The Latest SPAC News and Rumors: March 1, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Circle’s Allaire says crypto is ‘double-edged sword’ amid war, HKMA’s former chief files SPAC listing, and judge says Palihapitiya must face Clover shareholders’ lawsuit
Crypto is ‘Double-Edged Sword’ Amid War, Circle’s Allaire Says
Circle Internet Financial’s Jeremy Allaire said Russia’s attack on Ukraine highlights the paradox of cryptocurrencies for both participants and regulators.
Allaire, co-founder of the payments and financial infrastructure company behind the USDC stablecoin, said the situation is similar to the early days of the internet.
Allaire co-founded Circle in 2013 and recently reworked a deal with blank-check company Concord Acquisition (NYSE:CND) that raised its valuation to $9 billion, roughly double when the terms were first struck in 2021. Circle’s USDC stablecoin recently surpassed $50 billion in circulation.
READFormer HKMA Chief’s SPAC Files Hong Kong IPO, Eyes Fintech Targets
The former head of Hong Kong’s de facto central bank has formed a SPAC with two family members of the city’s former chief executive, as they look to bank on their credentials to raise funds for their blank check company.
Named HK Acquisition Corp, the company filed a draft prospectus sponsored solely by Haitong International on the city’s stock exchange on Monday night.
U.S. Judge Says Palihapitiya Must Face Clover Shareholders’ Lawsuit
A U.S. judge has ruled that venture investor Chamath Palihapitiya, Clover Health Investments Corp (NASDAQ:CLOV) and its executives must face a lawsuit that claims they misled investors about the health insurance company when it went public via one of Palihapitiya’s many SPACs.
U.S. District Judge Aleta Trauger in Nashville on Monday declined to dismiss the case, allowing investors to proceed with allegations Clover lied about the source of its growth and the existence of a U.S. Department of Justice probe into the company.
READ