The Daily Dish (1/19/21)
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The explosion of nascent electric vehicle makers in the last few years has resulted in many of those automakers looking to go public through the use of special purpose acquisition companies with the latest also being the biggest: Lucid Motors.
The California-based EV maker is in the process of completing its manufacturing facility in Casa Grande, Arizona, but perhaps more importantly, its looking to tie-up the loose ends on a SPAC that was rumored to be valued at as much as $15 billion.
subSPAC however, thinks it’s going to be a larger valuation. We’re the first to report that this valuation might be up to $25 billion. Price action this last week, coupled with over $1 Billion in shares traded every day last week, has shown the market would immediately have a positive reaction to a Lucid merger with Churchill Capital IV $CCIV. The $15B price was based on a $10 per unit value; We believe that Lucid is trying to negotiate a larger valuation due to the crazy moves we’ve seen so far after the Bloomberg story.
Churchill Capital Corp IV today issued the following statement in response to inquiries from shareholders and the New York Stock Exchange, as well as the unusual trading in shares of the Company’s common stock in recent days: “We are always reviewing a range of potential business combinations to determine an opportunity that represents the best fit for the Company and our shareholders and that we believe would create long-term value for Churchill shareholders. We do not generally comment on rumors and speculation and will not comment as to whether the Company is or is not pursuing a specific business opportunity other than saying, as noted, we are always evaluating a number of potential business combinations.
Translation: No comment. We’re trying to negotiate Lucid back down to $15B.
Intel Corp. Chairman Omar Ishrak is planning to raise funds for a blank-check firm targeting deals in the health technology sector, according to people with knowledge of the matter.
Ishrak, who previously ran medical device giant Medtronic Plc, could file public registration documents with the U.S. Securities and Exchange Commission as soon as Tuesday, the people said, asking not to be identified because the information is private. Ishrak is targeting to raise about $750 million to $1 billion for the special purpose acquisition company, or SPAC, they said.
Goldman Sachs Group Inc. is leading preparations for the initial public offering, the people said. Hedge fund manager Joshua Fink, who is the son of BlackRock Inc.’s Larry Fink, and Medtronic executive Jean Nehme will have senior roles at the blank-check company, the people said. Ishrak is poised to be chairman, they said.
In 2018 AST & Science $NPA announced that it had closed on the purchase of a controlling interest in the European satellite manufacturer and system integrator NanoAvionics. NanoAvionics recently has announced that the first of two nanosatellites, built and integrated for US radio frequency spectrum and wireless data provider Aurora Insight, will be part of SpaceX’s “Transporter 1” rideshare launch onboard a Falcon 9.
The nanosatellite, nicknamed “Charlie”, forms one half of the two-satellite mission contract awarded to NanoAvionics by Aurora Insight, headquartered in Denver, Colorado, with both to become part of their data gathering infrastructure.
Aurora Insight uses satellite-based sensor technology to detect spectrum usage and interference around the globe. Using its custom processing, Aurora creates accurate information on the health and availability of radio frequency spectrum and wireless infrastructure, measuring 5G, LTE, IoT, 3G/2G, Wi-Fi and TV signals. This information enables mobile network operators, mobile service operators, tower companies, and RF spectrum users to innovate and invest in wireless networks, resulting in stronger connections for communities and smarter industries.
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