MercadoLibre SPAC has 30 Latin America Tech Firms In Its Sights: Report

New York-founded White & Case sued former client Colonnade Acquisition II and its directors in New York state court late Monday, arguing the firm will be "irreparably harmed" if the blank-check company liquidates and dissolves before paying the fees it owes.

Fees from underwriting shares quadrupled, helped by the firm’s dominance in taking SPACs to public markets.

The direct listing comes eight months after the company terminated a merger agreement with Tuscan Holdings II. The SPAC disclosed at the time that if Surf Air completes a direct listing, IPO, a SPAC transaction or a sale by Nov. 14, 2025, Surf Air will issue to Tuscan 600,000 shares and reimburse Tuscan’s expenses by issuing an additional 35,000 shares or paying the SPAC $700,000 in cash.

Credit Suisse went from making an estimated $466 million in gross SPAC underwriting fees in the first quarter, to $16.1 million between April 1 and June 15, according to data provider Refinitiv.