The Daily Dish (6/18/21)
23andMe Sparks on Debut
The direct-to-consumer testing company, which is headquartered in California rose over 20% in its stock market debut.
The debut comes after 23andMe had a SPAC merger with VG Acquisition Corp, which was announced in February and is currently trading under the symbol ME. The company is expected to invest the money from the merger into its health and therapeutics arm.
The company, which is founded in 2006, offers customers a report of their data and predispositions to various health issues including lupus, Alzheimer’s disease and Huntington’s disease.
While generic testing companies have risen to popularity, 23andMe was a pioneer in the field with it being the recipient of Time Magazine’s award for invention of the year in 2008.
While some see the test results as a potential revolution in healthcare, others see it as a slippery slope. As worries have grown across the industry, the company’s success has been blunted in recent years, with the company laying of 14% of its staff in January 2020, amid a slowdown in sales of test kits.
Cathie Wood Sells Stake in 3D Printing Marketplace
Ark Investment Management, which is led by Cathie Wood, announced that it sold additional shares worth $6.8 million in SPAC Galileo Acquisition Corp.
GLEO is expected to take 3D printing technology provider Shapeways public through a merger.
ARK is still the majority shareholder in GLEO and currently holds shares worth $7.36 million.
The company has been selling shares in Galileo and using the proceeds to invest in Jaws Spitfire Acquisition Corp, the company which is expected to take 3D printing company Velo3D company public.
UK Financial Services Group Considers SPAC
True Potential, a wealth management service company, is considering a potential $2 Billion US SPAC just days after JPMorgan announced a deal to buy Nutmeg for £700 million. True Potential is working with Credit Suisse to find an SPAC to merge with.
True Potential is one of UK’s leading financial service company’s and works with close to 20% of Britains financial advisors. The company also provides technology and product services to 1.4 million private clients, while also having its own consumer investment platform.
In addition to managing its own funds, the company offers funds from partners including Goldman Sachs, UBS and Schroders.
The company has been looking for a sale since 2018, but has not closed a deal. A majority of the company is owned by directors including CEO Daniel Harrison and chairman David Harrison.
