Electric scooter startup Bird to go public in £1.6bn SPAC deal
The number of micromobility trips in the US quadrupled from 35 million in 2017 to 136 million in 2019 according to Bird Rides (Photo by Dia Dipasupil/Getty Images)
Bird Rides announced a merger with Switchback II Corp, a blank-cheque company, to go public in a deal that values the electric scooter company at £1.6bn.
SPACs are listed companies that use the proceeds from an IPO to buy a private firm and take it public.
The scooter rental company said the deal will be supported by a private investment of $160m from Fidelity Management & Research Co and other investors. It will provide $428m in cash to the combined entity.
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A drug discovery company with ownership stakes in several public and private biopharmaceutical companies is going public with a SPAC deal announced Monday morning.
The SPAC Deal: Roviant Sciences announced a SPAC deal with
Montes Archimedes Acquisition Corp (NASDAQ: MAAC). The deal values the company at an enterprise value of $5 billion.
A $200 million PIPE is backed by companies including Softbank Group Corp., Fidelity Management & Research Co., Sumitomo Dainippon Pharma and
Palantir Technologies Inc (NYSE: PLTR).
Shares of the new company will trade as ROIV on the Nasdaq with an anticipated closing date in the third quarter.
A percentage of current ownership shares will have a three-year lock-up and earn-outs based on $15 and $20 price points. Current Montes Archimedes acquisition shareholders will own 5.6% of the company after the merger.
The deal will give the combined entity an enterprise value of about $2.2 billion. Bloomberg | Apr 30, 2021
(Bloomberg) Lodging startup Sonder, which decks out apartments and hotel rooms as hip short-term rentals, has agreed to merge with special purpose acquisition company Gores Metropoulos II Inc.
The deal will give the combined entity an enterprise value of about $2.2 billion, according to a statement Friday that confirmed an earlier Bloomberg News report. It includes a $200 million private placement led by an affiliate of Gores Group, the investment firm founded by the SPAC’s chief executive officer, Alec Gores.
The fundraising will also be joined by Fidelity Management & Research Co., funds and accounts managed by BlackRock Inc., Atreides Management, entities affiliated with Moore Capital Management, Principal Global Investors and Senator Investment Group.
Provided by Dow Jones By Colin Kellaher Endeavor Group Holdings Inc. on Tuesday said it plans to sell 21.3 million shares at between $23 and $24 apiece in its initial public offering. The Beverly Hills, Calif., company, which plans to take full ownership of Ultimate Fighting Championship as it transforms from a talent agency to a media conglomerate, said it also plans to sell about 56.3 million shares in a concurrent private placement to an investment group. At the $24 high end of the pricing range, Endeavor said it expects net proceeds of about $1.79 billion from the IPO and private placement, or roughly $1.86 billion if the underwriters exercise an option to buy an additional 3.2 million shares.