{"id":544536,"date":"2022-03-08T03:37:32","date_gmt":"2022-03-08T03:37:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/upcoming-spac-listings-are-on-life-support\/"},"modified":"2022-03-08T03:37:32","modified_gmt":"2022-03-08T03:37:32","slug":"upcoming-spac-listings-are-on-life-support","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/upcoming-spac-listings-are-on-life-support\/","title":{"rendered":"Upcoming SPAC listings are on life support"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Hedge funds are cashing in as \u201cdesperate\u201d SPACs hemorrhage investments: <\/strong>Special purpose acquisition companies are having to turn to hedge funds to help close their mergers as investors pull funds at increasing rates, the <a href=\"https:\/\/www.ft.com\/content\/991d89ec-1036-4a9e-b456-27a4a2256d30\">Financial Times<\/a> reports. More regulatory scrutiny, poor performances, and scandals have dimmed investors\u2019 appetite for the unorthodox investment vehicles, leading SPAC managers to look to hedge funds for short-term, loan-like arrangements in a \u201cdesperate\u201d bid to fill finance gaps. The hedge funds\u2019 capital is returned to them as soon as the SPAC transaction closes, in an expensive and short term arrangement that leaves newly public companies with depleted coffers. M&A lawyers characterized the transactions as \u201ctoxic,\u201d while one SPAC sponsor described hedge funds who engage in the practice as \u201cambulance chasers.\u201d<\/p>\n<p><strong>From the Gulf:<\/strong><\/p>\n<ul>\n<li><strong>Gulf fintech major Tabby raises USD 54 mn round:<\/strong> Emirati buy-now-pay-later provider Tabby has raised USD 54 mn in a funding round led by Sequoia Capital India and Saudi VC firm STV, bringing its total funds raised so far to USD 180 mn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/sequoia-stv-lead-54-million-funding-for-gulf-fintech-tabby?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. Tabby was once the \u201cmost funded\u201d fintech in the region, before MNT-Halan blew past the milestone with a blockbuster <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b07d9131-549a-4e31-aba4-b39a6704f6ac\">USD 120 mn funding round<\/a>late last year.<\/li>\n<li><strong>Selling Neom in New York: <\/strong>Execs at the Saudi crown prince\u2019s USD 500 bn city of the future will gauge investment appetite on Wall Street at an April meeting in New York. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/saudi-prince-s-500-billion-neom-megaproject-woos-wall-street?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Saudi Arabia will greenlight single-stock futures trading in the second quarter of t<\/strong><strong>his year<\/strong>, Tadawul Stock Exchange CEO Khalid Al-Hussan told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/saudi-exchange-to-allow-single-stock-futures-from-next-quarter\">Bloomberg TV<\/a>. The Saudi bourse will initially choose 10 liquid companies for futures trading, Al-Hussan said, with more to follow depending on investor demand. The move aims to boost liquidity by further liberalizing the exchange and luring foreign investors.<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,701<\/p>\n<\/td>\n<td>\n<p>-3.6% (YTD: -10.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,808<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +13.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,672<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +14.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,419<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,201<\/p>\n<\/td>\n<td>\n<p>-3.0% (YTD: -11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,959<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 124.40<\/p>\n<\/td>\n<td>\n<p>+5.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.83<\/p>\n<\/td>\n<td>\n<p>-3.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,996<\/p>\n<\/td>\n<td>\n<p>+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 38,226<\/p>\n<\/td>\n<td>\n<p>-2.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 3.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.49 bn (36.7% above the 90-day average). Foreign investors were net sellers. The index is down 10.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Abu Qir Fertilizers (+0.9%), Cleopatra Hospital (+0.9%) and Mopco (+0.5%).<\/p>\n<p><strong>In the red: <\/strong>CIB (-7.2%), Rameda (-7.0%) and MM Group (-6.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hedge funds are cashing in as \u201cdesperate\u201d SPACs hemorrhage investments: Special purpose acquisition companies are having to turn to hedge funds to help close their mergers as investors pull funds at increasing rates, the Financial Times reports. More regulatory scrutiny, poor performances, and scandals have dimmed investors\u2019 appetite for the unorthodox investment vehicles, leading SPAC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,9623,122,219,439,123,1314,1134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544536","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-hedge-fund","tag-planet-finance","tag-saudi-arabia","tag-spacs","tag-startups","tag-tabby","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"dce19337-3cbf-4e29-9c79-b5d5a36261e2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544514],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Upcoming SPAC listings are on life support - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/upcoming-spac-listings-are-on-life-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Upcoming SPAC listings are on life support\" \/>\n<meta property=\"og:description\" content=\"Hedge funds are cashing in as \u201cdesperate\u201d SPACs hemorrhage investments: Special purpose acquisition companies are having to turn to hedge funds to help close their mergers as investors pull funds at increasing rates, the Financial Times reports. 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The unusual financial vehicle has broken records in 2020, with 82 of the 223 SPACs launched since 2015 coming this year. The awkward-sounding acronym is becoming increasingly commonplace in the financial press as big\u2026","rel":"","context":"In &quot;Enterprise explains&quot;","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/green-spacs-are-starting-to-lose-out-heres-why\/","url_meta":{"origin":544536,"position":1},"title":"Green SPACs are starting to lose out, here\u2019s why","author":"enterpriseam admin","date":"21 June 2021","format":false,"excerpt":"The short-lived success of green SPACs is starting to fade, with shares of the ESG-minded blank-check companies that take too long to close acquisitions found to be losing quicker than those of their non-green counterparts, according to a piece in the Wall Street Journal citing data from SPAC Research. Over\u2026","rel":"","context":"In &quot;GREEN FINANCE&quot;","block_context":{"text":"GREEN FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/green-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/549.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555638,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/22\/spac-me-the-regs-are-out\/","url_meta":{"origin":544536,"position":2},"title":"SPAC me, the regs are out","author":"enterpriseam admin","date":"22 November 2021","format":false,"excerpt":"We\u2019re one step closer to Egyptian SPACs after the Financial Regulatory Authority (FRA) yesterday issued the rulesand regulations (pdf) for investors looking to establish local blank-check firms. Announced (pdf) by the regulator yesterday, the framework sets out the capital requirements, shareholder structure and regulatory responsibilities SPAC founders will need to\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555142,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/lets-skip-the-formalities-and-just-spac\/","url_meta":{"origin":544536,"position":3},"title":"Let\u2019s skip the formalities and just SPAC","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"Two companies are already eyeing setting up SPACs in Egypt to acquire and list fintech players, Zulficar & Partners founding partner Anwar Zeidan told Enterprise, confirming a story that was originally published in Al Mal. The companies are both non-banking financial services (NBFS) players, one of which is Egyptian, while\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/hedge-fund-assets-hit-record-high\/","url_meta":{"origin":544536,"position":4},"title":"Hedge fund assets hit record high","author":"enterpriseam admin","date":"3 June 2021","format":false,"excerpt":"Global hedge fund industry assets grew to a new all-time high of USD 4.1 tn at the end of March as a strong economic recovery, a rise in equity and commodity prices, and an unwinding of covid restrictions fuels optimism, CNBC reports, citing figures from BarclayHedge. Hedge funds have generated\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564960,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/is-the-spac-party-coming-to-an-end\/","url_meta":{"origin":544536,"position":5},"title":"Is the SPAC party coming to an end?","author":"enterpriseam admin","date":"9 March 2021","format":false,"excerpt":"Is the SPAC party coming to an end? Blank-check companies have jumped the shark: They\u2019re the topic of rap songs (watch, runtime: 3:09), they\u2019re getting featured in Twitter memes, and promoters are getting bored to a point that one of them named their vehicle \u201cJust Another Acquisition Corp.\u201d Elsewhere, a\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544536"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544536\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544514"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544536"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544536"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}