Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Saxo Bank eyes Copenhagen listing after failed SPAC merger, and SPACs win small respite under IRS stock-buyback tax guidance
Saxo Bank eyes Copenhagen listing after failed SPAC merger
Saxo Bank could give its external investors a new chance to cash in, including via an initial public offering, as early as this year, CEO Kim Fournais told Reuters, after plans to merge with Disruptive Capital AC, a blank-check company, collapsed last month.
“There’s always been a wish to eventually do a listing of Saxo,” said Fournais, adding that the bank is in no rush to float while market turmoil persists. Nasdaq Copenhagen would likely be the preferred venue for a float, he said.READ
SPACs Win Small Respite Under IRS Stock-Buyback Tax Guidance
The IRS is giving sponsors of blank-check companies a small bit of relief: They may be getting bludgeoned by the market and regulators alike, but at least many of them won’t have to pay the new stock-buyback tax.
Promoters of special purpose acquisition companies had feared that SPAC transactions would be subject to the 1% excise tax on stock repurchases that took effect Jan. 1. But guidance the IRS issued in late December indicates that while some SPACs will have to pay the new tax, most will generally be able to avoid it.READ