The Daily Dish (08/26/21)

Investment Minister Believes UK SPAC Market Can Still Win 

Lord Grimstone, the UK Investment Minister, believes that there are still hopes for SPACs in the UK, despite fears that the growth that has materialised in the US will not make its way to the country.

While the Financial Conduct Authority has made attempts to clarify investments in SPACs, experts remain divided on whether there is sufficient appetite in London to grow the market.

Lord Grimstone believes that London still has a chance of securing new SPAC business due to its robust regulatory environment and strong governance.

The US has seen SPAC concentration, with over 90% activity but the recent lawsuits and regulatory investigations have hampered the market.

Forbes Announces Listing through SPAC Deal 

With rumours floating around about the deal last week, Forbes has finally announced that it plans to go public through a SPAC merger with Magnum Opus Acquisition.

The deal is expected to close in the fourth quarter this year and values the firm at $630 Million. Post the merger, Forbes will list on the New York Stock Exchange under the ticker symbol ‘FRBS’.

Forbes’ existing management team is expected to stay in place under the leadership of CEO Mike Federle with new board members being announced at a later date. The company believes that the move will enable it to capitalise on its digital transformation, improve audience engagement and create more recurring revenue streams.

SPACs have been a viable route for digital publishers as several companies have gone public including BuzzFeed, Bustle Digital Group, Vox Media and Vice Media.

Softbank-Backed Getaround Negotiating SPAC Deal 

Car Sharing startup Getaround is in talks to go public through a SPAC merger with Altitude Acquisition Corp.

The startup, which is backed by SoftBank group is also looking for PIPE investment at a $1.7 Billion Valuation. Founded in 2009, the company operates a p2p car sharing marketplace that allows vehicle owners to rent out their cars on an hourly or daily basis.

Getaround operates in 100 US Cities and over 170 European locations, with 6 million users globally.

The startup has raised more than $800 Million in previous fundraising rounds with investments from SoftBank and Menlo Ventures. Getaround was last valued at $1 Billion, back in September 2020.

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