Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Investor Paul Conway targets top European football club, Tomorrow.io to power Amazon Alexa’s weather app, and lack of insurance for SPAC directors expose risks for Hong Kong deals
U.S. Investor Paul Conway Targets Top European Football Club
Paul Conway, the U.S. media executive turned European football club owner, is targeting one of the region’s elite teams for his next bet on the sport.
Conway said he’s looking to take a minority stake in a club with an enterprise value of $250 million to $500 million in one of Europe’s top five leagues in England, Spain, Germany, Italy or France. Any deal will be funded by Counter Press Acquisition Corp. (NASDAQ:CPAQ), a blank-check firm he set up with partners including investor Michael Kalt.READ
Tomorrow.io to Power Amazon Alexa’s Leading Third Party Weather App, Big Sky
The Tomorrow Companies Inc. (“Tomorrow.io”), developer of a leading platform for global weather and climate security, today announced that Big Sky, the leading third-party weather app on Amazon’s Alexa Echo will now be powered by Tomorrow.io. Described as one of the 7 essential Alexa Skills, Big Sky brands itself as “better weather for Alexa” and has more than 100,000 monthly active users, more than 8,000 reviews and an average user rating of 4.6 out of 5 stars.
In December, Tomorrow.io announced plans to list on Nasdaq through a merger with Pine Technology Acquisition Corp. (Nasdaq: PTOC).READ
Gaps in Insurance for SPAC Directors Expose Risks For Deals in Hong Kong
The dearth of insurance that protects directors of SPACs from legal liability could hold back M&A and prove to be a setback for Hong Kong’s new listing regime, according to sponsors and insurance players.
The lack of so-called directors and officers (D&O) liability insurance in Hong Kong has been cited as a risk factor by sponsors of SPACs.
There are only “a handful” of insurers in Hong Kong that offer D&O insurance to SPAC directors, and the premium can be five times more expensive than that charged for a traditional IPO, said Murray Wood, Asia-Pacific head of specialty products at global insurance broker Aon.