The Latest SPAC News and Rumors: June 21, 2023


The Latest SPAC News and Rumors: June 21, 2023

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

Latest SPAC News:  SEC charges Marcum LLP for quality control deficiencies, flyExclusive launches enhanced Jet Club and fractional program and Owlet announces clearance from FDA

SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies

The Securities and Exchange Commission today charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of SPAC clients beginning at the latest in 2020.

The SEC’s order also found that Marcum’s deficiencies were not limited to SPAC clients, but they reflected systemic quality control failures throughout the firm. Marcum agreed to pay a $10 million penalty to settle the charges.


flyExclusive Launches Enhanced Jet Club and Fractional Program

flyExclusive, a leading provider of premium private jet charter experiences, today announced expanded features to its award-winning Jet Club and fractional program that will allow members to benefit from increased savings and flexibility.

The program enhancements advance flyExclusive’s commitment to offering an unrivaled, best-in-class customer experience focused on safety, comfort and convenience.

EG Acquisition Corp. (NYSE:EGGF) announced its $600 million business combination with flyExclusive in October 2022.


Owlet Announces FDA-Clearance of the First Prescription Pulse Oximetry Sock for Infants

Owlet (NYSE: OWLT), the pioneer of smart baby monitoring, announces clearance from the U.S. Food and Drug Administration (“FDA”) of BabySat™, the first medical pulse-oximetry device featuring its advanced, wire-free sock design. Owlet is a leader in infant health data, having monitored more than 1 million babies, and with BabySat, combines its consumer-first expertise with hospital-grade monitoring accuracy.

Owlet completed its business combination with Sandbridge in July 2021.