D&O Market Weighs SPAC Exposure as Claims Begin to Flow

SPACs have received a cooler than expected response in both Hong Kong and Singapore, with some launches from early in the year fizzling and few new applications emerging in recent months.

The complaint, filed on behalf of Virgin Galactic to seek damages from its directors and officers, also alleges that founder Richard Branson pocketed $301 million by dumping his shares while the stock price was “artificially inflated.”

UBS head of Asian M&A Samson Lo cited Dealogic data indicating that the year-on-year deal volume increased 69 percent to $648 billion.

SeatGeek’s planned IPO follows its previous attempt to go public via a SPAC merger with RedBall Acquisition. Both parties agreed to terminate the deal last June due to market conditions.