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Another 3D printing company could be going public via a SPAC merger with a rumor coming late in Wednesday’s trading session.
What Happened: Velo3D, which makes 3D metal printers, is in talks to go public with
Jaws Spitfire Acquisition Corp (NYSE: SPFR), as per a Bloomberg report.
The report says Velo3D could be valued at around $1 billion in a deal with the SPAC that includes Barry Sternlicht and Serena Williams as part of the team.
About Velo3D: Velo3D is said to have the ability to manufacture previously impossible geometrics, according to Bloomberg.
The company counts SpaceX as one of its largest customers.
A SPAC deal annoucned Monday is bringing another pure play space stock to market for investors to consider.
The SPAC Deal: Rocket Lab is going public .
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Ford Motor Company (NYSE: F), an investor in
Velodyne Lidar Inc (NASDAQ: VLDR), which went public in a 2020 SPAC merger, has sold its stake for a profit.
What Happened: Ford sold its stake in Velodyne Lidar after seeing a large gain from the company going public, according to Bloomberg.
Ford owned a 7.6% stake in Velodyne. The stake was worth $244.2 million at the end of the third quarter. Ford paid $75 million for the stake in 2016.
“This is consistent with our efforts to make the best, highest use of capital. We are using Veodyne technology in our autonomous vehicles,” Ford spokesman T.R. Reid said.
About Palihapitiya: Born in Sri Lanka, Palihapitiya emigrated to Canada at the age of six.
After stints at AOL,
Facebook Inc (NASDAQ:FB) and
Slack Technologies (NYSE:WORK), Palihapitiya launched The Social + Capital Partnership, a fund to invest in ventures no major companies would fund.
Palihapitiya launched Social Capital Hedosophia with Ian Osborne to use the alternative path to traditional IPOs to bring innovative tech companies to the public market. Palihapiya has plans to bring companies public using SPACs named alphabetically from IPOA to IPOZ. Six of the first SPACs have launched, with three closed and one with a pending merger.
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Fintech company SoFi is going public via one of the most well-known names in the SPAC community.
The SPAC Deal: SoFI announced a SPAC merger with
Social Capital Hedosophia Holdings V (NYSE: IPOE), led by Chamath Palihapitiya.
The merger values SoFi at an equity value of $8.65 billion post-money. SoFi will receive $2.4 billion in cash proceeds, including a $1.2 billion PIPE led by Palihapitiya. SoFi is being valued with an enterprise value of $6.5 billion.
Palihapitiya and SoFi CEO Anthony Noto have known each other for over 10 years. The duo discussed the deal in an appearance on CNBC’s “Halftime Report.
“He’s completely money in the bank,” Palihapitiya said.