The Daily Dish (09/08/21)
Singapore based Novo Tellus Capital Partners is now considering setting up a SPAC in the city-state by early next year. The technology and industrials-focused private equity firm is aiming to raise $150 million in its IPO to look for a target company.
The firm raised $250 million for its second Southeast Asia fund in December. Investments in the fund include Tessolve Semiconductor which is an Indian semiconductor engineering services and Procurri Corp, a Singaporean provider of equipment and services to data centres.
Cascadia Capital, a Seattle based investment bank found over two decades ago is looking at target companies in Pittsburgh for its SPAC. The company raised $150 million for its SPAC called Cascadia Acquisition Corp. It is looking at targets as part of the fourth industrial revolution, in sectors specialising in AI, Computer Vision and Blockchain.
Chairman and CEO Michael Butler believes that there are several positive developments in robotics, automation, AI, and medical technology, as well as the research coming out of institutions such as Carnegie Mellon and the University of Pittsburgh.
Arogo Capital Acquisition, a SPAC that targets electric vehicle technology, smart mobility and related sectors in Southeast Asia, has filed for an IPO.
The SPAC is planning a $100 million listing on Nasdaq by the end of this year or early next year.
SPACs with high redemptions and options available now present a unique opportunity against those who hedge their positions. A great example of this is what happened with IRNT, where there were a massive amount of call options outstanding on a float of only 2.7 million shares.
Roman DBDR Tech Acquisition and CompoSecure announced a deal in April which seems overlooked. CompoSecure is a payment technology company with clients including JPMorgan, American Express, RBC, UBS, HSBC, Amazon and Verizon. The company is listing at a $900 million valuation with $100 million in EBITDA this year, which can exponentially grow if it can execute its ambitions in the crypto security space.
Needham has initiated coverage on Rockley Photonics which recently went public through a SPAC merger with SC Health Corp. Previous analyst coverage includes Northland which initiated a price target of $20 and Baird with an Outperform rating at $18.