On Feb. 5, a new blank-check or special-purpose acquisition company began trading. The SPAC’s name, Ark Global Acquisition Corp. , is similar to that of superstar fund manager Cathie Wood’s firm, ARK Investment Management LLC.
But Ark Global Acquisition Corp., based in Nashville, Tenn., has no connection to Ms. Wood or her New York-based firm.
The SPAC’s prospectus says it will “focus on US-based disruptive technology companies that we believe have significant growth prospects and the potential to generate attractive returns.”
The SPAC, trading under the ticker symbol ARKIU, has also requested the tickers ARKI and ARKIW. It gained nearly 10% in its first three trading days.
“We are not connected in any way with Ark Global Acquisition,” said ARK Investment Management’s Chief Operating Officer Tom Staudt, “but are extremely concerned that this company’s adoption of the ‘Ark’ name and ‘ARKI’ ticker is causing confusion among investors who are mistakenly thinking that either our company…or Cathie Wood organized it or are connected with it.”