The Latest SPAC News and Rumors: January 18, 2022

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

Latest SPAC News:  GP Bullhound to join Amsterdam SPAC rush, Baron Davis SPAC in talks with esports startup ReKTGlobal, and Wag in merger talks with CHW

Spotify Backer GP Bullhound to Join Amsterdam SPAC Rush, Sources Say

Technology investment firm GP Bullhound, which has financed some of Europe’s most prominent startups, is planning to list a SPAC in Amsterdam.

GP Bullhound is working with Deutsche Bank AG on preparations for the offering, and is considering seeking around 200 million euros ($228 million).

The firm could announce plans for the listing as soon as the next few weeks.

Baron Davis SPAC in Talks with ESports Startup ReKTGlobal

ReKTGlobal, an esports startup, is in talks to go public through a merger with Baron Davis’s blank-check firm Bull Horn Holdings Corp (NASDAQ:BHSE).

The SPAC is discussing raising a PIPE, to support the transaction, which is set to value the combined entity at more than $400 million

Dog Walking Startup Wag In Merger Talks With CHW SPAC

Dog-walking startup Wag Labs Inc. is in talks to go public through a merger with CHW Acquisition Corp. (NASDAQ:CHWA).

The SPAC is in discussions to raise funds for a PIPE to support the transaction with Wag. The combined entity is set to have an enterprise value of about $350 million, and the transaction value is based on a multiple of projected revenue of about $42 million in 2022 and $71 million in 2023.

China Merchants Bank-Backed SPAC Files First Application Under New Hong Kong Rules

A SPAC backed by China Merchants Bank applied to list in Hong Kong late on Monday, the first company to do so since new rules allowing such listings took effect at the start of this year.

Monday’s filing was by Aquila Acquisition Corporation, whose ultimate parent is China Merchants Bank. The filing said Aquila is target acquiring “a technology-enabled company in ‘new economy’ sectors (such as green energy, life sciences and advanced technology and manufacturing) in Asia, with a focus on China.”

Rumble Announces Investments to Create Independent Payment Processor 

Today, the video platform Rumble announced that it has taken a stake in Parallel Economy, a transformative payment processing company. Rumble’s investment in Parallel Economy furthers the company’s mission to build the rails and independent infrastructure for a digital economy immune from cancel culture.

Founded in 2021, Parallel Economy is creating a financial ecosystem where creators can participate in the marketplace of ideas. Parallel Economy was started by Dan Bongino, the host of a nationally syndicated radio show and cable television news program, and Jeffrey Wernick, an early bitcoin adopter and angel investor.

The company announced in December 2021 the execution of a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).

Tado, the German Smart Home Energy Startup, Plans to Go Public Via SPAC At €450M Valuation

Tado, the German smart home startup that specializes in thermostats and more recently moved into flexible “time of use” energy tariffs based on loadshifting technology, is today announcing that it is going public by way of a SPAC deal.

GFJ ESG Acquisition, a German SPAC entity focused specifically on sustainable technologies, said it will combine with tado and list the new company on the Frankfurt exchange. GFJ and tado are now working on the PIPE transaction, which when completed is expected to value tado at €450 million ($514 million at today’s rates).