Rebound Deal
Today We Cover $ASTS, $PACX, $TWNI, and more…
In today’s dish, a fintech startup taps into the private markets at a lucrative valuation after opting out of a SPAC merger six weeks prior. Also, a company in the online gaming industry plans to go public through a SPAC, and this space-based cellular company surges after announcing a partnership with SpaceX. Read on to find the latest about all things SPACs.
SPAC News
Acorns Raises $300 Million in Series F After Scrapping SPAC Merger with $PACX
Savings and Investing App Acorns has raised $300 Million in a Series F round at a $2 Billion Valuation six weeks after it scrapped plans for a $2.2 Billion SPAC merger with Pioneer Merger Corp.Â
The new round is being led by TPG and includes participation from BlackRock, Greycroft, Owl Rock, Bain Capital Ventures, Galaxy Digital, and others.
The Series F fundraising more than doubles the company’s previous valuation (Acorns had raised $105 million in January 2019 at an $860 million valuation). Acorns CEO Noah kernel has stated that the SPAC merger may have been premature, and will opt to pursue a traditional IPO in the future.Â
Rumoured SPAC Deals
Games Global in Talks to go Public Through SPAC Merger with $TWNI
Global Games, which is a supplier to the online gaming industry is said to merge with Tailwind International Acquisition in a deal that could potentially value the combined company at $3 Billion.Â
Global Games has signed a letter of intent with Tailwind about the transaction. The company is founded by CEO Walter Bugno, who was formerly executive vice president of new business and strategic initiatives at International Game Technology.
Global Games offers 3000 gaming titles by more than 50 firms including Gameburger Studios, All41 Studios, and Slingshot Studios.Â
Reddit Reads
NYSE Suspends Trading in $SCVX and Commences De-listing ProcessÂ
The New York Stock Exchange is delisting shares of SCVX Corp as the Company had fallen below the NYSE’s continued listing standard requiring it to maintain an average global market capitalization of at least $40,000,000.
$OPFI Files Complaint Against the California Department of Financial Protection and Innovation
OppFi is seeking a declaration that the interest rate caps outlined in California law do not apply to loans that are originated by OppFi’s bank partners and serviced through OppFi’s platform. The Complaint was filed on March 7, 2022, in Los Angeles Superior Court.
Meme of the DayÂ
$IPOF HoldersÂ
De-SPAC News
$ASTS Surges After Announcing Multi-Launch Agreement with SpaceX
AST SpaceMobile surged 15% pre-marks after announcing a multi-year agreement with SpaceX to offer Planned Direct-to-Cell Phone Connectivity.Â
The agreement covers the launch of the first BlueBird satellite and provides a framework for future launches.
AST SpaceMobile expects the summer launch of BlueWalker 3 to complete the development phase of the company. The BW3 satellite is slated to launch from Cape Canaveral on a Falcon 9 vehicle.