SEC Debuts New SPAC Rules

by | Mar 30, 2022

EV battery swapping infrastructure player Gogoro is close to merger approval, BREZ extends. And the day’s news in SPACs.

Free Investor Resources from Boardroom Alpha
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

SEC Debuts NEW SPAC Rules (spoiler alert: they’re tougher)

The SEC today debuted new rules for SPACs consistent with the agency’s tough rhetoric. Proposed rules are mostly around tightening disclosures and include:

  • Amending the definition of a “blank check company” to make the liability safe harbor for forward-looking statements, such as business forecasts, unavailable in filings by SPACs. The move would leave SPACs open to investor lawsuits as a result of overly aggressive projections.
  • Requiring that the SPAC’s private business target be a co-registrant when the company files an S-4.
  • Better policing of conflicts of interest, fees and potential dilution.
  • Updating the Securities Act of 1933 to limit the types of financial statements that can be made by SPACs and their merger targets.

“Investors deserve the protections they receive from traditional IPOs, with respect to information asymmetries, fraud, and conflicts,” said SEC Chair Gary Gensler. The SEC will vote to approve the rules after a 60-day period for public comment on its proposal. 

Poema Global Holdings Corp. (PPGH) Announces Expected Close for Gogoro

PPGH announced it expects to close its merger with Taiwanese EV battery swapping network supplier Gogoro on 4/4, following its anticipated merger approval vote tomorrow. SPAC extends redemption deadline to 4/1 and expects to deliver “at least $335M of gross proceeds” and has $295M in PIPE commitments.

Gogoro makes smart swappable batteries and charging infrastructure and cloud software that monitors the condition and performance of vehicles and batteries. Apart from its own brands, including Smartscooters and Eeyo electric bikes, Gogoro also makes its platform available through its Powered by Gogoro Network (PBGN) program, which enables partners to create vehicles that use Gogoro’s batteries and swapping stations. Gogoro will trade on the NASDAQ as “GGR.”

BREZ Sets Extension Date Vote

Breeze Holdings Acquisition Corp. (BREZ) sets September extension vote for 5/5. The SPAC, which has a pending deal announcement with space logistics company D-Orbit S.p.A, has ~$10.35 in trust.

Artemis Strategic Investment Corp (ARTE) Strikes SPAC Deal with Novibet

Artemis Strategic Investment Corp (ARTE) is taking European (profitable) online gaming and gambling company Novibet public via SPAC. The deal values Novibet on a $696M EV yet does not include any PIPE financing.

Elsewhere in SPACs

  • This week’s deSPACs– spacecraft manufacturer Terran Orbital Corp. (LLAP) and satellite Internet Service Provider (ISP) Starry (STRY) — both ‘new’ space names, have been under selling pressure. LLAP and STRY closed at $8.71 and $8.45, respectively.

SPAC Calendar

SPAC Deal Votes

  • Mar 31 | HLXA –> MoonLake Immunotherapeutics AG
  • Mar 31 | PPGH –> Gogoro

Today’s Price Action

Biggest Gainers

1.02% ~ $ 9.92 | ACAX – Alset Capital Acquisition Corp. (Pre-Deal)
.68% ~ $ 11.80 | CFVI – CF Acquisition Corp. VI (Announced)
.61% ~ $ 9.84 | ARYD – ARYA Sciences Acquisition Corp IV (Pre-Deal)
.61% ~ $ 9.93 | BLSA – BCLS Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.95 | TGVC – TG Venture Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.82 | WPCA – Warburg Pincus Capital Corporation I—A (Pre-Deal)
.50% ~ $ 9.99 | VHNA – Vahanna Tech Edge Acquisition I Corp. (Pre-Deal)
.49% ~ $ 10.18 | LCAP – Lionheart Acquisition Corporation II (Announced)
.49% ~ $ 10.23 | SV – Spring Valley Acquisition Corp (Announced)
.41% ~ $ 9.69 | HWEL – Healthwell Acquisition Corp. I (Pre-Deal)
.41% ~ $ 9.72 | GHIX – Gores Holdings IX, Inc. (Pre-Deal)
.41% ~ $ 9.89 | POND – Angel Pond Holdings Corp (Announced)
.41% ~ $ 9.89 | AIB – AIB Acquisition Corp (Pre-Deal)
.40% ~ $ 9.92 | HZON – Horizon Acquisition Corporation II (Pre-Deal)
.40% ~ $ 9.96 | SCMA – Seaport Calibre Materials Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.97 | LATG – LatAmGrowth SPAC (Pre-Deal)
.40% ~ $ 10.00 | MTAL – Metals Acquisition Corp (Pre-Deal)
.40% ~ $ 10.05 | DTRT – DTRT Health Acquisition Corp. (Pre-Deal)
.36% ~ $ 9.81 | BLNG – Belong Acquisition Corp. (Pre-Deal)
.36% ~ $ 9.86 | FCAX – Fortress Capital Acquisition Corp (Pre-Deal)

Biggest Losers

-2.91% ~ $ 10.00 | HLXA – HELIX ACQUISITION CORP (Announced)
-2.30% ~ $ 9.77 | RCAC – Revelstone Capital Acquisition Corp. (Pre-Deal)
-1.92% ~ $ 68.47 | DWAC – Digital World Acquisition Corp. (Announced)
-1.83% ~ $ 10.17 | AMAO – American Acquisition Opportunity Inc (Pre-Deal)
-1.56% ~ $ 11.38 | GGPI – Gores Guggenheim, Inc (Announced)
-1.49% ~ $ 9.95 | MURF – Murphy Canyon Acquisition Corp. (Pre-Deal)
-1.42% ~ $ 9.70 | MITA – Coliseum Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.72 | HPLT – Home Plate Acquisition Corp (Pre-Deal)
-.70% ~ $ 9.88 | DYNS – Dynamics Special Purpose Corp. (Announced)
-.61% ~ $ 9.85 | RONI – Rice Acquisition Corp. II (Pre-Deal)
-.60% ~ $ 9.88 | GMBT – Queen’s Gambit Growth Capital (Announced)
-.60% ~ $ 9.89 | BRAC – Broad Capital Acquisition Corp (Pre-Deal)
-.55% ~ $ 9.95 | APCA – AP Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.66 | SCRM – Screaming Eagle Acquisition Corp. (Pre-Deal)
-.50% ~ $ 9.99 | PPGH – Poema Global Holdings Corp. (Announced)
-.50% ~ $ 10.01 | IPOD – Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-.41% ~ $ 9.80 | OHAA – Opy Acquisition Corp. I (Pre-Deal)
-.41% ~ $ 9.81 | AURC – Aurora Acquisition Corp. (Announced)
-.40% ~ $ 9.86 | DNAA – Social Capital Suvretta Holdings Corp. I (Announced)
-.40% ~ $ 9.88 | SCUA – Sculptor Acquisition Corp I (Pre-Deal)

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

<a href="" target="_self">Joanna Makris</a>

Joanna Makris

Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Navigating stock market volatility since it all began in 2000. Banjo player, artist, and frittata-maker.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

SPAC Market Review – December 2022

December’s SPAC market review takes a look by the numbers of the month’s SPAC activity and how the market currently stands going into 2023.

SPAC Market Review – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

SPAC Research & Analysis

Boardroom Alpha Digest: Wed, Feb 1

Fedex Corp. (FDX) announced it would be laying off ~10% of its corporate workforce and Ryan McInerney officially takes over at Visa (V).

Know Who Drives Return Podcast


The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.