The Daily Dish (7/21/21)

Welcome to the Daily Dish. We are your morning briefing for the SPAC market. Every day we’ll provide you a digest of the top headlines of the previous day and an outline of the day ahead.

Fast Radius announces $1.4 Billion SPAC Merger 

Chicago based Fast Radius announced its plans to go public through an SPAC merger with ECP Environmental Growth Opportunities, in a deal valuing the combined company at around $1.4 Billion.

The transaction is expected to generate $445 million in proceeds, which is expected to be used to in the company’s ongoing software development and facility expansion strategy. 

Fast Radius specialises in on-demand 3D printing, CNC machining, urethane casting and injection moulding services through its proprietary Cloud Manufacturing Platform.

The company’s software allows clients to upload and order parts through a distributed network of company owned micro factories and third party suppliers. 

Over the last three years, the company has begun to scale its production capacity, open a new HQ and raise $48 million in an investment round led by UPS. The company is targeting revenues of $635 million and EBITDA of $135 million by 2025. 

SPACs Activity to Pick Up in Q3

The second quarter marked the most active for companies looking to go public in over two decades, with traditional IPOs dominating as SPAC activity slowed down. There were over 597 IPOs and 59 SPACs in the second quarter. 

These 59 SPACs raised over $12 Billion in proceeds, compared to the first quarter where there were 299 SPACs which raised $96.9 Billion. SPAC formation slowed down in the second quarter as part of the new accounting guidance from the Securities and Exchange Commission for SPAC related companies. 

But SPAC activity is poised to pick up in the third quarter, with nearly 300 SPACs looking for suitable target companies. This should also enable higher quality target companies to secure more favourable terms in the deal.

Opportunity Financial Completes SPAC Deal 

Opportunity Financial completed its merger with SPAC FG New America Acquisition Corp on July 20th, 2021, after shareholders approved the merger.

The company will now operate as OppFi, with the stock beginning trading on the NYSE under the ticker ‘OPFI’ on July 21st.

Opportunity Finanifal is a financial technology platform which powers banks to offer accessible products and services to everyday customers.

Till date, the company has facilitated the issuance of over 1.5 million loans. OppFi will continue to be led by Jared Kaplan, Chief Executive Officer, and Shiven Shah, Chief Financial Officer.

The Headlines


Share on twitter
Share on reddit
Share on facebook
Share on linkedin

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.


On Key

Related Posts

Short Sellers Give Up

Today we Cover $WALD, $HYZN, $DNA, and more… While De-SPACs may have seemed like easy targets for short-sellers a few months ago, the combination of

Crash and Burn

Today we cover $PSFE, $RIDE, $BKSY and more… As more De-SPACs report Q3, premium valuations and lofty projections catch up to some companies. In today’s

SPACs Outperform in Q3

Today we cover $SOFI, $PAYO, $UTAA, and more… As the earnings season kicks into full gear, SPACs are delivering better than expected earnings and continue

Will Circle change the banking world?

The Rundown – Your weekly SPAC Deep Dive (11/10/21) What’s up everyone, Despite several attempts at banning or severely restricting a decentralized economy, cryptocurrencies have