The latest SPAC news and rumours: August 10, 2022
INTEL by Marlena Haddad
Below is a daily summary of links to the latest SPAC news and rumors gathered from around the web.
SPAC Latest News: Voltus Partners with Chesapeake Energy, SPAC IPOs in South Korea Eclipse Public Listings of Companies and HK Acquisition Corp. Completes IPO as Hong Kong’s Third SPAC
Voltus Partners with Chesapeake Energy Corporation to Provide 10MW of Rapid Response Grid Services to Oklahoma
Voltus, Inc., the leading distributed energy resource (DER) software platform, today announced its partnership with Chesapeake Energy Corporation (NASDAQ:CHK) to enroll 10 megawatts (MW) in Operating Reserves (OR ) of the Southwest Power Pool (SPP) market. SPP OR is a rapid-response ancillary services market that pays companies like Chesapeake to reduce electricity consumption in response to a market signal, reducing electricity costs for nearby communities and supporting power grid reliability.
On November 30, 2021, Broadscale Acquisition Corp. (“Broadscale”) (Nasdaq: SCLE) has entered into a definitive agreement for a business combination with Voltus.
SPAC IPOs in South Korea eclipse public company listings
SPACs are gaining momentum in South Korea’s initial public market thanks to easing regulations and efforts by brokerage firms to offset lower commission revenue from the otherwise sluggish IPO market.
A total of 20 SPACs have been listed on the Korean stock exchange this year, according to the Korea Exchange on Wednesday. Their IPO sizes range from 20 to 100 billion won ($15 to $76 million). 12 other SPACs are in the process of IPO in the country. Six other SPACs have submitted IPO applications.
Former HKMA chief Norman Chan’s blank check company completes $127m IPO as Hong Kong’s third SPAC listing
HK Acquisition Corp, a blank check company backed by the former head of Hong Kong’s de facto central bank, has its book fully covered for its HK$1 billion ($127 million) IPO on Monday, according to people familiar with the transaction.
The SPAC formed by Norman Chan Taklamformer CEO of Hong Kong Monetary Authority (HKMA)), as well as two family members of the former city manager Donald Tsang Yam-kuen, will issue 100 million shares at HK$10 each. Each two shares will entitle the holder to one warrant, exercisable at HK$11.50.
HK Acquisition Corp is the third SPAC to complete an IPO under a relatively new listing scheme that began in January