Hey Folks!Â
SPACs have been a roller coaster ride from the time I’ve begun covering them over a year ago. From the boom in the first quarter to the regulatory crackdown in April and the less than ideal deals in the latter half of the year, the SPAC machine has found a way to keep moving forward. In any case, 2022 may be the year of the SPAC reset, with lower general interest from the market. I’ll be here to continue to cover all things SPACs, as well as other themes that are reflective of the current market conditions and are more relevant to you. I’d love to hear suggestions from all of you regarding what you’d like covered in the newsletter over the next few months. On that note, I hope you guys have a great week ahead.Â
-Bill
$SOFi Soars After Receiving Bank Charter ApprovalÂ
Digital Finance Company SoFi Technologies is up 20% premarket on the news that it received regulatory approval to become a national bank pending its acquisition of Golden Pacific Bancorp (GPB).Â
SoFi received regulatory approvals from both the Office of Comptroller of the Currency and the Federal Reserve to form SoFi Bank.
The company now expects to complete the acquisition of GPB and its wholly-owned subsidiary Golden Pacific bank over the next month, in a deal valuing GPB at $750 million. A bank charter will enable SoFi to boost its interest rates and expand its suite of products, leading to stronger growth over the near term.Â