 12% higher Monday, before bouncing between positive and negative territory later in the day. It closed down 0.7% at $12.91 per share.
The global investment bank started trading Friday after announcing the day before that it completed its merger with FinTech Acquisition Corp. IV.
READSoftBank SPAC Hunts New Merger Partner As Mapbox Deal Falters
Talks about a $2 billion merger between SVF Investment Corp. 3 (NASDAQ:SVFC) and Mapbox have been dropped after months of ongoing negotiations, according to SkyNews. Banking sources said that Mapbox has decided to secure funding in the private markets at a much higher valuation after SVF Investment Corp. 3 wanted to cut the price to around $1.5 billion.
Although the story appears to still be developing, it may be what drove SVFC to drop to $9.88 earlier today.