The Daily Dish (1/29/21)
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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 👇
WeWork in Talks to Combine With SPAC or Raise Money Privately
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WeWork is in talks to combine with a special-purpose acquisition company, according to people familiar with the matter, a deal that would usher the office-leasing company into the public markets more than a year after its high-profile failure to stage a traditional initial public offering.
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WeWork’s board and its Chief Executive Sandeep Mathrani have been weighing offers from a SPAC affiliated with Bow Capital Management LLC and at least one other unidentified acquisition vehicle for several weeks, the people said. A deal could value WeWork at some $10 billion, some of the people said. It couldn’t be learned whether that includes debt.
The company also has received separate offers for a new private investment round, and it may well take that route instead, one of the people said. If it were to do so, WeWork would stay private and use the money to support its growth initiatives.
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The talks are complicated and there is no guarantee WeWork will end up striking any deal soon, the people cautioned. Bloomberg reported that Bow Capital Management $BOWX is the SPAC that is discussion with WeWork.
“Over the past year, WeWork has remained focused on executing our plans for achieving profitability,” Lauren Fritts, WeWork’s chief communication officer, said. “Our significant progress combined with the increased market demand for flexible space, shows positive signs for our business. We will continue to explore opportunities that help us move closer towards our goals.”
FREYR, a Developer of Clean, Next-Generation Battery Cells, to SPAC with Alussa Energy Acquisition Corp.
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A Norway-based developer of clean, next-generation battery cell production capacity, today announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp. $ALUS, a Cayman Islands exempted, publicly listed special purpose acquisition company (“SPAC”). The transaction represents a pro forma equity value of $1.4 billion for the combined company upon closing which will be named “FREYR Battery”
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FREYR is targeting development of up to 43 GWh of battery cell production capacity in Norway by 2025 to position the Company as one of Europe’s largest battery cell suppliers. FREYR expects to deliver safer, higher energy density and lower cost clean battery cells made with renewable energy from an ethically and sustainably sourced supply chain. The Company’s ambition is to become the battery cell producer with the lowest lifecycle carbon footprint in the world.
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The Company is partnering strategically on next-generation semi-solid battery cell technology that is expected to materially reduce manufacturing costs and provide a highly competitive market position for FREYR. The Company’s solutions will address the rapidly growing global markets for electric vehicles, energy storage, and marine applications, representing an estimated addressable market of about 5,000 GWh per year by 2030.
Mobile Bank MoneyLion Is in Talks to Go Public Via Fusion SPAC
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MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition Corp., a blank-check company, according to people with knowledge of the matter.
Fusion, the special purpose acquisition company, has begun discussions to raise new equity from potential investors for a transaction that’s set to value the combined entity at more than $2 billion, said the people, who requested anonymity because the talks are private. The SPAC is seeking to raise about $200 million to fund the deal, an amount that may be increased, said some of the people.
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New York-based MoneyLion, led by founder and Chief Executive Officer Diwakar “Dee” Choubey, has more than 6 million members with features like “RoarMoney” which gives users the ability to access paychecks two days early and free withdrawals from 55,000 ATMs, its website shows. The company counts Edison Partners, Greenspring Associates, MetaBank and Capital One Growth Ventures among its investors.
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MoneyLion last year added exchange-traded funds to its offerings, with members able to invest in themes such as environmental, social and corporate governance, or ESG, and technologies such as robotics, artificial intelligence and autonomous cars.
Fusion, led by Chairman Jim Ross, a former Street Global Advisors executive, and CEO John James, raised $350 million in a June initial public offering. The firm said it was seeking a financial-technology target with an enterprise value of $750 million to $3 billion.
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