Betsy Cohen, the founder of
Cohen commented on the recent SPAC crackdown by the Securities and Exchange Commision, adding that the SEC is concerned with making sure companies going public via SPAC provide well-grounded forward-looking statements.
Cohen On Buffett s SPAC Comments: Co-host Chris Katje asked Cohen to share her thoughts on Warren Buffett s comments on SPACs over the weekend.
In regards to the two-year time frame, Cohen said that two years is a reasonable cycle. It shouldn t take a knowledgeable sponsor longer than two years to do the work, she said.
As far as SPACs making it harder for Buffett to acquire companies, she said: I m not sure I buy into that.
What Happened: eToro, which is merging in a SPAC deal with
FinTech Acquisition Corp V (NASDAQ:FTCV), announced Monday it s adding
Dogecoin (CRYPTO:DOGE) to its platform.
Customers on eToro can purchase the actual cryptocurrency token or trade derivatives based on the underlying cryptocurrency price of Dogecoin.
The company announced the addition of Dogecoin with a blog post and several tweets. The tweets included a meme saying “Much Wow” and a message saying “Much good boy! Such happy! Very currency.”
Why It’s Important: eToro had over 20 million registered users as of March. The company ended 2020 with 17.5 million user.
The move by eToro follows Webull announcing it would offer Dogecoin to its customers. Robinhood users can also buy and sell Dogecoin.
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One of the most respected names in fintech is Betsy Cohen, the founder of
The Bancorp (NASDAQ: TBBK). Cohen has launched numerous SPACs over the last five years, landing deals, pending deals and more out there still searching for targets.
Past SPAC Deals: Pay-per-mile insurance company
Metromile (NASDAQ: MILE) completed a SPAC merger with INSU Acquisition Corp II. Cohen is a member of the Board of Directors of Metromile.
Payment and commerce solutions company Paya Holdings (NASDAQ: PAYA) completed a merger with FinTech Acquisition Corp III, led by Cohen. The company’s diversified solutions segment helps deliver credit and debit card payment solutions.
Apr 28, 2021
Hope for positive deal flow and pops fizzled a bit today as both new SPAC deal announcements received disappointing reactions from the market.
Marquee Raine Acquisition Corp (MRAC) fell -0.3% to $9.89 and
Galileo Acquisition Corp (GLEO) fell -0.5% to $10.02. This continues yesterday s theme of underwhelming deal announcement enthusiasm.
It could still be the case of a back and forth broader stock market, fed speak, and investor attention focused on a deluge of corporate earnings. However, if I m a SPAC waiting to announce a deal based on market conditions then today s results don t instill confidence to move ahead.
Here s a look at how other recently announced SPAC deals ended the day: