The Latest SPAC News and Rumors: September 1, 2021


The Latest SPAC News and Rumors: September 1, 2021

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

Latest SPAC News: Moelis SPAC holders advised by ISS to vote down Archer deal, Compass Digital is said to plan $200 million IPO, and Singapore Exchange to roll out new rules for SPACs

Moelis SPAC Holders Advised by ISS to Vote Down Archer Deal

Investors in Ken Moelis’s Atlas Crest Investment Corp. (NYSE:ACIC) should vote against a merger with a Archer Aviation Inc. and instead redeem their holdings in the blank-check company for cash, an influential shareholder adviser said in a report.

The proposed merger with Archer, a developer of vertical take-off and landing electric aircraft that is mired in a legal battle over trade secrets, poses risk without the prospect of material gains for Atlas investors, Institutional Shareholder Services Inc. said in its report.

The combined company will be valued at about $1.7 billion, a reduction of $1 billion from its enterprise value when the deal was announced in February, ISS said.


Vikram Pandit-Advised SPAC Is Said to Plan $200 Million IPO

Former Citigroup Inc. Chief Executive Officer Vikram Pandit, who led the U.S. lender from 2007 through 2012, has joined Compass Digital Acquisition Corp. as a senior adviser, according to Bloomberg.

The vehicle is seeking to raise $200 million, and will focus on striking a deal with a company that operates in artificial intelligence, analytics, cloud enablement, cybersecurity, blockchain, health-care transformation and software-as-a-service, among other sectors.


Singapore Exchange to Roll Out Easier Rules For SPAC Listings

Singapore Exchange is in advanced stages on unveiling new guidelines that will make it easier for SPACs to list in the city-state after receiving market feedback that some proposals were too strict, four sources familiar with the matter told Reuters on Wednesday.

Singapore Exchange’s SGXL.SI regulatory arm is considering easing a minimum S$300 million ($223.2 million) market value proposal for SPACs and a proposal that warrants cannot be detached from underlying shares.


BlackSky Secures Investment from Palantir and Enters into Multi-Year Strategic Partnership Following Successful Pilot Project

BlackSky Holdings, Inc., a leading technology platform providing real-time geospatial intelligence and global monitoring, announced today that Palantir Technologies Inc. (NYSE: PLTR) has committed to making an equity investment in BlackSky, which is scheduled to close after the completion of BlackSky’s business combination with Osprey Technology Acquisition Corp.

Following the successful completion of a joint pilot program between BlackSky and Palantir, this investment signifies the strengthening of a strategic collaboration that will enable BlackSky to further extend its capabilities and meet the increasing demand for global monitoring services from its and Palantir’s customers.


Sarcos Defense Announces U.S. Government Orders of Guardian HLS Heavy-Lift System 

Sarcos Defense, a wholly-owned subsidiary of Sarcos Robotics, a leader in the development of robots that augment humans to enhance productivity and safety, today announced that several U.S. government agencies have purchased the Guardian® HLS Heavy-Lift System.

The Guardian HLS system, designed in collaboration with the Air Force Research Laboratory (AFRL), is a first-of-its-kind, easily packable, pneumatic heavy-lift system designed to quickly and efficiently lift objects weighing up to 45,000 pounds for asset recovery and emergency response missions in the field.

On April 6, Sarcos announced that it will become publicly listed through a merger with Rotor Acquisition Corp. (NYSE: ROT).