The Latest SPAC News and Rumors: December 23, 2021

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

Latest SPAC News: Ackman investors on Reddit defend SPAC against shareholder claims and Wejo restates accounts after listing 

Ackman SPAC Investors Defend It Against Fellow Shareholder’s Claims

Investors in Bill Ackman’s Pershing Square Tontine Holdings Ltd. (NYSE:PSTH) — some recruited through a Reddit forum — rallied to defend the world’s largest special purpose acquisition company against claims by fellow shareholder George Assad that it was operating illegally.

A group of 62 investors holding almost 1.3 million shares filed court papers last week in support of the SPAC’s bid to dismiss a lawsuit by Assad, who sued in August after the company abandoned plans for a deal with Universal Music Group.

Assad alleged that Pershing Square Tontine isn’t a SPAC and that it should be regulated under the Investment Company Act of 1940, which would require registration with the U.S. Securities and Exchange Commission.