The Latest SPAC News and Rumors: November 21, 2022

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

Latest SPAC News: Bitfufu among creditors of Sam Bankman-Fried’s FTX, tech startups shun Singapore and Hong Kong for U.S. SPACs, and City Council to introduce $10.1M incentives package for Paysafe

Bitmain-Backed Crypto Mining Company Among Creditors of Sam Bankman-Fried’s FTX

Singapore-based Bitfufu, backed by Chinese mining rig giant Bitmain, has filed claims for $11.7 million against crypto exchange FTX, which has revealed it owes more than $3 billion to its largest creditors as its bankruptcy process gets under way.

The claims were submitted by Bitfufu’s subsidiary Ethereal Tech last week, according to Kroll, a U.S. restructuring administration firm appointed by FTX. The company is among 13 unsecured creditors that has so far handed in claims against the collapsed crypto empire founded by former billionaire Sam Bankman-Fried.

Tech startups shun Singapore and Hong Kong for U.S. SPACs

Singapore and Hong Kong startups are sidestepping their home stock exchanges to merge with SPACs in the U.S., as fundraising vehicles in the Asian financial hubs have yielded little on their exit plans.

Information from financial data provider Refinitiv shows that at least nine Singapore and Hong Kong companies this year have announced plans to go public with SPACs listed in the U.S., despite the cities offering a number of these shell companies since the first quarter — none of which has merged successfully with a target business.

City Council to introduce $10.1 million incentives package for Paysafe headquarters

The Jacksonville City Council is expected to introduce legislation Nov. 22 that would award $10.1 million in cash grants to online payment provider Paysafe Ltd. (NYSE:PSFE) to bring its North American headquarters and 600 jobs to Northeast Florida.

The bill, filed Nov. 16 by Mayor Lenny Curry’s administration, includes an exhibit estimating the city’s incentives package for London-based Paysafe’s $51.5 project would have a negative return for taxpayers.

In March 2021, Paysafe merged with Foley Trasimene Acquisition Corp. II, a SPAC, that was founded by Fidelity National Financial Inc. Chairman Bill Foley.