SPAC Hires Bill Clinton — and Keeps Quiet About It: Report

Clinton

An environmentally focused SPAC had a remarkably quiet launch yesterday — despite the fact that it has tapped Bill Clinton to help it find an acquisition target, the New York Post reports.

TortoiseEcofin Acquisition III — whose name might suggest a slow, patient approach to ecological investments — went public on the NYSE July 19 with little fanfare, securities filings show.

According to TortoiseEcofin III, the nation’s 42nd president has joined the board of the $300 million SPAC. Clinton is cited as an independent director and owns 10 percent of the company. Read more

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Report: Are SPACs Whack?

Weakness in SPACs is partially a function of increased competition: With so many SPACs hunting for targets, merger valuations have grown unsustainable, and sponsors are getting laxer about the companies they choose to take public, The National Review reports.