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The Latest SPAC News and Rumors: November 28, 2022


The Latest SPAC News and Rumors: November 28, 2022


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

Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE

Virgin Galactic, Preparing for Liftoff, Appoints New Top Lawyer

Virgin Galactic Holdings Inc. (NYSE:SPCE), a commercial spaceflight company backed by billionaire Richard Branson which combined with Social Capital Hedosophia Acquisition Corp., has named Sarah Kim its chief legal officer and corporate secretary.

Kim, who has been general counsel for the newly-merged Topgolf Callaway Brands Inc., will take on those roles as of Dec. 5, Virgin Galactic announced this week. She succeeds former legal chief Michelle Kley, who left Virgin Galactic in July.


Trump Media SPAC Rises After Investors Approve Merger Deadline Extension

Shares of the SPAC attempting to take public Donald Trump’s social-media company rose more than 5% in afternoon trading after investors extended the deadline for the deal to be completed to September 2023.

The SPAC, Digital World Acquisition (NASDAQ:DWAC), had tried several times in recent weeks to secure the approval of 65% of its investors to extend the deadline, but was unable to do so until Tuesday.


Al Maadeed first Qatari to list his company on NYSE

Alkuri Global Acquisition Corp, a publicly-traded special purpose acquisition company founded by a Qatari Sultan al-Maadeed, has listed its newly acquired Babylon Holdings Limited in the New York Stock Exchange.

This makes al-Maadeed the first Qatari and Gulf national to establish an American company to be listed on the American stock exchange. The Babylon Holdings Limited has been listed under the ticker symbol ‘BBLN’.


MENA fintech hubs are channelling funds into the sector but need to keep momentum

The fintech sector in the Middle East and Africa Region (MENA) has already raised $1.73 billion in the first half of 2022, as per a report by global strategy consulting business Strategy&. In 2021, the sector raised $2.5 billion in funding.

The amount of fintech investment in the MENA region reached $448 million in 2021 across 108 transactions. There were also four fintech “exits”—the highest for a single year. A fintech exit includes IPOs, special purpose acquisition companies (SPACs), mergers, and acquisitions.