The Daily Dish (12/28/20)
Welcome the Daily Dish. Every morning in your inbox subscribers receive some Dishes that we find interesting and we think that you should know more about.
We’ll try to lob ‘em up to you in a simple, clean format that you can read in 5 minutes before the market opens. (Trust me, we know what it’s like to wake up at 9:23am).
Here’s the first assist 👇
REE Automotive in negotiations for a $3-4 billion Nasdaq SPAC merger
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REE Automotive, which develops modular platforms for electric vehicles, in negotiations to go public at a valuation of between $3-4 billion, a source told Calcalist. Some speculators online are thinking the SPAC it’s aiming to merge with is sized for $SOAC or $QELL. Time will tell who they merge with, but all I know is that I like it.
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REE’s disruptive technology enables a complete flat and modular chassis with optimal freedom of design, allowing multiple body configurations on a single platform, reducing space and weight and increasing efficiency. The REE platform integrates the motors, steering, suspension, drivetrain, sensing, brakes, and electronics into the wheel.
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REE Automotive has been named to Fast Company‘s prestigious annual list of the World’s Most Innovative Companies for 2020. The list honors the businesses making the most profound impact on both industry and culture, showcasing a variety of ways to thrive in today’s fast-changing world.
Fintech eToro plans to go public, through IPO or SPAC
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Israeli fintech eToro is in talks with Goldman Sachs regarding an IPO that would value the social trading and multi-asset brokerage at ~$5B, Ctech by Calcalist reports without citing a source.
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eToro is a well-known trading platform which provides Forex trading, Stocks trading, Commodities trading, Indices trading, Cryptocurrency trading, CFDs reading, Index Based Funds trading, and Exchange Traded Funds (ETF) trading services. eToro developed its copy trade system with great social features. On the personal page of a trader, eToro users can find the strategy style and trading history data of the trader, which helps the users decide to copy or not.
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Like stock trading app Robinhood, eToro has also attracted new users as young investors turned to the stock market during the pandemic. The company’s revenue doubled to $500M and is profitable, Calcalist said.
ION Acquisition rises on report of talks with digital advertising firm Taboola
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Taboola is an online advertising company mostly known for its “chumbox” ads, a grid of thumbnails and captions which drive traffic to other sites and webpages, sometimes associated with low quality “clickbait” links and articles. Taboola’s ad units often appear as boxes at the bottom of online news articles, labelled “Around the Web” or “Recommended For You”.
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$IACA stock’s October initial public offering raised $225 million for the special purpose acquisition company (SPAC) focusing on the Middle East region. Its stated goal was a merger with a private company valued at more than $1 billion. That IPO was upsized by more than 10% to 22.5 million units ahead of the floatation. Both ION and Taboola are based in Israel.
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ION Chief Executive Gilad Shany told Reuters he wanted to target Israeli tech companies at over $1 billion valuation and bridge the gap between local entrepreneurs and the U.S. capital market. Shany is no stranger to the IPO world. Two of his previous investments, Fiverr International ($FVRR) and telemedicine firm American Well ($AMWL), went public in New York.
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