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The 2020s are on course to become the decade of the special purpose acquisition companies (SPACs), also known as blank check or shell companies. SPACs are set to outpace IPOs once again in 2021, after a record year that saw SPACs mature from a once obscure method of going public to a rabid, flavor-of-the-month frenzy amidst both institutional and retail investors.
The year of COVID-19 saw 227 SPACs top traditional IPOs for the first time in history, raising $76 billion, compared to 67 billion raised from traditional IPOs. The first two months of 2021 have so far generated 144 SPACs, raising $44 billion. Digital Health has certainly ridden the recent SPAC wave, with yet a few more splashes yet to come.
Immigration startup Boundless consolidates customer service team; 31 employees affected
February 24, 2021 at 10:45 am
Boundless CEO Xiao Wang. (Boundless Photo)
Seattle-based startup Boundless laid off four employees and asked 27 workers to relocate to Las Vegas as part of what CEO Xiao Wang described as a restructuring.
The online immigration service in September raised $7.5 million and acquired its rival RapidVisa, which had a customer operations center at its headquarters in Las Vegas.
Boundless, which employs 140 people, decided to consolidate its customer support teams to Las Vegas. As a result, employees in Seattle and elsewhere were asked to move to Las Vegas.
“We feel like this is the best way moving forward for us to be able to grow and support 10 times as many customers in the coming years,” Wang said.
Owlet Baby Care has agreed to merge with blank-check company Sandbridge Acquisition Corporation in a deal that will value the combined entity at around $1 billion and provide it with up to $325.