WeissLaw LLP is investigating whether SAII s board acted in the best interest of SAII s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Otonomo, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to SAII public shareholders.
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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.
By Reuters Staff
2 Min Read
(Reuters) - Israeli automotive data firm Otonomo said on Monday it would merge with a blank-check company to go public at a valuation of $1.4 billion.
The deal with Software Acquisition Group Inc II is expected to fetch Otonomo $307 million in cash, including a $172.5 million private investment from investors such as Fidelity Management & Research Co and BNP Paribas Asset Management Energy.
The combined company would be listed on Nasdaq under the symbol “OTMO”.
The startup sources data from over 20 million vehicles, according to its website. Companies can use the data to develop apps and services for fleets, smart cities and individual consumers. Otonomo’s partners include Daimler AG, Mitsubishi Motor Co, BMW and Avis Budget Group.
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.