Latest news with #SEC

A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash

TechCrunch

13 minutes ago

Business
TechCrunch

A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash

An unproven small launch startup is partnering with a severely depleted SPAC trust to do the impossible: go public in a deal they say will be valued at $400 million. Innovative Rocket Technologies Inc. (iRocket) and BPGC Acquisition Corp., a special purpose vehicle company founded by former Commerce Secretary Wilbur Ross, is aiming to close the transaction in the fourth quarter of this year. Interestingly, the SPAC has been depleted of most of its cash after it raised $345 million in its IPO in March 2021. According to a September 2024 filing with the U.S. Securities and Exchange Commission, the SPAC had returned much of its money to shareholders when it failed to find an acquisition target by September, 2024, and held $30.5 million in trust. However, just sixteen days later, the company reported in an 8-K that another $28.8 million had been redeemed – leaving the trust as of that date with just 0.5% of its original amount, or $1.6 million. The remaining shareholders (primarily the SPAC's sponsors) agreed at that time to extend the date to find an acquisition target to March, 2026. The startup, iRocket, was at one time buzzy because it was backed by venture capital firm Village Global which counts billionaires like Bill Gates, Eric Schmidt, and Reid Hoffman among its limited partners. Even still, iRocket is a surprising target for a take-public deal. The company has raised only a few million in venture funding, according to Pitchbook, in an industry that is known for being extremely capital intensive. Since its founding in 2018, it has yet to conduct a single test flight of its Shockwave launch vehicle. In that time, it has been overtaken by other firms, like Stoke Space and Firefly, that are better capitalized and farther along in their hardware development. The market has changed, too: as of 2023, iRocket described Shockwave as being able to carry 300-1,500 kilogram payloads, and that space has become crowded with vehicles like Firefly's Alpha and Rocket Lab's Electron, both of which have flown customer payloads. If iRocket can prove out the rest of its value proposition – full reusability, rapid refurbishment, and 24-hour responsiveness – it could prove very competitive, but that's a tough series of goals. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW The New York-based startup lists just four employees, excluding board members, on LinkedIn. Its contracts include an $18 million deal with the Air Force Research Lab and a $1.8 million contract with the Space Force. A PR firm representing iRocket and the SPAC declined to respond to TechCrunch's questions. The special purpose acquisition vehicle has a checkered past. Operating under the name Ross Acquisition Corp II, it tried to take public biopharma company Aprinoia Therapeutics in January 2023 but terminated the deal eight months later. After failing to consummate a transaction, the NYSE subsequently commenced delisting proceedings against the SPAC last March. RAC II changed its name to BPGC Acquisition Corp. and now has until March 2026 to close a deal. But given the SPAC's current cash reserves, if iRocket's existing shareholders expect to be paid much cash for their equity, the two parties will need to pull in a big chunk of money from private equity investors in a so-called PIPE round (private investment in public equity).

Cision Canada

13 minutes ago

Business
Cision Canada

Innocan Pharma Announces Public Filing of Registration Statement for Proposed U.S. Public Offering

HERZLIYA, Israel and CALGARY, Alberta, July 23, 2025 /CNW/ -- Innocan Pharma Corporation (" Innocan" or the " Company") (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) is pleased to announce that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the " SEC") relating to a proposed public offering of units (each, a " Unit" and collectively, the " Units") in the United States. Each Unit will be comprised of one common share of the Company (a " Common Share") and one common share purchase warrant of the Company (a " Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price and term in the context of the market. Innocan has applied to list its Common Shares and Warrants on the Nasdaq Capital Market under the symbols "INNP" and "INNPW", respectively. ThinkEquity is acting as sole book-running manager for the offering. This proposed offering will be made only by means of a prospectus. Upon availability, copies of the preliminary prospectus related to the proposed offering may be obtained from ThinkEquity, 17 State Street, 41 st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC's website located at A registration statement relating to this offering has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication to the market shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Iris Bincovich Innocan Pharma's CEO stated: "The entire Innocan Pharma team and I are thrilled with having taken this significant step in the process of our listing on the Nasdaq, which opens up exciting new opportunities for us on multiple levels." About Innocan Innocan is an innovator in the pharmaceuticals and wellness sectors. In the pharmaceuticals sector, Innocan developed a CBD-loaded liposome drug delivery platform with exact dosing, prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan develops and markets a wide portfolio of high-performance self-care and beauty products to promote a healthier lifestyle. Under this segment, Innocan focuses on advanced, targeted online sales, through its BI Sky Global Ltd. subsidiary. For further information, please contact: Iris Bincovich, CEO 15162104025+ +972-54-3012842 +442037699377 [email protected] NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Disclaimer for Forward-Looking Information This press release includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws and/or "forward-looking statements" within the meaning of applicable United States securities laws (collectively, "forward-looking statements"). Forward-looking statements relate to future events or future performance and reflect the Company's current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: statements relating to the public offering of the Company's common shares; the expected timing of the public offering; the registration and listing of the Company's common shares in the United States; the registration statement becoming effective; the SEC's review process; the sizing and pricing of the offering; the means by which the offering will be made; and the Company's business strategies. Often, but not always, forward-looking statements may be identified by the use of words such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this press release are based upon, without limitation, the following estimates and assumptions: the Company carrying out its public offering; the Company successfully completing the SEC review process; obtaining requisite regulatory approvals; and general business, economic and market conditions. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Important factors that may cause actual results to vary, include, without limitation, that the Company may not carry out its public offering or complete the SEC review process. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

ZP, Panchayat Samiti Polls In 1st Phase, Civic Elections To Follow

Time of India

28 minutes ago

Politics
Time of India

ZP, Panchayat Samiti Polls In 1st Phase, Civic Elections To Follow

Nagpur: The State Election Commission (SEC) is set to begin the first phase of local body elections in Maharashtra with zilla parishad (ZP) and panchayat samiti (PS) polls. This will be followed by elections to the municipal corporations and municipal councils. As of July 1, 2025, the total number of registered voters across Nagpur city has risen to 24,84,250 — an increase of 1,00,126 voters since the 2024 state assembly elections. These discussions were part of a high-level preparatory meeting held at the divisional commissionerate on Wednesday, marking the beginning of the SEC's review process across the state starting from Nagpur division. An agreement has been signed with the Madhya Pradesh State Election Commission to procure voting machines. Additionally, 50,000 control units and one lakh ballot units have been requisitioned from the Election Commission of India (ECI). "Officials have been directed to arrange govt warehouses to store the voting machines, inspect all machines before polling, and organise training for poll officers. At a few places, we are a little short of manpower, but that will be rectified in the coming days," divisional commissioner Vijayalakshmi Bidari told TOI. At the meeting, municipal commissioner Abhijeet Chaudhari presented Nagpur Municipal Corporation's (NMC) pre-election arrangements to the SEC. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo The review meet was chaired by state election commissioner Dinesh Waghmare, along with divisional commissioner Vijayalakshmi Bidari, SEC secretary Suresh Kakani, additional municipal commissioner Ajay Charathankar, and deputy commissioner Vijaya Bankar, among others. In Nagpur city, elections will be conducted for 38 prabhags (wards). Of these, 37 wards will elect four members each, and one ward will elect three members. This will result in 151 elected corporators, along with five nominated members, taking the total house strength to 156. The delimitation (prabhag rachana) process for Nagpur city is in its final stages and is expected to be officially notified next week. The reservation policy for the civic polls will follow the 2017 model. The city's voter base currently includes 12,26,488 male, 12,57,560 female, and 256 other voters. During the last municipal polls in 2017, the total voter count stood at 23,83,014. To accommodate the increase in voters, the number of polling booths in Nagpur city will rise from 2,783 in 2017 to 3,185 in the upcoming election. Voting will be conducted using EVMs. The preparations include 3,470 control units and 13,880 ballot units. A strong room for securing election material will be established at Yashwant Stadium. Approximately 18,000 govt employees will be required for poll duty in Nagpur city alone. Bidari informed that according to the July 1 voter list, there are 40,23,029 registered voters for the ZP polls, for which 6,441 polling stations have been proposed. To facilitate the voting process, 7,280 control units and 16,288 ballot units will be deployed. For the 55 nagar parishads and nagar panchayats in the division, there are 18,12,167 registered voters. The district administration has proposed 2,378 polling stations for these local bodies and has begun preparations for their elections. The SEC has instructed officials to ensure that polling stations are adequately equipped to handle the increased voter turnout. Facilities should be accessible for disabled voters, and provisions must be made to create model and pink polling stations. The SEC has also mandated that the voter list dated July 1, 2025, be used to divide polling stations and streamline arrangements. SEC secretary Suresh Kakani emphasised appointing a divisional-level coordination officer to ensure smooth planning and distribution of electronic voting machines, proper manpower management, and uniformity in equipment deployment as per poll requirements.

XRP sinks 2% again as SEC delays Bitwise crypto ETF — is the dip a red flag or a golden buy signal? Here's the 2025 XRP price prediction you need to see

Economic Times

an hour ago

Business
Economic Times

XRP sinks 2% again as SEC delays Bitwise crypto ETF — is the dip a red flag or a golden buy signal? Here's the 2025 XRP price prediction you need to see

XRP slipped 1.99% on Tuesday to $3.44, marking its second straight daily decline amid rising investor anxiety over the SEC's decision to delay Bitwise's crypto ETF conversion. The token is now down more than 7% from its recent high of $3.71, erasing a chunk of its July gains. Despite the pullback, analysts remain divided: some see the dip as a short-term shakeout before a rebound toward $4.50, while others warn it could trigger deeper consolidation if ETF approvals continue to stall. XRP price prediction and ETF news: SEC delays Bitwise crypto ETF — XRP is once again in the spotlight as new developments shake up the crypto ETF landscape. The SEC's sudden decision to halt Bitwise's spot crypto ETF conversion is sending waves across the market—impacting not only XRP but also Bitcoin, Solana, and other major altcoins. So, what's happening with XRP right now? And how could the delayed ETF approval change the game for crypto investors in 2025? As of now, XRP is trading around $3.44, marking a slight dip from its recent highs. Despite the short-term pullback, XRP remains up over 220% year-to-date, largely fueled by favorable legal clarity and growing institutional interest. Current price : $3.44 : $3.44 7-day range : $3.42 – $3.65 : $3.42 – $3.65 YTD gain : Over 220% : Over 220% Market cap: ~$185 billion XRP recently broke out of a bullish flag pattern, signaling potential for more upside. Some analysts see a short-term dip to $3.40 as healthy consolidation before a possible rebound toward $4.00 or even $4.50 by Q4 2025. The U.S. Securities and Exchange Commission (SEC) has temporarily blocked the conversion of Bitwise's 10 Crypto Index Fund into a spot ETF, just hours after approving it. The move has sparked renewed uncertainty around altcoin-based ETFs—particularly those including XRP, Solana, and Cardano. This comes at a time when investors are closely watching XRP ETF developments and the broader outlook for crypto ETFs in 2025. The SEC initially approved Bitwise's plan to convert its popular Bitwise 10 Crypto Index Fund (BITW) into a spot-based exchange-traded fund (ETF) on July 22, 2025. This ETF would have offered direct exposure to top cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, Cardano, Polygon, and within hours, Assistant Secretary Sherry R. Haywood invoked Rule 431, automatically staying the approval pending a full Commission review. The review halts trading of the ETF until the SEC makes a final stay reflects the SEC's growing caution toward ETFs that include altcoins beyond Bitcoin and Ethereum. Here's why this matters: XRP remains under regulatory scrutiny, with no full legal clarity following the SEC's ongoing case against Ripple. The Commission is working on a new framework for altcoin ETF regulation, especially those involving less liquid or more volatile tokens. Similar ETF conversions—like Grayscale's GDLC, which also includes XRP and SOL—have faced identical roadblocks. These concerns are focused on market manipulation, price volatility, and the lack of standardized oversight across crypto XRP remains a part of Bitwise's fund, this delay underscores the challenges facing spot XRP ETFs in the U.S. market. Here's where things stand: XRP comprises roughly 5% of the BITW index, making it a core altcoin in the ETF mix. The SEC has not approved any spot XRP ETF to date. However, futures-based XRP ETFs—including proposals from ProShares, Volatility Shares, and Tuttle Capital—are under SEC review this July. The REX-Osprey Spot XRP ETF decision is expected by July 25, 2025, which could mark a major turning point. According to Polymarket betting odds, there's an 85% chance an XRP ETF is approved by year-end, showing growing investor optimism. The SEC is likely stalling to establish stricter guidelines before allowing ETFs that hold assets beyond Bitcoin and Ethereum. XRP, Solana, and other altcoins may now face delays in getting dedicated spot ETFs. It signals caution around regulatory clarity, even for tokens like XRP that have resolved their SEC cases. While the Bitwise delay is a setback, XRP is still in a strong position compared to other altcoins. Ripple ended its legal battle with the SEC earlier in 2025, giving XRP a level of regulatory clarity few other tokens have. CME Group is launching XRP futures on May 19, 2025—a clear vote of confidence from traditional finance. on May 19, 2025—a clear vote of confidence from traditional finance. Ripple's global partnerships and cross-border payment integrations continue to grow. Analysts believe XRP's established legal status could fast-track its ETF approval once the SEC finalizes broader crypto rules. Still, a dedicated XRP ETF may not arrive until late 2025 or early 2026, depending on how the SEC navigates broader altcoin regulation. Analysts remain bullish on XRP despite short-term regulatory hiccups. $4.00 – $4.50 by year-end, based on technical patterns and current institutional growth. $5.50 – $6.00 if ETF momentum returns and Bitcoin reclaims $100,000+. Some crypto influencers are predicting $10+ XRP by early 2026, assuming mass ETF adoption and mainstream utility expansion. Peter Brandt, a veteran chartist, recently pointed out a setup that could lead to a 60% rally, pushing XRP past $4.50 in the coming months. The Bitwise ETF pause is more than just an XRP story—it's a signal to the broader crypto market. Spot BTC ETFs are already live and thriving. The Bitwise delay doesn't impact existing Bitcoin products but shows that new ETF approvals are under stricter review. Ethereum ETFs are still under review, but are seen as the next likely candidates to be approved given institutional demand. These tokens now face longer waiting periods for ETF access. The lack of legal clarity (unlike XRP) could push approval timelines into 2026 or beyond. With the crypto market maturing, the SEC is clearly taking a cautious approach toward altcoin ETF approvals. XRP's advantage lies in its legal clarity and growing futures market presence. XRP remains fundamentally strong , even with temporary ETF delays. , even with temporary ETF delays. The price may consolidate between $3.40–$3.65 before the next breakout. before the next breakout. ETF approval delays are a hurdle—but not a roadblock—for XRP's long-term growth. Bitcoin and Ethereum are still the go-to assets for ETF investors—for now. Absolutely—but with a long-term view. If you're looking for a crypto with: Legal clarity Institutional growth Real-world use cases Upcoming futures launch Then XRP deserves a spot on your radar. While ETF headlines might create short-term volatility, the fundamentals remain strong—and if XRP does get its own ETF approval by the end of 2025, it could be one of the biggest altcoin breakout stories of the year. ETF Product Type Decision Deadline Status Bitwise 10 Crypto Index Fund Spot (multi-asset) TBD Approval stayed under Rule 431 ProShares Ultra XRP ETF Futures Mid-July 2025 Awaiting decision Tuttle XRP 2x ETF Futures Late July 2025 Under SEC review Volatility Shares XRP ETF Futures Late July 2025 Pending REX-Osprey Spot XRP ETF Spot July 25, 2025 Highly anticipated Bitwise Spot XRP ETF Spot October 2025 Long-term decision This regulatory pause reinforces the SEC's cautious stance toward altcoins in ETFs and signals that Bitcoin-only ETFs will likely dominate until new rules are established. For XRP holders, this means: Spot ETF approval remains uncertain in 2025 despite growing demand. Futures ETFs are more likely to gain early approval, offering short-term exposure for institutional and retail traders. The SEC's upcoming decisions on REX-Osprey and Bitwise XRP ETFs could set critical precedents for the future of altcoin ETFs. The SEC's halt on Bitwise's crypto ETF conversion highlights the regulatory roadblocks still facing altcoin exposure, particularly for XRP. While futures-based XRP ETFs may be approved soon, spot XRP ETFs are on hold pending legal clarity and formal rules from the Commission. As crypto markets await these landmark rulings, investors should stay updated on SEC actions and ETF developments through late July and early October. Q1. Why did the SEC halt Bitwise's ETF? The SEC paused it under Rule 431 for further review due to concerns over XRP and other altcoins in the fund. Q2. Will XRP ETFs still launch in 2025? Futures-based XRP ETFs may launch soon, but spot XRP ETFs like REX-Osprey face delays and pending approval.

SEC Clears CSX After Investigating Old Accounting Errors

Bloomberg