The Latest SPAC News and Rumors: April 11, 2022

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

Latest SPAC News: Ackman says proposed SPAC rules suggest SEC backs him, Wallbox starts construction of its EV charger manufacturing facility, and Selina partners with TechnoArt

Bill Ackman Says Proposed SPAC Rules Suggest SEC Backs Him Against Investor Lawsuit

A Bill Ackman SPAC told a judge that proposed rules for the vehicles support its defense against a lawsuit alleging it is acting illegally as an investment company.

In a letter to the court on Monday, lawyers for Ackman’s Pershing Square Tontine Holdings Ltd. (NYSE:PSTH) said the recent plan by the Securities and Exchange Commission “does not state that all SPACs are — or any existing SPAC is — an investment company” as defined under U.S. securities law.

Wallbox Enters First Phase of Build-Out For Its U.S. EV Charger Manufacturing Facility

Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced the commencement of construction at its Arlington manufacturing facility, the company’s first U.S.-based EV charger manufacturing facility. The 130,000 square-foot high-tech plant is expected to have enough capacity to fully support Wallbox’s expansion plans in North America over the next decade. This announcement comes on the heels of the start of production at Wallbox’s new state-of-the-art factory in Barcelona, which began in December 2021 and will be inaugurated later this month.

Kensington Capital Acquisition Corp. II secured shareholder approval of its combination with Wallbox on September 30, 2021.

Selina Partners With TechnoArt to Launch One of the World’s First Digital Nomad Investment Funds and Business Accelerator Programs

Selina, the fast-growing lifestyle and experiential hospitality brand targeting millennial and Gen Z travelers, today announced that it has formed a strategic partnership with TechnoArt – the leading growth platform for technology startups – to launch TechnoArt@Selina. This partnership creates one of the first global innovation programs developed to support the digital nomad community. With over 100 Selina locations around the world these entrepreneurs gain access to state-of-the-art co-working facilities and a global network for the opportunity to grow and scale their business like never before.

On December 2, 2021, Selina entered into a definitive merger agreement with BOA Acquisition Corp. (NYSE: BOAS) that will result in Selina becoming a publicly listed company on the New York Stock Exchange under the new ticker symbol “SLNA”.

White Oak Provides $75 Million Term Loan Financing to North Atlantic Imports

White Oak Global Advisors, LLC, announced today it has provided a $75 million term loan to North Atlantic Imports, which also operates under the name Blackstone Products, a Utah-based distributor of branded griddles and accessories. The loan was offered on a split-lien basis alongside a Wells Fargo ABL Revolver.

The Company announced in December 2021 that it had entered into a definitive business combination agreement with special purpose acquisition company, Ackrell SPAC Partners I Co. (Nasdaq: ACKIU).

Forbes Expands Into Metaverse With Launch Of Virtual Billionaires NFT Collection on FTX

Forbes today unveiled a preview of its virtual Billionaires NFT collection, a first of its kind NFT project for the media industry. The collection includes a set of fictional investors with an enormous theoretical portfolio and virtual net worth based on live New York Stock Exchange pricing. Each NFT Billionaire will have compelling hobbies and an eccentric Forbes accessory that will be ranked daily on the forthcoming Forbes Virtual NFT Billionaires List.

Forbes recently announced plans to go public through a business combination with Magnum Opus (NYSE: OPA) which is expected to close in the second quarter of 2022.