Cascadia Said to be Eyeing Tech Firms in Pittsburgh: Report

Cascadia’s SPAC has a deadline of February 2023 to get a deal done.

SPAC 890 5th Avenue Partners’ stockholders approved the business combination with BuzzFeed in December 2021. However, without mentioning redemptions, the SPAC said only $16.2 million remained in its trust account. The SPAC raised $287.5 million in an IPO, so redemptions would have to have been in the vicinity of 94%.

CapRadio takes a look at the trend storming Wall Street.

The Securities and Exchange Commission filed insider trading charges against Sean Wygovsky, a former trader at a Canadian asset management firm, and Christopher Matthaei, a former partner at a U.S. broker-dealer, for using nonpublic information in advance of at least seven merger announcements involving SPACs to earn illicit profits of more than $3.4 million.