SUBSPAC

The Daily Dish (7/22/21)

Zoom is Planning to Invest in Cvent SPAC Deal  

Zoom Video Communications is planning to invest in the SPAC Deal between Cvent and Dragoneer Growth Opportunities II. Zoom is negotiating to take around 10% of the equity being raised through a PIPE investment.

Founded in 1999, Cvent’s software facilitates event planing, management and budgeting, venue sourcing and room block management. 

Zoom’s investment could fit well with its live events strategy. This week, the company unveiled Zoom Events, a platform for hosting and managing virtual events.

Zoom’s software can be integrated with Cvent’s, according to Cvent’s website, while Zoom’s website shows that Cvent is a corporate customer. 

Zoom has been looking to expand with various deals of late. The company, whose online conferencing services took off during the Covid-19 pandemic, agreed to acquire Five9 Inc. for $14.7 billion earlier this week.


Blockchain Based Core Scientific Planning $4.3 Billion SPAC Merger 

Core Scientific Holding is planning to go public through a merger with an SPAC backed by BlackRock, in a deal valuing the blockchain based company at $4.3 Billion.

The deal with Power & Digital Acquisition Corp is expected to generate over $300 Million in proceeds, but the companies did not disclose a PIPE round that typically accompanies SPAC mergers. 

Core Scientific mined 928 bitcoins in the second quarter and forecasts revenues of $493 million and $1.1 Billion for 2021 and 2022. The company said that its operations were 100% net carbon neutral and aims to remain so in the future. 

Cryptocurrency firms have managed to attain sky high valuations despite investor enthusiasm dampening fir digital assets whose values have plunged following global regulatory crackdowns.

Bullish, a crypto firm backed by Peter Theil agreed to a $9 Billion SPAC deal earlier this month, while FTX Trading said that its valuation had risen to $18 Billion, following a fresh round of fund-raising. 


Portage Fintech Acquisition Boosts IPO Target to $240 Million 

Sagard Holdings based-SPAC Portage Fintech Acquisition has priced its Nasdaq IPO, increasing its target by $40 Million.

The SPAC began trading in Nasdaq on July 21st, under the symbol ‘PFTAU’, with each unit consisting of one Class A common share and one-third of a redeemable warrant. 

The SPAC raised gross proceeds of $240 million from the IPO, which is $40 million more than its initial target.

It aims to pursue acquisitions in verticals like wealth and asset management, consumer and small to medium sized enterprise finance, insurance, payments, information services and FinTech infrastructure. 


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