The Latest SPAC News and Rumors: August 29, 2023


The Latest SPAC News and Rumors: August 29, 2023

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

Latest SPAC News: AgileThought files for Chapter 11 bankruptcy, Hostess’ stock surges on talks of sale, and Barca to move HQ of its content subsidiary to the Netherlands

IT services firm AgileThought files for chapter 11 bankruptcy, return to private company

After going public in 2021, Irving-based IT services company AgileThought Inc. (NASDAQ: AGIL) announced a financial restructuring deal with Blue Torch Finance LLC that is set to take the company off the market.

The company announced a go-private transaction Monday, underpinned by an asset purchase agreement with an affiliate of Blue Torch Finance. In order to run this deal, AgileThought filed for bankruptcy under Chapter 11, which allows companies to stay in business while restructuring their financial obligations.

When the company went public in 2021, it had an initial market value of $491 million. AgileThought linked up with a special purpose acquisition company to go public. LIV Capital Acquisition Corp., headquartered in Mexico, backed the SPAC after it evaluated 80 companies before deciding on AgileThought.


Hostess’ stock surges on talks of sale

Shares of Hostess Brands, Inc. (NASDAQ:TWNK) surged nearly 30% in mid-day trading on Aug. 25, eventually finishing 21.7% higher for the day, on news that the Lenexa-based snacks maker is exploring a sale after receiving takeover interest.

Citing sources familiar with the matter, Reuters said a number of companies have expressed interest in Hostess, including General Mills, Inc., Mondelez International, Inc., PepsiCo, Inc. and Hershey Co.

In 2016, the company was acquired by Gores Holdings, Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC.

Barça to move headquarters of its content subsidiary to the Netherlands before Nasdaq IPO

Barcelona has chosen to establish the headquarters of Barça Media, its content creation business branch, in the Netherlands in order to float it on the Nasdaq stock exchange, according to records filed with the United States Securities and Exchange Commission (SEC). The Spanish soccer giant follows in the footsteps of Ferrovial, the Spanish infrastructure multinational that recently and controversially moved its headquarters to the Netherlands to make the leap to Wall Street and raise capital on the American stock exchange.

The president of Barça, Joan Laporta, wants to list Barça Media through a complex operation that involves a merger with Mountain & Co. I Acquisition Corp (NASDAQ: MCAA), a SPAC.

Chamath Palihapitiya’s Venture Firm Offered to Sell Hundreds of Startup Stakes

Social Capital, the investment firm led by venture capitalist Chamath Palihapitiya, tried to sell stakes in hundreds of young companies in June of this year, according to people familiar with the matter. The stakes for sale were worth $312 million in total based on the valuations at which the companies last raised money, the people said.

It’s not clear what prompted Social Capital to want to sell its stakes in the 258 companies, and it couldn’t be learned whether the firm completed the sales.