The Daily Dish (08/19/21)

Sportradar Files for IPO After SPAC Deal Falls Apart

Sportradar Group is making its IPO dreams a reality after talks for a SPAC merger with Horizon Acquisition Corp collapsed.

The sports data provider which is based in Switzerland has filed with the SEC to go public with a placeholder offer size of $100 Million. Sportradar is backed by basketball star Michael Jordon and Dallas Mavericks owner Mark Cuban.

The company has over 150 sports league partners and provides data to over 900 sports betting operators including DraftKings and Fanduel.

The company, which is lead by CEO Carsten Koerl counts Canada Pension Plan as its largest investor, with it holding about half of the company’s shares. Koerl controls 34% of the shares while Evan Morgan’s Radcliff has a 5.2% stake.

SGX Looks to Amend SPAC Listing Requirements 

A smaller market cap requirement could lead to a higher number of SPAC listings on the Singapore Exchange making it more competitive with other exchanges. SGX is considering lowering the minimum market capitalisation requirement for SPACs from S$300 Million to S$150 Million.

In March SGX issued a consultation paper seeking market feedback on a proposed regulatory framework for the listing of SPACs.

Besides a minimum market cap, the framework proposed a minimum public shareholding requirement of 25% which is to be held by at least 500 public shareholders at the time of listing.

In March, multiple stakeholders cited concerns about a S$300 Million requirement as being detrimental to SGX’s ambition of becoming the primary destination for Asian listings. A S$300 Million SPAC would need to target a company valued between $1-$1.5 Billion, which is uncommon in Southeast Asia.

Xos Inc Shareholders Approve SPAC Listing

Shareholders of Xos Inc and SPAC NextGen Acquisition approved the Merger, with the combined company expected to list on Nasdaq under the ticker ‘XOX’ on August 20th.

Xos is an electric mobility company that aims to make fleets more efficient. The company’s primary focus is on medium and heavy-duty commercial vehicles and develops fully electric battery mobility systems specifically for these fleets.

Aspiration Aims to go Public Before Year-End 

Fintech company Aspiration Partners announced a plan to complete its SPAC merger with InterPrivate III Financial Partners by the end of the year.

Aspiration is the first ESG focused financial services provider and currently has over five million customers. The company continues to offset carbon footprints and curb climate change by funding the restoration of more than 35 million trees.

CEO Andrei Cherny believes that the company will look to clear regulatory hurdles and have the listing take place before the end of the year.

Cherny will remain the CEO of the combined company while co-founder Joe Sanberg will continue to serve the board.

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