Israeli SPAC Moringa files to raise $100m for tech merger
According to its prospectus, the company will focus on mid-size Israel-related technology companies.
Israeli special purpose acquisition company (SPAC) Moringa Acquisition Corp. has filed to raise $100 million on Nasdaq for the acquisition of an Israeli tech company. The underwriters are EarlyBirdCapital and Moelis & Co.
Moringa is led by chairman and CEO Ilan Levin, a former senior executive at 3D printing firm Stratasys (Nasdaq: SSYS), and vice chairman Craig Marshak, who previously was managing director and global co-head of the Nomura Technology Investment Growth Fund, alongside CFO Gil Maman, who previously served in senior positions at Stratsys and SimilarWeb;
Luke Tress is a video journalist and tech reporter for the Times of Israel
Illustrative: Speeding cars and a traffic jam in Jersey City, New Jersey, January 16, 2019. (AP Photo/Julio Cortez)
Israeli startup Otonomo, which runs a vehicle data platform, said Monday it will go public on the Nasdaq at an implied value of $1.4 billion.
Otonomo will make the move by merging with a special purpose acquisition company, or SPAC, called Software Acquisition Group Inc. II. The SPAC is based in Las Vegas and went public last year, raising $172.5 million.
The deal is expected to net Otonomo some $307 million in cash and cash equivalents, the company said in a statement.
Results for
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
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.