The Latest SPAC News and Rumors: December 17, 2021

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

Latest SPAC News: Hong Kong to allow SPAC listings next month, Belgium Proximus rises following TeleSign deal, and asset manager claims he was frozen out of Trump Media SPAC

Hong Kong Stock Exchange to Allow SPAC Listings Next Month

Hong Kong unveiled its rulebook for blank check companies, allowing for listings at the start of next year while setting a strict regime to safeguard investors.

After a consultation period on proposed rules, the city’s exchange decided to keep in place a fund-raising threshold of HK$1 billion ($128 million), while trimming the minimum required backing of institutional investors to 20, according to a conclusion released by the Hong Kong Exchanges & Clearing Ltd. on Friday.

Retail investors are still barred from investing in the SPACs as proposed.

Belgium’s Proximus Rises After Its TeleSign Unit Agrees SPAC Merger

 Shares in Belgian state-controlled telecoms firm Proximus rose on Friday after its subsidiary TeleSign agreed to merge with a New York blank-check company in a deal that would value the unit at $1.3 billion.

U.S.-listed North Atlantic Acquisition Corporation (NASDAQ:NAAC), chaired by Diageo’s former Europe chief Andrew Morgan, said on Thursday it would buy a minority stake in TeleSign for a total transaction size of $487 million.

Asset Manager Claims He Was Frozen Out of Trump Media SPAC

An asset manager who claims he was “instrumental” in landing former President Donald Trump’s planned media company for Digital World Acquisition Corp. (NASDAQ:DWAC) claims he was removed as a potential director and cheated out of shares.

Bluestone Capital Management’s Brian Shevland said Digital World Chief Executive Officer Patrick Orlando was behind an August regulatory filing in which Shevland’s name was quietly removed from the SPAC’s board, according to a lawsuit filed in a Miami federal court on Tuesday.