News

Special Purpose Acquisition Company (SPAC)

Kimberly Redmond | Equities.com |

Hino Motors, a subsidiary of Toyota Motor Corporation, is teaming up with Israeli startup REE Automotive to develop electric trucks, buses and commercial vehicles.

In an announcement Tuesday, the companies said they expect to develop their first hardware prototypes by 2022 but did not say when commercial vehicles from the partnership may hit the streets.


Kimberly Redmond | Equities.com |

Grab Holdings, Southeast Asia’s biggest ride-hailing and food delivery service, is considering a secondary public listing in its home market of Singapore, according to Reuters.

The outlet, citing confidential sources familiar with the matter, reported that Grab is still in the early stages of consideration and a timetable, as well as financial terms, are being worked out.


Kimberly Redmond | Equities.com |

Grab Holdings, Southeast Asia’s largest ride-hailing and food delivery company, plans to merge with US-based special purpose acquisition company Altimeter Growth Corporation (Nasdaq: AGC) in a deal that would value it at nearly $40 billion.

Under the deal announced Tuesday, Grab will receive about $4.5 billion in cash proceeds, over $4 billion of which will come from institutions such as BlackRock, Counterpoint Global, T. Rowe Price and Fidelity.


Kimberly Redmond | Equities.com |

The US Securities and Exchange Commission (SEC) said it is reviewing filings and seeking clearer disclosures for special purpose acquisition companies (SPACs).

On Thursday, John Coates, acting director of the SEC’s division of corporate finance, said the agency is stepping up scrutiny following a dramatic increase in the use and popularity of SPACs over the past six months.


Kimberly Redmond | Equities.com |

Impossible Foods Inc is preparing for a public listing which could value the plant-based burger maker at more than $10 billion, according to a report.

Reuters, citing confidential sources, reported Thursday that the faux meat maker is exploring going public through an initial public offering in the next 12 months or a merger with a special purpose acquisition company.


Reuters | Equities.com |

German air shuttle startup Lilium said on Tuesday it would float on the U.S. stock market via a reverse merger with Qell Acquisition Corp, a blank-check acquisition company, in a deal valuing the combined business at $3.3 billion.

Munich-based Lilium is competing with other aviation companies to deploy battery-powered aircraft that can take off and land vertically, offering a new way for travelers to beat traffic and hop between cities.


Kimberly Redmond | Equities.com |

Cazoo Holdings Limited, an online UK-based used car seller, has agreed to go public on the New York Stock Exchange through a merger with Ajax I, billionaire investor Daniel Och’s special purpose acquisition company (SPAC).

The deal announced Monday with AJAX I values Cazoo at $7 billion including debt, nearly 2.7x more than the $2.6 billion valuation achieved in its private funding round last fall.


Kimberly Redmond | Equities.com |

WeWork agreed to a reverse merger with a special purpose acquisition company in a deal to take the office sharing startup public almost two years after a failed attempt at an initial public offering.

The planned merger with BowX Acquisition Corp (Nasdaq: BOWX), which is expected to close in the third quarter of this year, values WeWork at $9 billion including debt, a fraction of the $47 billion at which the company was once valued.


Reuters | Equities.com |

(Reuters) - WeWork lost $3.2 billion last year, according to documents shown to prospective investors by the office-sharing startup as apart of a pitch for $1 billion in investment and a stock market listing, the Financial Times here reported on Monday.

The company’s losses narrowed from $3.5 billion in 2019 and it plans to go public at a valuation of $9 billion including debt through a merger with a special purpose acquisition company (SPAC), the report said.


Reuters | Equities.com |

Southeast Asia’s biggest ride-hailing and food delivery firm Grab Holdings is in talks to go public through a merger with a U.S. special purpose acquisition company that could value it at nearly $40 billion, people familiar with the matter said.

A deal, if confirmed, would make it the largest ever blank-check transaction.