The Latest SPAC News and Rumors: October 12, 2021

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

Latest SPAC News: Hyphen in talks to merge with Provident Acquisition Corp., SPAC promoters shun Chinese deals amid regulatory chill, and Rocket Lab acquires Advanced Solutions

Li-Backed Hyphen Said in Talks on $1 Billion Provident SPAC Deal

Hyphen Group, a financial technology firm backed by Hong Kong billionaire Richard Li, is in advanced talks to go public through a merger with blank-check company Provident Acquisition Corp. (NASDAQ:PAQC).

A transaction could value the combined company at about $1 billion and may include a PIPE of about $100 million.

SPAC Promoters Shun Chinese Deals Amid Mounting Tensions

At least four SPACs have revised their IPO filings in recent months to remove China from their areas of interest. The changes come as the U.S. securities regulator demands volumes of disclosures on the risks of doing business in China, while Beijing authorities are scaring the market with their widening crackdown on corporate excesses.

Rocket Lab Acquires Space Software Company Advanced Solutions, Inc.

Rocket Lab USA, Inc. (NASDAQ: RKLB), a global leader in launch services and space systems, today announced it has completed the acquisition of Advanced Solutions, Inc. (ASI), a Colorado-based aerospace engineering firm delivering mission proven space software, mission simulation and test systems, and Guidance, Navigation, and Control (GNC) solutions, for $40 million plus the potential for an additional $5.5 million performance earnout based on CY 2021 results.