All SPAC articles
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News BriefSEC fines Corvex Management $1M for SPACs conflicts
Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
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News Brief
SEC fines SPAC $104K for control failures that enabled CFO embezzlement
African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
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News Brief
Former SPAC CFO pleads guilty to embezzlement scheme
Cooper Morgenthau, the former chief financial officer of African Gold Acquisition Corp., pleaded guilty to one count of wire fraud after embezzling more than $5 million for personal stock and cryptocurrency ventures.
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Article
Exela Technologies, ex-CFO settle SEC control failure charges
Texas-based IT firm Exela Technologies and its former CFO settled charges brought by the Securities and Exchange Commission alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
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Article
Hyzon Motors discloses SEC subpoena following short seller report
Hyzon Motors, a global supplier of hydrogen fuel cell-powered heavy vehicles, said it received a subpoena from the Securities and Exchange Commission regarding allegations raised in a short seller report in late September.
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Article
Lordstown Motors names new general counsel amid SPAC probes
Lordstown Motors, currently under investigation by the Justice Department and the SEC, announced the appointment of Melissa Leonard as executive vice president, general counsel and secretary.
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Article
Nikola to pay $125M to settle SEC fraud charges
Electric semitruck startup Nikola agreed to pay $125 million to settle charges brought by the SEC for defrauding investors by misleading them about its products, technical advancements, and commercial prospects.
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Article
Lucid Group facing SEC subpoena over recent SPAC merger
Lucid Group said it received a subpoena from the Securities and Exchange Commission concerning its special purpose acquisition company merger this summer.
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Article
SEC: Akazoo to pay $38.8M in fraud case concerning SPAC merger
Akazoo, a music streaming subscription company based in Greece, reached a $38.8 million settlement with the SEC for allegedly defrauding investors out of tens of millions of dollars related to a 2019 SPAC merger.
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Article
FRC probing Crowe over Akazoo audit
The U.K. Financial Reporting Council announced the start of an investigation into audit firm Crowe UK concerning the financial statements of Luxembourg-incorporated on-demand music streaming subscription company Akazoo.
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Article
Nikola founder Trevor Milton charged with fraud over misleading statements
Trevor Milton, the founder and former CEO of electric truck startup Nikola, was indicted and charged with fraud regarding inaccurate information he shared about the company in media appearances and on social media.
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Article
Lordstown Motors confirms DOJ, SEC probes into SPAC merger
Electric vehicle manufacturer Lordstown Motors disclosed in a regulatory filing it has received scrutiny from the Justice Department and the Securities and Exchange Commission regarding its SPAC deal and preorders of its flagship truck.
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Article
SPAC due diligence called out in $8M SEC enforcement
The SEC issued a $7 million fine against startup space company Momentus for misleading investors about the viability of its technology and an additional $1 million fine against the SPAC taking it public for not conducting adequate due diligence.
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Article
Clover Health facing SEC probe over short-seller report
The Securities and Exchange Commission has launched an investigation into Clover Health Investments in response to scathing allegations made against the Medicare provider by short-seller Hindenburg Research.
