GIC-Backed Vietnam Tech Firm Considers $3 Billion SPAC Merger: Report

Vietnam’s VNG Corp., whose investors include a unit of Singaporean sovereign wealth fund GIC Pte, is considering going public in the U.S. through a reverse merger with a blank-check company, Bloomberg reports, citing sources familiar with the matter.

The online gaming and technology firm is working with financial advisers to hold discussions with SPACs for a potential deal that could value VNG at $2 billion to $3 billion. Read more.

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Delaware Chancery Validates SPACs’ Charter Amendments and Share Issuances

Many SPACs, in connection with a de-SPAC merger, have approved charter amendments authorizing an increase in the number of their authorized shares of Class A Common Stock to facilitate the issuance of shares required for the merger. Class A and B stock typically voting together. The chancery court has ruled that such amendments require an additional, separate vote of Class A shares.