DJ ARK Investment Pushes Back on Upstart SPAC With Similar Name

By Jason Zweig

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."

ARK's seven existing exchange-traded funds all have ticker symbols that begin with the letters ARK, including one with the ticker ARKW. On Jan. 13, ARK filed to launch an eighth fund, ARK Space Exploration ETF, that would have the ticker ARKX.

Mr. Staudt added, "This new entity has the same stated focus as ARK Invest -- investment in disruptive technology. We believe that it is infringing ARK Invest's trademark, and have asked Ark Global Acquisition to immediately change its name."

The SPAC is headed by Rich Williams and Stephen Krenzer, the former chief executive and chief operating officer, respectively, of Groupon Inc. Its chairman is Sultan Almaadeed, a former executive at the Qatar Investment Authority.

Mr. Williams didn't immediately respond to requests for comment.

Write to Jason Zweig at intelligentinvestor@wsj.com

(END) Dow Jones Newswires

February 12, 2021 14:49 ET (19:49 GMT)

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