On February 5, a blank check or special purpose construction company began trading. The name of the SPAC, Ark Global Acquisition Corp., is similar to the name of superstar asset manager, Cathie Wood company, ARK Investment Management LLC.
But Ark Global Acquisition Corp., based in Nashville, Tenn., Has no affiliation with Ms. Wood or her New York-based company.
The SPAC forecast states that it will “target US-based riot technology companies that we believe have high growth prospects and the potential to generate attractive results. ”
The SPAC, which trades under the ARKIU ticker symbol, has also requested the ARKI and ARKIW tickets. He gained nearly 10% in his first three trading days.
“We are not affiliated in any way with Ark Global Acquisition,” said Tom Staudt, Chief Operating Officer of ARK Investment Management, “but we are very concerned about the adoption of this company called ‘Ark’ and ticker ‘ARKI ’causes confusion among investors who mistakenly think that it was organized by or associated with our company… or Cathie Wood. ”