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Otonomo to land on NASDAQ via SPAC merger
Employees and stakeholders will have $60M to play with. Otonomo CEO: It s easier gaining trust as a public company, rather than just an Israeli startup . Oshry Alkeslasi / 2 Feb 2021 • 2 min read
Israeli startup Otonomo announced its plans of going public on NASDAQ via SPAC, meaning merging with a existing public company - in this case Software Acquisition Group INC II. The merger is expected to be completed by the end of Q2 2021. Otonomo will raise $280 million in order to go public at a $1.4 billion valuation.
Raising around $350M
The Israeli startup will be traded on NASDAQ under the ticker OTMO, and expects to raise the capital from institutional investors, including BNP Paribas, Fidelity Management & Research Company LLC, Senvest Management LLC, Asset Management Energy Transition, and exi