The Daily Dish (6/09/21)
Welcome to the Daily Dish. We are your morning briefing for the SPAC market. Every day we’ll provide you a digest of the top headlines of the previous day and an outline of the day ahead.
Grab Will Complete SPAC Merger in Q4
Southeast Asia’s Grab, which is headquartered in Singapore announced that its SPAC merger with Altimeter Growth Corp was expected to be completed in the fourth quarter. The $40 billion dollar merger was expected to be previously completed by July.
The company is in the process of finalising its audit for fiscal years 2018,2019 and 2020 in accordance with the US SEC.
As a result, the company’s financial information for those periods remain subject to further review and revision.
Chamath’s SPACs to Allow Retail Investors to Buy into IPO’s
Four SPACs backed by investor Chamath Palihapitiya announced that they would give retail investors an opportunity to buy shares in their IPO through Social Finance Inc’s online brokerage platform.
The SPACs include Social Capital Suvretta Holdings I, II, III and IV and expects up to 5% of the Class A ordinary shares in the offering to be available to retail investors.
The four SPACs are currently looking to raise a total of $800 million through IPOs with a focus on acquiring biotechnology firms.
Spanish EV Charger Maker Wallbox Goes SPAC
Wallbox, a Spanish electric-vehicle charger maker is planning to go public though a merger with SPAC Kensington Capital Acquisition Corp. The company will raise about $330 million from the deal, valuing the company at $1.5 billion.
The company is the first European EV to list on the market through an SPAC. The deal is expected to close in the third quarter this year and will include a $100 million investment from Kensington along with Janus Henderson Investors, Luxor Capital and Cathay innovation.
