The Latest SPAC News and Rumors: April 12, 2022

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

Latest SPAC News: Hong Kong’s OneDegree approached by SPAC, ADQ and Chimera Capital set up Abu Dhabi’s first blank-check company, and Infinite Reality buys ReKTGlobal

Hong Kong’s OneDegree Says It’s Been Approached on SPAC Listing

OneDegree, a Hong Kong-based insurer of digital assets, has been approached by investment banks about going public through a blank-check company, its co-founder said.

The firm, one of four with a so-called virtual insurer license in Hong Kong, expects to carry out a funding round in coming months to finance expansion, Alvin Kwock said in an interview without giving specifics. He said no decision has been made on whether to merge with a SPAC. OneDegree raised $28 million in August.

ADQ and Chimera Capital Set Up Abu Dhabi’s First SPAC

Abu Dhabi state holding firm ADQ and investment firm Chimera Capital have set up a blank-check company that will raise 367 million dirhams ($99.93 million) and list in the capital, according to a statement on Tuesday.

The United Arab Emirates’ Securities and Commodities Authority in January approved a regulatory framework for blank-check firms.

Infinite Reality to Buy ReKTGlobal, Aims to Raise $150 Million

Infinite Reality Inc., which has inked a deal to go public through a merger with Universal Security Instruments Inc. (NYSE:UUU), has agreed to acquire ReKTGlobal, an esports startup that abandoned a prior plan to combine with Bull Horn Holdings Corp. (NASDAQ:BHSE).

Infinite Reality, formed through the merger of Display Social and production company Thunder Studios, is valued at $2 billion, Chief Executive Officer John Acunto said in an interview. It plans to expand ReKTGlobal’s brands including League of Legends’ Rogue and Call of Duty League’s London Royal Ravens into the metaverse, potentially through the creation of esports stadiums and skyboxes, Acunto said.

Blank-Check Firm Backed By Bain Capital Affiliate Scraps U.S. IPO Plans

A blank-check vehicle backed by venture capital firm Bain Capital’s affiliate has withdrawn plans for a U.S. initial public offering, according to a regulatory filing on Tuesday, joining a slew of companies that have canceled listings this year.

The withdrawal from Bain Capital Credit’s BCC Investment Corp comes amid volatility in the U.S. markets due to heightened geopolitical tensions and rate hike concerns.