The Latest SPAC News and Rumors: December 31, 2021

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

Latest SPAC News:  Former Sony PlayStation CEO launches $225 million gaming SPAC and EToro’s valuation dips over 15% to $8.8B after amended deal

Early Sony PlayStation Boss Launches $225 Million Gaming SPAC

The former CEO of Sony Computer Entertainment America, who helped make the PlayStation a popular gaming console, is leading a $225 million SPAC that’s pursuing a deal in the video game industry.

Jack Tretton, who started his career at Sony in 1995, is now the CEO of PowerUp Acquisition Corp. (NASDAQ:PWUP), according to a prospectus filed Wednesday with the Securities and Exchange Commission. Joining Tretton on the management team is Bruce Hack, former CEO of Vivendi Games and vice chairman of Activision Blizzard Inc. from 2008 to 2009.

EToro’s Valuation Dips Over 15% to US $8.8B After Amended SPAC Deal

Betsy Cohen-backed blank-check company FinTech Acquisition Corp V (NASDAQ:FTCV) said on Thursday, Dec 30, it had amended the terms of its merger with Israel’s eToro, cutting the online stock brokerage’s valuation to US$8.8 billion from US$10.4 billion.

FinTech said in a regulatory filing the companies will not be able to meet the required closing conditions for the deal by Dec 31, and hence had extended the deadline to Jun 30, 2022.

One of the conditions that could not be met was an effective submission of filings by eToro with the US Securities and Exchange Commission that are required for the registration of certain securities by foreign issuers, FinTech said.