The Latest SPAC News and Rumors: June 16, 2022

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

Latest SPAC News: Crypto-SPAC deals stuck in SEC limbo, Binance’s CEO says $200M Forbes deal is ‘changing’ and Vision Deal gets nod as Hong Kong’s second SPAC

Crypto-SPAC Deals Stuck in SEC Limbo as Token Demand Plunges

Crypto companies that have been trying to go public since last year’s boom remain stuck in a lengthy back-and-forth with US regulators, adding to the pile of challenges facing the industry.

Bids to merge with blank-check companies are getting scrutiny from accountants at the Securities and Exchange Commission because the asset class raises fresh bookkeeping issues, according to people familiar with the matter. Dates for closing multibillion-dollar deals involving Circle Internet Financial Ltd., a stablecoin issuer, and exchanges run by Bullish Global and eToro Group Ltd. have all been pushed back multiple times.

While the SEC has been stepping up oversight of all deals involving special purpose acquisition companies, the delays are particularly fraught for virtual-coin companies already reeling from a steep market downturn.

Binance’s $200 Million Forbes Deal is ‘Changing,’ CEO Zhao Says

Binance Holdings Ltd.’s agreement to invest $200 million in Forbes is “changing” after the publisher’s deal to go public via a SPAC fell through, the crypto exchange’s Chief Executive Officer Changpeng ‘CZ’ Zhao said.

In an interview with Bloomberg TV, Zhao reiterated that Binance still wants to make the investment, though he didn’t give any details on how the terms would change.

“It’s changed a little bit, but I believe that’s still in discussions,” Zhao said, noting that Binance’s commitment to invest in Forbes was part of a broader strategy to invest in traditional media outlets.

Vision Deal gets nod as HK’s second SPAC listing 

The HKEX listing of Vision Deal, a special purpose acquisition company backed by former Alibaba CEO David Wei, saw three firms advising in the HKD1 billion (USD127 million) transaction.

Kirkland & Ellis, Appleby and Freshfields advised in the second SPAC deal since the new rules allowing such listings took effect in January.

Vision Deal is expected to announce a transaction in 18 months to acquire an enterprise in China involved in smart-car technologies or supply chain and cross-border e-commerce.