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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
Data automotive startup Otonomo to go public via SPAC
Otonomo, the cloud-based software startup that help companies capture and monetize connected car data, is headed to the public market. The Israeli-based startup said Monday it has agreed to merge with special purpose acquisition company Software Acquisition Group Inc. II with a valuation of $1.4 billion.
Otonomo is joining a growing pool of automotive startups that have sidestepped the traditional IPO path in favor of merging with a SPAC, or blank check company. Arrival, Canoo, Lordstown Motors, Luminar, ChargePoint, The Lion Electric and Proterra are just some of the transportation-related companies that have announced or closed their SPAC mergers in the past several months.
Israeli startups are continuing their onslaught on Nasdaq via special purpose acquisition companies (SPACs) and following Taboola and Innoviz, today Otonomo Technologies confirmed that it too is choosing that path. The company will be listed on Nasdaq and raise $350 million at an estimated valuation of $1.4 billion. The company, which has developed a platform and marketplace for vehicle data, will merge with Software Acquisition Group, Inc. II after the latter raised $172.5 million in a Nasdaq IPO last September. After the deal is completed in the second quarter of 2021, Otonomo will be listed under the ticker symbol OTMO.
Out of the $350 million it is raising, $60 million will be used to purchase secondary options from the company’s managers and employees, $30 million for each, and the remaining funds will be invested in the company.
Otonomo, Leading Platform and Marketplace for Vehicle Data, to List on Nasdaq Through a Business Combination with Software Acquisition Group Inc II citizentribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citizentribune.com Daily Mail and Mail on Sunday newspapers.
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