VinFast – the vehicle arm of Vietnam’s biggest conglomerate Vingroup – may have to delay its initial public offering (IPO) in the US due to heightening scrutiny over US regulations.
UPDATE 1-Wejo to go public, deal values auto data startup at $800 mln Reuters 1 hr ago
(New throughout, adds confirmation, comments from companies involved)
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By Ben Klayman and Paul Lienert
DETROIT, May 28 (Reuters) - 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 $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).
Exclusive: Why Aerion shut down - Corporate Jet Investor corporatejetinvestor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from corporatejetinvestor.com Daily Mail and Mail on Sunday newspapers.
The rise and fall of Aerion
Yuvan Kumar
28th May 2021, 9:35
It all began in 2004, when Texan billionaire Robert Bass decided to re-commercialise supersonic aerial travel by launching Aerion Supersonic. By 2021, it had a backlog of $11.2bn – or 93 orders – for its AS2 supersonic jet. And soon after announcing the near-hypersonic AS3, a new concept, the company ground to a halt, shutting down unexpectedly last weekend.
At $120m each, the Mach 1.4 AS2 promised to connect any two points on Earth
“in three hours or less” by 2027. Industry veteran Dr Richard Tracy spearheaded the vision for supersonic business travel, alongside ex-Gulfstream and Rolls-Royce engineer, Michael Hinderberger and others.