Kraken to Go Public in 2022 via Direct Listing, Not IPO
7 hours ago by Ibukun Ogundare · 3 min read
Photo: Kraken Exchange / Twitter
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The crypto market has been seeing unusual growth these days, encouraging exchanges to go public. Kraken’s major rival in the US Coinbase has already received approval from the SEC for its direct listing.
Crypto exchange Kraken is considering going public in 2022 through a direct listing after the exchange platform saw record trading volumes in the first quarter amid the Bitcoin rally. Kraken has evolved over the years to become the world’s largest exchange in euro volume and liquidity. Founded in 2011, the exchange now has over 6 million clients and is currently ranked 4th largest crypto exchange by CoinMarketCap.
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Plant-based startup Impossible Foods is considering filing an Initial Public Offering (IPO) within the next 12 months with a valuation of up to $10 billion,
Reuters reports. Sources familiar with the matter said that in lieu of an IPO, Impossible Foods is also considering a merger with a Special Purpose Acquisition Company (SPAC), a shell company that raises funding through an IPO with the purpose of acquiring a private company an alternative way for Impossible Foods to become a publicly traded company with the benefit of reduced regulatory scrutiny. According to
Reuters, spokesperson for Impossible Foods declined to comment on the matter, which is still under discussion.
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Most of the recent shareholder litigation that has followed the
current wave of Special Purpose Acquisition Company (SPAC)
offerings and associated business combinations has been based on
federal securities law claims. However, as a case filed in the
Delaware Court of Chancery,
Kwame Amo vs. MultiPlan Corp. et
al., highlights, SPAC sponsors, directors and officers also
face a risk of state law breach of fiduciary claims, in which
plaintiff asserts that the defendants actions should be judged
under the heightened scrutiny of the entire fairness standard. It
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Most of the recent shareholder litigation that has followed the current wave of Special Purpose Acquisition Company (SPAC) offerings and associated business combinations has been based on federal securities law claims. However, as a case filed in the Delaware Court of Chancery,
Kwame Amo vs. MultiPlan Corp. et al., highlights, SPAC sponsors, directors and officers also face a risk of state law breach of fiduciary claims, in which plaintiff asserts that the defendants’ actions should be judged under the heightened scrutiny of the entire fairness standard. It bears emphasis that the present complaint represents only plaintiff’s allegations, that the defendants have not yet responded to the pleading, and that the legal assertions it makes have not been tested by a motion to dismiss or other motion practice. But those pursuing SPAC transactions and their advisors will want to consider the possibility of such claims in s