(1)
Herzliya, Israel and Las Vegas, Nevada, March 12, 2021 (GLOBE NEWSWIRE) Software Acquisition Group Inc II (NASDAQ: SAII) ( Software Acquisition Group ), a US publicly-traded special purpose acquisition company, announced today that Otonomo Technologies Ltd. ( Otonomo ) has filed with the U.S. Securities and Exchange Commission ( SEC ) a registration statement on Form F-4 (the Registration Statement ), which contains a preliminary proxy statement/prospectus, in connection with Software Acquisition Group s recently-announced proposed business combination with Otonomo, the premier one-stop shop for vehicle data. The board of the directors of the combined company will include Jonathan Huberman, Software Acquisition Group s CEO. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about Software Acquisition Group, Otonomo, and the proposed business combination.
Data automotive startup Otonomo to go public via SPAC
Otonomo, the cloud-based software startup that help companies capture and monetize connected car data, is headed to the public market. The Israeli-based startup said Monday it has agreed to merge with special purpose acquisition company Software Acquisition Group Inc. II with a valuation of $1.4 billion.
Otonomo is joining a growing pool of automotive startups that have sidestepped the traditional IPO path in favor of merging with a SPAC, or blank check company. Arrival, Canoo, Lordstown Motors, Luminar, ChargePoint, The Lion Electric and Proterra are just some of the transportation-related companies that have announced or closed their SPAC mergers in the past several months.
Israeli startups are continuing their onslaught on Nasdaq via special purpose acquisition companies (SPACs) and following Taboola and Innoviz, today Otonomo Technologies confirmed that it too is choosing that path. The company will be listed on Nasdaq and raise $350 million at an estimated valuation of $1.4 billion. The company, which has developed a platform and marketplace for vehicle data, will merge with Software Acquisition Group, Inc. II after the latter raised $172.5 million in a Nasdaq IPO last September. After the deal is completed in the second quarter of 2021, Otonomo will be listed under the ticker symbol OTMO.
Out of the $350 million it is raising, $60 million will be used to purchase secondary options from the company’s managers and employees, $30 million for each, and the remaining funds will be invested in the company.
Otonomo, Leading Platform and Marketplace for Vehicle Data, to List on Nasdaq Through a Business Combination with Software Acquisition Group Inc II citizentribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citizentribune.com Daily Mail and Mail on Sunday newspapers.
Auburn Hills electric van maker Electric Last Mile to go public in $1.4 billion reverse merger deal
Will be listed on NASDAQ under EMLS ticker
Deal to be completed in Q1 next year Electric Last Mile Solutions
Electric Last Mile Solutions new urban delivery vehicles have 170 cubic feet of cargo capacity, a range of 150 to 200 miles and are capable of fully charging in as little as two hours.
Auburn Hills-based electric vehicle maker Electric Last Mile Solutions Inc. announced Friday it plans to go public through a reverse merger with blank-check company Forum III Corp. in a deal that values the startup at $1.4 billion.