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Ford Motor Company (NYSE: F), an investor in
Velodyne Lidar Inc (NASDAQ: VLDR), which went public in a 2020 SPAC merger, has sold its stake for a profit.
What Happened: Ford sold its stake in Velodyne Lidar after seeing a large gain from the company going public, according to Bloomberg.
Ford owned a 7.6% stake in Velodyne. The stake was worth $244.2 million at the end of the third quarter. Ford paid $75 million for the stake in 2016.
“This is consistent with our efforts to make the best, highest use of capital. We are using Veodyne technology in our autonomous vehicles,” Ford spokesman T.R. Reid said.
SPAC Boom Propels Electric Carmakers to Public Markets
Bloomberg 1/22/2021 Ed Ludlow and Crystal Tse
(Bloomberg) Until June last year, Tesla Inc. was the only dedicated electric carmaker based in the U.S. on the stock market. Then special purpose acquisition companies took over Wall Street.
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SPACs, or blank-check companies, are shell vehicles that raise money to take a private company public via a reverse merger. Unlike traditional initial public offerings, SPAC deals allow listing candidates to market financial projections to investors, a perk for earlier stage companies that have yet to prove their business model.
Electric-vehicle companies, many of which are yet to launch commercial products, have taken advantage of that. Nikola Corp. was the first high profile one to go public via a SPAC listing, followed by others including Lordstown Motors Corp., Fisker Inc. and Canoo Inc.
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[LONDON] Self-driving software startup Oxbotica said on Wednesday it has raised US$47 million in its latest funding round led by the venture arm of oil giant BP and including health and safety device maker Halma and Tencent. Read more at The Business Times.