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The Latest SPAC News and Rumors: September 7, 2022


The Latest SPAC News and Rumors: September 7, 2022


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

Latest SPAC News: SEC sues investment firm for not disclosing conflicts of interest, and Rumble sets new monthly active user record 

SEC Sues SPAC Adviser for Not Disclosing Conflicts of Interest

The US Securities and Exchange Commission sued an investment firm on Tuesday for failing to properly disclose conflicts of interest tied to SPACs– the latest example of Wall Street’s main regulator clamping down on the once white-hot market.

The SEC alleged that Perceptive Advisors didn’t make to clear to investors that the sponsors of multiple SPACs it had formed were owned by both the firm’s personnel and a private fund that it had advised. The firm also didn’t file a form disclosing its ownership of a public company on time, the agency said in a statement.

Perceptive, which didn’t admit or deny the SEC’s allegations, agreed to pay a $1.5 million penalty to settle the case. In a statement, the firm said that it fully cooperated with the SEC and identified the disclosure gaps.


Rumble Sets New Monthly Active User Record in August Citing Growth Among ‘Gen Z’ Users

Rumble, the video-sharing platform, announced that its user base reached a new record in August, increasing its global monthly active users (MAUs) to 78 million, representing 77% year over year growth. In addition, the company announced a new record for MAUs in the United States and Canada with 63 million, representing 103% year over year growth. Rumble also noted that a substantial portion of this growth came from users in the 18- to 24-year-old ‘Gen Z’ age group.

In December 2021, Rumble announced a definitive business combination agreement with CF Acquisition Corp. VI (NASDAQ: CFVI).