The Daily Dish (7/08/21)

Circle Going Public in $4.5 Billion SPAC Deal 

USDC backer Circle is going public through an SPAC merger with Concord Acquisition Corp, in a deal which values the crypto financial services firm at $4.5 billion.

The deal is expected to close in the fourth quarter this year, with the transaction infusing the company with $415 million of capital from investors including Marshall Wace, Fidelity, Ark Investment and Third Point. 

Circle going public puts both members of USDCs Centre Consortium on the public markets. USDC, the stablecoin jointly administered by Coinbase, has surged in popularity with a circulating supply of nearly $26 billion.

USDC is also debuting a savings product which could get bigger financial players into the crypto markets. 

Palantir is Now an SPAC Investor 

Big Data Analytics company Palantir Technologies has quietly become an aggressive investors in companies going public through SPACs. Companies merging with SPACs also raise additional capital through a structure called PIPE, which stands for ‘Private Investment in Public Equity’. While most PIPE investors are institutional investors, the deal sometimes include strategic investors like Palantir. 

Till date, Palantir has participated in at least eight SPAC transactions and has invested well over $100 million. The company is using the deals as a way to win business from the emerging companies which can benefit from the company’s data analytics software. With SPACs, Palantir is seeing an opportunity to have multi year partnerships with emerging companies. 

The company appears less focused on financial returns from these transactions and is prioritizing building relationships with potentially significant customers. Palantir has confirmed its participation in eight SPAC investments in companies including Lilium, Sacros Robotics, Celularity, Roivant Sciences, Babylon Health, Pear Therapeutics, Boxed and Wejo. 

Singapore Based SPAC Lists for $100 Million IPO

Fat Projects Acquisition Corp, a Singapore based SPAC has filed to list on Nasdaq in a $100 million IPO. The company’s sponsor, Fat Projects SPAC, is a Singapore headquartered investment and venture studio.

Earlier this year, the Singapore Exchange launched a consultation for SPACs as it prepares to compete in the biggest capital market trends in the past year. 

Fat Projects Acquisition Corp said it has proposed an IPO listing of 10,000,000 units at a price of US$10 per unit with the company listing under the ticker ‘FATP’.

The company is focusing on acquiring companies in areas of supply chain, transportation, logistics, finance, sustainability, food and e-commerce. 

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