Posts filtered by tags: SPAC[x]


 

Group Nine’s SPAC goes public

Group Nine Media revealed last month that it was forming a SPAC (short for special purpose acquisition corporation) in order to raise money for acquitions. The company has now moved forward with those plans, announcing last night that it had priced the SPAC’s IPO $10 at per unit, to raise a total of $200 million. It’s now trading on NASDAQ under the ticker symbol GNACU; as of 2:53pm Eastern shares were up 6.55%. (Eventually, the Class A common stock will be listed as GNAC and warrants will be li...
Tags: Fundings & Exits, TC, Funding, Tech, Reddit, Nasdaq, Seeker, SPAC, Eastern, Group Nine, The Dodo, Group Nine Media, Ben Lerer, GNAC, Jen Wong, Richard D Parsons


Desktop Metal buys fellow 3D printing company EnvisionTEC for $300M

Desktop Metal this morning announced its intention to purchase fellow 3D printing company EnvisionTEC. Founded in Germany in 2002, EnvisionTEC specializes in photopolymer additive manufacturing, putting its technology in more direct competition with the likes of 3D printing darling Carbon than Desktop Metal’s own existing portfolio. The deal follows Desktop Metal’s push to go public last August as part of a growing trend of SPAC mergers. Prior to this, the company had raised no shortage of its o...
Tags: Hardware, Germany, Tech, 3d Printing, Ford, M&a, Mergers and Acquisitions, SPAC, Desktop Metal, Ric Fulop, Smile Direct Club, EnvisionTEC, Hasbro Fulop


Big Oil promises to put up a fight if Biden tries to restrict fossil-fuel development

Total, one of the world's largest oil companies, said Friday it would withdraw from the American Petroleum Institute. Reuters Welcome to Insider Energy, a weekly energy newsletter brought to you by Business Insider. Here's what you need to know:Want to get Insider Energy in your inbox every Friday? Sign up here. Do you have feedback or story tips? Reach out to me at [email protected] know what was so hot? 2020. In fact, it tied with 2016 as the hottest year on record, accor...
Tags: New York, Washington Post, Washington, Senate, White House, Elizabeth Warren, US, Barack Obama, Trends, Bank Of America, Bloomberg, Joe Biden, Ap, Nasa, Wyoming, PAC


Insider Transportation: Uber's plan to stop losing money, auto stocks to bet on, and how to get a Rivian job

Uber CEO Dara Khosrowshahi has made a series of bold moves as he tries to pull his company into profitability. AP Photo/Paul Sakuma Ever since Uber burst onto the global stage a few years ago led by the brash Travis Kalanick, scrapping with regulators the world over and winning over legions of fans, one little thing has nagged at its backers: its apparent inability to make any money. Since going public in 2019, Uber has lost money in every quarter.Turning that trend around is the job of Kal...
Tags: Google, Amazon, Transportation, Uber, Elon Musk, Trends, Tesla, Bank Of America, Fca, Pokemon, Travis Kalanick, Self-driving Cars, Jeff Bezos, Henrik Fisker, Kalanick, SPAC


Group Nine’s Blank-Check Company Goes Public, Seeks to Raise $200 Million

Digital media publisher Group Nine Media, whose brands include Thrillist, NowThis, The Dodo and Seeker, is readying itself for a buying spree. After forming a special purpose acquisition company (SPAC) last month, the publisher began trading today. It has set out an initial public offering of 20 million units at $10 apiece, for total gross...
Tags: Publishing, Advertising, SPAC, Group Nine Media


United States: De-SPACing: Overview, Special Securities Law And Financial Statement Considerations And Derisking The Process With A PIPE Transaction - Mayer Brown

A SPAC's initial business combination is often referred to as a de-SPACing transaction. While this is generally a merger, ...
Tags: News, United States, SPAC, Mayer Brown


Group Nine Set to Go Public Friday, Prices $200 Million IPO Through Blank-Check Company

The special purpose acquisition company set up by Group Nine Media announced pricing of its initial public offering of 20 million shares at $10 apiece, for total gross proceeds of $200 million. Discovery-backed Group Nine, whose digital-media brands include Thrillist, NowThis, the Dodo and Seeker, filed paperwork for the SPAC last month saying it plans […]
Tags: News, Discovery, SPAC, Group Nine Media, Million IPO Through Blank Check Company


The end of Plaid-Visa, and Palantir’s growing startup mafia

Hello and welcome back to Equity, TechCrunch’s venture-capital-focused podcast, where we unpack the numbers behind the headlines. This week we — Natasha and Danny and Alex and Grace — had a lot to get through, as the news volume in early 2021 has been rapid and serious. Sadly this means that some early-stage rounds missed the cut, though we did make sure to have some Series A material in the show. So, what did the assembled crew get to? Here’s your cheat sheet: The demise of the Plaid-Visa...
Tags: Apple, TC, Softbank, Tech, Crypto, Plaid, Alex, Qualcomm, Palantir, Talkspace, Grace, SoFi, Visa, Loop, SPAC, Danny


Home services platform Porch acquires four companies

Only a few weeks after its SPAC IPO, Porch today announced that it has made four acquisitions, worth a total of $122 million. The most important here is probably the acquisition of Homeowners of America for $100 million, which gets Porch deeper into the home insurance space. In addition, Porch is also acquiring mover marketing and data platform V12 for $22 million, as well as home inspection service Palm-Tech and iRoofing, a SaaS application for roofing contractors. Porch did not disclose the ac...
Tags: TC, Real Estate, Texas, Finance, Virginia, Insurance, Tech, Georgia, Software, United States, Arizona, M&a, Mergers and Acquisitions, Financial Services, North Carolina, Porch


Poshmark surges 150% on its first day of trading after $277 million IPO

Rafael Henrique/SOPA Images/LightRocket via Getty Images Poshmark soared as much as 150% on Thursday after going public Wednesday The online marketplace for second-hand goods raised $277 million IPO Wednesday, selling 6.6 million shares for $42 apiece. Poshmark's leap continues the trend of massive investor demand for IPOs and SPACs, the company trades under the ticker "POSH" on the Nasdaq Global Select Market. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.  Pos...
Tags: Ecommerce, Ipo, US, Trends, Markets, Paypal, Stocks, Stock Market, Max Levchin, SPAC, Redwood, Poshmark, Tech Stocks, Morgan Stanley Goldman Sachs Group Inc, Rafael Henrique SOPA Images LightRocket, Ipo 2021


Virgin Galactic rockets 22% after Tesla investor Ark reveals it will launch a space-themed ETF

Virgin Galactic cofounder Richard Branson, CEO George Whitesides, and Social Capital CEO Chamath Palihapitiya outside the New York Stock Exchange before Virgin Galactic's trading debut on October 28, 2019. Brendan McDermid/Reuters Virgin Galactic shares surged as much as 22% on Thursday.The space-tourism group may be added to Ark Investment Management's planned space-exploration exchange-traded fund.The fund manages a total of $42 billion in ETF products, Bloomberg estimated.Visit Busin...
Tags: Trends, Tesla, Bank Of America, Bloomberg, Virgin Galactic, Richard Branson, New York Stock Exchange, Wood, Chamath Palihapitiya, SPAC, Social Capital, George Whitesides, Cathie Wood, Theron Mohamed, Brendan McDermid Reuters Virgin Galactic


Virgin Galactic rockets up 22% after Tesla investor Ark reveals it will launch a space-themed ETF

Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides, and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange ahead of Virgin Galactic trading on October 28, 2019. Brendan McDermid/Reuters Virgin Galactic shares surged as much as 22% on Thursday.The space-tourism group may be added to Ark Investment Management's planned Space Exploration ETF.The fund manages a total of $42 billion in ETF products, Bloomberg estimates.Visit Business I...
Tags: Trends, Tesla, Bank Of America, Bloomberg, Virgin Galactic, Richard Branson, New York Stock Exchange, Chamath Palihapitiya, SPAC, Social Capital, George Whitesides, Cathie Wood, Theron Mohamed, Brendan McDermid Reuters Virgin Galactic


Plaid CEO touts new ‘clarity’ after failed Visa acquisition

Yesterday, we spoke with Plaid CEO and co-founder Zach Perret after news broke that Visa no longer plans to buy his company for $5.3 billion. The deal was heralded in early 2020 as a sign of the growing importance of fintech startups. Then it failed to close, eventually running into a lawsuit from the U.S. Department of Justice. A few months later, the acquisition was dropped. Sentiment in the market changed since the transaction was announced. As TechCrunch reported yesterday, there’s a good de...
Tags: Fundings & Exits, Startups, TC, Finance, Tech, Banking, Payments, Plaid, Fintech, Visa, Financial Technology, U S Department of Justice, SPAC, Perret, Zach Perret


Virgin Galactic rockets 22% higher after Tesla investor Ark reveals it will launch a space-themed ETF

Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides, and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange ahead of Virgin Galactic trading on October 28, 2019. Brendan McDermid/Reuters Virgin Galactic shares surged as much as 22% on Thursday.The space-tourism group may be added to Ark Investment Management's planned Space Exploration ETF.The fund manages a total of $42 billion in ETF products, Bloomberg estimates.Visit Business I...
Tags: Trends, Tesla, Bank Of America, Bloomberg, Virgin Galactic, Richard Branson, New York Stock Exchange, Wood, Chamath Palihapitiya, SPAC, Social Capital, George Whitesides, Cathie Wood, Theron Mohamed, Brendan McDermid Reuters Virgin Galactic


Virgin Galactic rockets up 18% after Tesla investor Ark reveals it will launch a space-themed ETF

Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides, and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange ahead of Virgin Galactic trading on October 28, 2019. Brendan McDermid/Reuters Virgin Galactic shares surged as much as 18% on Thursday.The space-tourism group may be added to Ark Investment Management's planned Space Exploration ETF.The fund manages a total of $42 billion in ETF products, Bloomberg estimates.Visit Business I...
Tags: Trends, Tesla, Bank Of America, Bloomberg, Virgin Galactic, Richard Branson, New York Stock Exchange, Chamath Palihapitiya, SPAC, Social Capital, George Whitesides, Cathie Wood, Theron Mohamed, Brendan McDermid Reuters Virgin Galactic


Inside Sana Biotechnology's plans to go public

Hollis Johnson/Business Insider Hello,Well, we've made it to the final day of this year's virtual J.P. Morgan Healthcare Conference. I'm nowhere near as exhausted as I usually am by the long days, but I am starting to miss actually bumping into people in San Francisco. What's been your takeaway from the virtual conference? Let me know at [email protected] as we head toward the end of a busy week, I wanted to introduce you all to the newest member of the team, Allison DeAngeli...
Tags: San Francisco, Trends, Healthcare, Medicare, Silicon Valley, Fda, Pfizer, Seattle, S-1, Microbiome, Vinod Khosla, Trump, SPAC, Sana, Gauss, Ro


Churchill Capital Corp IV has surged 70% in just 4 days amid Lucid Motors merger talks

Lucid Air. Lucid Churchill Capital Corp IV is continuing its meteoric rise on Thursday, with shares surging roughly 9% before paring some gains. The SPAC's market cap now pushes $4 billion after shares shot up over 70% in the last four days. Former Citigroup man Michael Klein may have found a winning partner in EV maker Lucid Motors. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Churchill Capital Corp IV is continuing its meteoric rise on Thursday. Shares hav...
Tags: Trends, Markets, Tesla, Shanghai, Citigroup, SEC, Stocks, Stock Market, EVs, Lucid, Faraday Future, Ev, SPAC, AT T Inc, DirecTV, Michael Klein


Virgin Galactic rockets up 16% after Tesla investor Ark reveals it will launch a space-themed ETF

Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides, and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange ahead of Virgin Galactic trading on October 28, 2019. Brendan McDermid/Reuters Virgin Galactic shares surged as much as 16% in premarket trading on Tuesday.The space-tourism group may be added to Ark Investment Management's planned Space Exploration ETF.The fund manages a total of $42 billion in ETF products, Bloomberg estima...
Tags: Trends, Tesla, Bank Of America, Bloomberg, Virgin Galactic, Richard Branson, New York Stock Exchange, Chamath Palihapitiya, SPAC, Social Capital, George Whitesides, Cathie Wood, Theron Mohamed, Brendan McDermid Reuters Virgin Galactic


Poshmark is pushing into the public market at a high-end valuation as the resale market sizzles

Poshmark, the nine-year-old, Redwood City Ca.-based online marketplace for second-hand clothing, beauty, and home decor products, is set to start trading as a public company on the Nasdaq tomorrow after pricing 6.6 million shares higher than originally planned, according to Bloomberg. Per its report, the company, which originally planned to sell shares at between $35 and $39 million, saw enough demand to rationalize a $42-per-share price — one that values the company at $3.5 billion on a fully d...
Tags: TC, Ecommerce, Ipo, Tech, E-commerce, SEC, SPAC, Redwood City, Brooks Brothers, Poshmark, Bloomberg Per


Pace launches out of private beta with a plan to scale virtual group therapy

One in five people have a mental health illness. Pace, a new startup founded by Pinterest and Affirm executives, wants to pay attention to the other four in that statistic. “Nobody is perfectly mentally healthy all the time,” said Jack Chou, Pace co-founder. “It’s a non-existent idea, everyone is sort of swimming in between being clinically mentally unhealthy and perfectly mentally happy.” While diagnosable mental health conditions might get an individual medication or therapy, those that live i...
Tags: Health, Startups, TC, Pinterest, Tech, Mental Health, Meyer, Talkspace, Sdk, Coa, SPAC, Nellie, Maveron, Lyra Health, Chou, Hunter Walk


US stocks close mixed as traders await further economic stimulus

A sanitizing station is seen on the trading floor of the New York Stock Exchange. REUTERS/Brendan McDermid US stocks were mixed on Wednesday as investors await further stimulus support from the government. Affirm spiked as much as 110% on Wednesday after the loan provider's public-market debut.The company's shares started trading publicly at around 12:20 p.m. ET and quickly surged above its offering price of $49. Bitcoin climbed higher after plummeting from record highs earlier this week. T...
Tags: Apple, US, Trends, Markets, Bank Of America, House Of Representatives, Gm, Berkshire Hathaway, Warren Buffett, Federal Reserve, Jack Dorsey, Donald Trump, Nasdaq, Gold Price, S&P 500, Gamestop


The electric vehicle SPAC boom is likely to continue as over $2.5 trillion is needed to make a full transition to EVs, BofA says

Nikola The number of electric vehicle SPACs may rise in the years to come as the world pivots to full EV adoption and looks for ways to raise money to fund the transition that could cost up to $2.5 trillion, according to Bank of America. 2020 saw a boom in electric vehicle SPACs, with companies including Nikola, Fisker, and XL Fleet  all going public via a reverse merger with a special-purpose acquisition company. BofA said the recent SPAC boom indicates that there is a lot of capital wait...
Tags: US, Trends, Markets, Bank Of America, United Kingdom, TSLA, SPAC, John Murphy, BofA, Nikola, Green New Deal, Emily Graffeo, Nikola Fisker, Electric Vehicle Stocks, XL Fleet, XL Fleet SPAC


Foxconn, Geely team up to build electric, autonomous and shared vehicles for automakers

The electric, autonomous vehicles of the future might be manufactured by Apple’s main supplier Foxconn and Chinese automaker Zhejiang Geely Holding Group. The two companies have agreed to form a joint venture focused on contract manufacturing for automakers, with a specific focus on electrification, connectivity and autonomous driving technology as well as vehicles designed for sharing. Each party will hold an equal 50% stake in new joint venture. The board of directors will consist of five memb...
Tags: Apple, TC, Transportation, China, Tech, Tesla, Automotive, Electric Vehicles, Baidu, Young, Foxconn, Geely, SPAC, Liu, Foxconn Technology Group, Information and Communication Technology ICT


Plaid Pulled Plug on Visa Deal Over Price, Not Antitrust Concerns

Visa will no longer be buying fintech upstart Plaid, as the companies on Tuesday announced the "mutual termination" of the $5.3 billion agreement that was signed one year ago and opposed by U.S. antitrust regulators. From a report: This is more about the rising value of fintech companies than it is about the U.S. Justice Department. It also turns Plaid into a very appealing target for growth equity investors, IPO bankers and SPAC sponsors. DOJ sued to block the deal in November, claiming it woul...
Tags: Tech, Doj, Visa, SPAC, U S Justice Department


US stocks fluctuate as investors weigh stimulus outlook and political turmoil

Joshua Roberts/Reuters US stocks fluctuated between gains and losses on Wednesday as investors prepared for House Democrats to move to impeach Trump for the second time.Bitcoin is hovering around $35,000, a key technical level that could determine the cryptocurrency's longer-term direction.Sign up here our daily newsletter, 10 Things Before the Opening Bell.US stocks pointed edged higher on Wednesday as investors weighed ongoing stimulus efforts and prepared for House Democrats to move to ...
Tags: US, Trends, Markets, Tesla, House, Treasury, Stocks, Federal Reserve, Stock Market, Dow Jones, Jefferies, S&P 500, Trump, Fed, Mike Pence, SPAC


Visa axes Plaid deal - Gensler reportedly tapped as new SEC chair - Inside SoFi's plans to go public

Gary Gensler is working on Biden's financial regulatory plans. Chip Somodevilla/Getty Images Guess who's back?Gary Gensler, the former chair of the CFTC, is set to be picked by President-elect Joe Biden as the next chair of the SEC, according to a report from Reuters.Gensler is quite an adjustment (to put it mildly) from former SEC chair Jay Clayton. Gensler was known for overseeing plenty of new regulation in the wake of the financial crisis, including implementing rules around how com...
Tags: Washington, US, Trends, Joe Biden, New Zealand, Cftc, SEC, Department Of Justice, Biden, Donald Trump, Doj, Blackstone, Vox Media, SoFi, Silver Lake, Visa


10 things you need to know before the opening bell

US President Donald Trump boards Air Force One before departing Harlingen, Texas Mandel Ngan/Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.1. Investors are shrugging off the likely impeachment of Donald Trump. Economic optimism is taking over and boosting stocks and oil - here's why.2. Oil has recovered from the coronavirus shock of 2020. Take a look at what's driving the crude price to its highest in almost a year. 3. ...
Tags: US, Trends, Tesla, Ubs, Goldman Sachs, Air Force, Donald Trump, Jefferies, Fed, SPAC, Bill Miller, Mario Gabelli, Markit Ltd, Howard Marks, Amanda Cooper, Julian Klymochko


Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher

A visual representation of the digital Cryptocurrency, Bitcoin. Chesnot/Getty Images The Bitcoin price hovered around $35,000 and technical analysts said this point was a pivotal one on the daily charts. A break above this level could push Bitcoin back towards all-time highs around $41,000, while a marked drop below could trigger a fall towards key support at $30,000, they said. Although the longer-term outlook for both cryptocurrencies remains skewed to the topside, further losses look li...
Tags: Trends, Bitcoin, Goldman, Ethereum, Btc, Litecoin, Shark Tank, Moss, SPAC, Bob Mason, Cardano, Amanda Cooper, Daniel Moss, Kraken Exchange, Opening Bell Bitcoin, Chris Svorcik


Daily Crunch: Visa calls off Plaid acquisition

Regulatory action prompts Visa to back off a fintech acquisition, Uber and Moderna partner and Checkout.com is valued at $15 billion. This is your Daily Crunch for January 12, 2021. The big story: Visa calls off Plaid acquisition The deal, valued at $5.3 billion, was first announced just over a year ago. However, the Department of Justice filed suit to block the acquisition in November, arguing that it would “eliminate a nascent competitive threat.” In today’s announcement, Visa said it could ...
Tags: Facebook, Finance, Disney, Tech, Policy, Netflix, Gm, Lg, Nielsen, Department Of Justice, Plaid, Visa, Tcl, Weber, SPAC, Spencer Kimball


A deep dive on Steve Jurvetson and Maryanna Saenko’s $200 million new fund

Future Ventures — cofounded by venture capitalist Steve Jurvetson and Maryanna Saenko, a colleague of Jurvetson at his last firm, DFJ, as well as an investor previously with Airbus Ventures and Khosla Ventures — has closed its second fund with $200 million in capital commitments, say the pair. In a wide-ranging conversation yesterday afternoon, Jurvetson characterized the fund as “dramatically oversubscribed in a fairly short period of time,” adding that roughly one-third of its investors are ve...
Tags: TC, Spacex, Elon Musk, Florida, Texas, California, Saudi Arabia, Boston, Future, Tech, Tesla, Venture Capital, Steve, Khosla Ventures, Dfj, Musk