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The Daily Dish (3/29/21)

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Cathie Woodā€™s ARK Invest launches a space exploration ETF, to begin trading Tuesday

ARK Invest's Cathie Wood is excited about the private space race

Ark Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, will debut its latest fund on Tuesday: a space exploration ETF. $ARKX, the firm’s eighth ETF, comes as an increasing number of private space companies prepare to go public later this year. The Space related SPACs that’ wood has added in the initial holdings include: Joby $RTP, Archer $ACIC, and Virgin Galactic $SPCE.

Wood – CIO and CEO of Ark Investment Management – has made a name for herself by investing in “Disruptive innovation” stocks. Ark Invest, Cathie Wood’s firm with multiple actively managed exchanged-traded funds, will debut its latest fund on Tuesday: a space exploration ETF. ARKX, the firm’s eighth ETF, comes as an increasing number of private space companies prepare to go public later this year.

Wood – chief investment officer and CEO of Ark Investment Management – has made a name for herself by investing in “Disruptive innovation” stocks. Wood’s flagship fund, Ark Innovation, has seen more than $16 billion in inflows in the past year, according to FactSet. Wood has garnered a large following after Ark Innovation returned nearly 150% last year.

Her flagship fund, Ark Innovation, is down nearly 9% this year.

SomaLogic, the proteomics biotech, to combine with SPAC at $1.2B valuation

SomaLogic | Built In Colorado

The burĀ­geonĀ­ing field of proĀ­teomics has courtĀ­ed heavy inĀ­vestĀ­ment over the last few years, and on MonĀ­day a promiĀ­nent proĀ­teomics biotech scored a new heapĀ­ing of capĀ­iĀ­tal.

SoĀ­maĀ­LogĀ­ic anĀ­nounced plans to reĀ­verse-merge with Eli CasĀ­din and KeiĀ­th MeisĀ­ter’s secĀ­ond SPAC on MonĀ­day, dubbed CM Life SciĀ­ences II $CMII, fetchĀ­ing the comĀ­paĀ­ny a $1.23 bilĀ­lion valĀ­uĀ­aĀ­tion.

Once the mergĀ­er closĀ­es someĀ­time in the third quarĀ­ter, the comĀ­bined comĀ­paĀ­ny will trade on the tickĀ­er $SLGC. CasĀ­din and MeisĀ­ter had teamed up last sumĀ­mer for their first blank check comĀ­paĀ­ny, raisĀ­ing what was then a masĀ­sive $385 milĀ­lion beĀ­fore the SPAC floodĀ­gates opened this year.

“We had been talkĀ­ing about makĀ­ing a deĀ­ciĀ­sion priĀ­or to this, and the SPAC has some adĀ­vanĀ­tages deĀ­pendĀ­ing on your perĀ­specĀ­tive as a comĀ­paĀ­ny.”

The SEC is looking into Wall Street’s SPAC craze

GettyImages 1230842275

The US Securities and Exchange Commission has begun an inquiry into Wall Street’s blank-check company craze by seeking voluntary information, Reuters reported on Thursday.

The regulator recently sent correspondence to Wall Street banks, requesting details on how underwriter banks manage the risks involved with special-purpose acquisition companies, Reuters said, citing four sources.

More than $95 billion has been raised across 294 SPAC IPOs so far in 2021, according to SPACInsider.com.

Its concerns seem to be centered around due diligence and the heightened possibility of insider trading when a SPAC goes public and announces an acquisition target, according to the report.

The Commission outlined two key differences investors should be wary of between SPACs and IPOs.

Firstly, SPAC sponsors end up acquiring equity in the firm at “More favorable terms” than investors in a typical IPO. Secondly, the sponsors may have conflicts of interest when it comes to the SPAC’s success, meaning early investors could have different economic interests from common shareholders.

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Thereā€™s No I In Trade

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Disclaimer: This is not financial advice and should not be interpreted as such. I am not a financial advisor. I may currently own or have owned many of the securities mentioned above – but that does not mean I am invested now. My investing method is highly risky swing trading which means I am constantly in and out of positions. Please do your own research or hit up the #SPACsquad on Twitter to learn more about SPACs.

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