Cinematic rejuvenation? dailynews.lk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailynews.lk Daily Mail and Mail on Sunday newspapers.
Deal values the company at over $1bn.
Auto data startup Wejo, backed by General Motors, will go public through a reverse merger with blank-check company Virtuoso Acquisition Corp in a deal that values the British company at US$800 million (A$1.35 billion) including debt.
The deal will raise US$330 million in proceeds for Wejo, the companies said.
That includes US$230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another US$100 million referred to as Private Investment in Public Equity (PIPE).
Wejo chief executive and founder Richard Barlow said institutional investors make up most of the PIPE, but declined to identify the firms involved.
Paul LienertBen Klayman
1/2
Rush hour traffic moves north and south on interstate 5 near Encinitas, California, U.S. October, 24, 2018. REUTERS/Mike Blake
Read More
Auto data startup Wejo, backed by General Motors Co (GM.N),will go public through a reverse merger with blank-check company Virtuoso Acquisition Corp (VOSO.O) in a deal that values the British company at $800 million including debt, the companies said on Friday.
The deal will raise $330 million in proceeds for Wejo, the companies said. That includes $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another $100 million referred to as Private Investment in Public Equity (PIPE).
Wejo Chief Executive and founder Richard Barlow said institutional investors make up most of the PIPE, but declined to identify the firms involved. An additional $25 million could be raised within the next month as talks continue with other potential investors, he said.
Shortly after publication, Steve Hill, president of the Las Vegas Convention and Visitors Authority (LVCVA), tweeted that a Loop test this week, with a few hundred participants, had demonstrated its planned 4,400 passenger per hour capacity, which could release $13 million in construction funds currently being held back. The IPO about six months since the company raised $1.7 billion in a funding round that included backing from SoftBank Vision Fund, Sequoia Capital China, Permira, Fidelity, Hillhouse Capital, GGV Capital, Lightspeed China Partners, Tencent and Jack Ma's YF Capital.
DETROIT -Auto data startup Wejo, backed by General Motors Co, will go public through a reverse merger with blank-check company Virtuoso Acquisition Corp in a deal that values the British company at.