The Latest SPAC News and Rumors: July 29, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nanosys in talks to merge with GigInternational1, blank-check firms turn to expensive sources of financing
Nanosys Is in Talks to Go Public Via GigInternational1 SPAC
Quantum-dot technology developer Nanosys Inc. is in talks to go public through a merger with blank-check firm GigInternational1 Inc., according to Bloomberg.
A transaction is set to value the combined entity at about $1 billion.
READSPACs Forced to Fund Deals With More Expensive Financing
SPACs are turning to expensive sources of financing to push their deals in a fresh sign of stress in what had been one of the hottest corners of Wall Street, according to the Financial Times. Several companies that recently announced plans to go public through merging with a blank-check company have recently raised cash to fund the deals by issuing convertible bonds.
“The PIPE market has basically been shut so it isn’t surprising that you’re seeing these types of structures,” said a senior bank executive who works on financing for SPAC deals. “But, it’s a last resort.”
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