The Latest SPAC News and Rumors: August 10, 2022


The Latest SPAC News and Rumors: August 10, 2022


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

Latest SPAC News: Voltus partners with Chesapeake Energy, South Korea’s SPAC IPOs eclipse company public listings, and HK Acquisition Corp. completes IPO as Hong Kong’s third SPAC

Voltus Partners with Chesapeake Energy Corporation to Deliver 10 MW of Fast-Response Grid Services to Oklahoma

Voltus, Inc., the leading distributed energy resource (DER) software platform, today announced it has partnered with Chesapeake Energy Corporation (NASDAQ: CHK) to enroll 10 megawatts (MW) in the Southwest Power Pool (SPP) Operating Reserves (OR) market. SPP OR is a fast-response, ancillary services market that pays businesses like Chesapeake to reduce electricity consumption in response to a market signal, driving down electricity costs for neighboring communities, and supporting the reliability of the electric grid.

On November 30, 2021, Broadscale Acquisition Corp. (“Broadscale”) (Nasdaq: SCLE) entered into a definitive agreement for a business combination with Voltus.


S. Korea’s SPAC IPOs eclipse company public listings

SPACs are gaining momentum in South Korea’s initial public market on the back of eased regulations and brokerage companies’ efforts to make up for reduced fee income from the otherwise sluggish IPO market.

A total of 20 SPACs were listed on the Korean bourse this year, according to the Korea Exchange on Wednesday. Their IPO sizes range from 20 billion to 100 billion won ($15 million-$76 million). Another 12 SPACs are in the pipeline of domestic IPOs. Six other SPACs have submitted IPO applications.


Blank-check firm of former HKMA chief Norman Chan completes $127 million IPO as Hong Kong’s third SPAC listing

HK Acquisition Corp, a blank-check company backed by the former head of Hong Kong’s de facto central bank, has its book fully covered for its HK$1 billion (US$127 million) IPO on Monday, according to people close to the transaction.

The SPAC formed by Norman Chan Tak-lam, the former chief executive of the Hong Kong Monetary Authority (HKMA), along with two family members of the city’s former chief executive Donald Tsang Yam-kuen, will issue 100 million shares at HK$10 each. Every two shares will entitle the holder to one warrant, exercisable at HK$11.50.

HK Acquisition Corp is the city’s third SPAC to complete an IPO under a relatively new listing regime that started in January