SUBSPAC

The Daily Dish (09/21/21)

Transfix Set for $1.1 Billion SPAC Deal 

Transfix has finally announced its SPAC agreement, nearly a year after rumors circulated that it was set to make its public debut through a SPAC merger.

While the company was rumored to close a SPAC deal with Tuscan Holdings Corp at a rumored valuation of $800 million, it announced today that it would instead close a deal with G Squared Ascend at an Enterprise Valuation of $1.1 Billion.

Transfix uses its proprietary technology to dynamically match thousands of freight transactions between shippers and carriers. The digital platform reported revenues of $184 million in 2020, up 40% from the $130 million in revenues in 2019.

The transaction will provide $345 million in cash in the SPAC trust, along with a leading commitment of an incremental $60 million under Forward Purchase Agreements, with an additional $50 million under G Squared’s FPA to backstop redemption from G Squared Ascend I’s trust. The deal is expected to close in the first quarter of 2022, with the company being listed on the NYSE under the ticker ‘TF’.


Two Years After a Failed IPO, WeWork Will Attempt a SPAC Listing 

WeWork is planning to start trading on October 21st, over two years after its initial IPO disaster. The shared-workspace company had announced its plan to go public through a SPAC deal with BowX Acquisition Corp in March.

WeWork announced on Monday that shareholders of BowX would vote on approving the deal on October 19th, after which, WeWork will list on the NYSE under the ticker ‘WE’. The transaction values WeWork at a mere $9 Billion after debt, which is a fraction of its initial valuation of $47 billion back in 2019.

While WeWork filed for its IPO on August 14th, 2019, it faced intense investor scrutiny due to its poor finances, business model, and questionable behavior of CEO Adam Neumann.

SoftBank, which is the majority shareholder, initially rejected a deal to purchase $3 billion in company stock but bailed out the business in February this year.


Reddit Reads

Goldman Sachs, QC Ware, and IonQ Demonstrate Quantum Algorithms Proof-of-Concept DMYI

A new research paper shows how IonQ’s quantum computers are now powerful enough to demonstrate a state-of-the-art quantum algorithm from Goldman Sachs and QC Ware that could one day speed up Monte Carlo simulations. These simulations are key for problem-solving in many industries, including finance, telecommunications, robotics, climate science, and drug discovery. IonQ is set to go public through a SPAC merger with dMY Technology Corp III at a $2 billion valuation.

[not PSTH] UMG now trading in Amsterdam

Universal Music Group Shares were up 35% in the mid-trading session after a successful listing on Euronext. The strong listing is a vindication for Bill Ackman, who was forced to incest with his hedge fund instead of a deal with PSTH.


Virgin Orbit Closes BigBear AI Software Agreement

Commercial Launch service provider Virgin Orbit, which is set to go public later this year in a SPAC deal, will now provide AI-powered insights and data to its government and commercial customers under the terms of its new software agreement with BigBear.ai.

BigBear specializes in AI and Machine Learning at scale through its end-to-end data analytics platform Decision Dominance, with the U.S Department of Defense and other federal government services being high-profile customers of the platform.

The agreement between Virgin and BigBear will support the company and its customers through the real-time deployment of AI-powered software for mobile assets, although the financial terms of the agreement remain undisclosed.

BigBear is also planning to develop applications that can identify objects, analyze ground material, map land and monitor the climate in space. The platform will also fuse data from multiple intelligence data sources, including satellites launched and owned by Virgin Orbit.


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