SoFi, IPOE, GXGX, ACEV Deals plus rumors and headlines for the week ending January 8
SPACs Attack is broadcast live on Benzinga YouTube Monday through Friday at 11 a.m. EST, analyze PSPC news and offers and interview CEOs. Here’s a look back at some of the important news from PSPC for the week ending January 8th.
SoFi offers refinancing of loans, mortgages, personal loans, credit cards, insurance, investments and deposit accounts. The company plans to reach 3 million customers in 2021, which represents 66% year-over-year growth.
SoFi also owns Galileo, a back-end solution for financial service providers. Galileo has over 50 million accounts and counts Robinhood as one of its clients. Social Capital CEO Chamath Palihapitiya called Galileo “AWS of fintech”.
The deal values the company at a net worth of $ 8.65 billion. SoFi expects revenue to reach $ 980 million in fiscal 2021 and $ 3.67 billion by fiscal 2025.
Achronix, a semiconductor company, merges with As Convergence Acquisition (NASDAQ: ACEV). The deal values Achronix at an enterprise value of $ 1.76 billion. The company is expected to achieve revenue of $ 157.6 million in fiscal 2021, which is 50% year-over-year growth. Achronix has a backlog of $ 160 million in transactions and $ 1.1 billion in identified pipeline opportunities.
GX Acquisition Corp (NASDAQ: GXGX) announced a merger with Celularity, an allogeneic cell therapy company. Celularity shareholders include Sorrento Therapeutics (NASDAQ: SRNE) and Bristol Myers Squibb (NYSE: BMY).
The deal values the company at $ 1.7 billion. Stocks soared Thursday night but faded Friday, trading lower for the session.
Mergers completed: Health Clover (NASDAQ: CLOV) began trading under the ticker symbol CLOV on Friday after completing its merger with Palihapitiya’s Social Capital Hedosophia Corp III.
Related link: 10 PSPCs for investors to consider in 2021
There are rumors circulating on Twitter that Social capital Hedosophy IV (NYSE: IPOD) could target Autogrid, an energy grids software company.
On SPAC Attack, we discussed two electric vehicle SPACs that have investments of Hyundai and could profit from the rumors. Canou (NASDAQ: GOEV) and Arrival, merging with CIIG Fusion Corp. (NASDAQ: CIIC), both have investments from Hyundai. Arrival has micro-factories that can create smaller auto production lines in existing real estate warehouses, which could be a way for Apple to ramp up production quickly.
New PSPC: ordinary shares of DMY III technology group (NYSE: DMYI) began operations Jan.4. The company has been featured on the show before, including an interview with dMY Technology CEO Niccolo de Masi. The team took Rush Street Interactive (NYSE: RSI) public and has an ongoing merger with DMY II technology group (NYSE: JMJJ) for Genius Sports.
Northern Star Investment Corp II was featured on the show this week. Joanna Coles and Jonathan Ledecky’s second SPAC does not yet have a ticker symbol announced. PSPC targets beauty, wellness, personal care, fashion, e-commerce, memberships and digital media. This is the same team that recently announcement a merger with parent Barkbox Bark with Étoile du Nord investment company (NYSE: ICST) in one of the fastest PSPC agreements announced in 2020.
Other titles: Actions of QuantumScape Company (NYSE: QS) fell throughout the week with the expiration of a large stock block. Stocks fell more than 25% on the week.
Northern Genesis acquisition (NYSE: NGA) stocks rose more than 30% on the week. The company, which floated Lion Electric on the stock market, has filed a case that showed a partnership with Amazon.com, Inc. (NASDAQ: AMZN) for a maximum of 2,500 electric vehicles and a possible equity investment.
Momentus, on the verge of merging with Stable Road Acquisition (NASDAQ: SRAC), delays a space launch. The company will postpone it until later in 2021 and has several launches booked with SpaceX between June and December.
ArcLight Clean Transition Corp (NASDAQ: ACTC) was halted on Friday with significant volume as it hit an all-time high of $ 12.10. The company is targeting clean energy and counts Audrey Lee as a member of PSPC. Lee is co-chair of the organization Clean Energy for Biden and former vice-chair of SunRun Inc (NASDAQ: CLASSES).
Lordstown Motors Corp (NASDAQ: STROLL) has received a “large order” for the Endurance van, according to the Daily business journal. The order from Mike Albert Fleet Solutions is in addition to several large contracts announced recently.
Disclosure: The author is long IPOD, NGA.
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