The Latest SPAC News and Rumors: June 7th, 2021
by Marlena Haddad on 2021-06-07 at 11:24am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Aurora plans to merge with Reinvent Technology Partners Y, SPAC target Astra makes acquisition, and Israeli Prime Minister-designate to rake in $5 million from SPAC merger

 


Aurora Innovation Reportedly Next In Line For SPAC

Autonomous vehicle startup Aurora is close to finalizing a deal to combine with Reinvent Technology Partners Y, the newest SPAC launched by LinkedIn co-founder and investor Reid Hoffman, Zynga founder Mark Pincus and managing partner Michael Thompson.

According to TechCrunch, the valuation of Aurora, which includes PACCAR Inc. (NASDAQ: PCAR) and Volvo Group (OTC: VLVLY) as partners in its relatively recent expansion into commercial vehicle autonomy, could be valued at $12 billion to $20 billion.

READ

Astra Acquires Apollo Fusion to Reach New Orbits

Space company Astra announced today its planned acquisition of electric propulsion engine manufacturer Apollo Fusion in a transaction valued up to $145 million.  This acquisition allows Astra to provide launch and space services beyond low Earth orbit, to medium Earth orbit, geosynchronous, and lunar orbits.

Under the agreement, Astra will acquire Apollo Fusion for a purchase price of $50 million: $30 million in stock and $20 million in cash. Additionally, there is potential for earn-outs of up to $95 million: $10 million in employee incentive stock, $10 million in cash for reaching technical milestones, and $75 million ($60 million in stock, $15 million in cash) for reaching revenue milestones. PJT Partners is acting as financial advisor to Astra in connection with this series of transactions, according to Businesswire.

READ

The SPAC Phenomena as an Introduction Channel of Israel FinTechs To The World

In Israel, the fintech industry is taking advantage of the SPAC phenomenon as several companies finalize their plans to get acquired. According to Hadas Mishli from KPMG Israel, one of the main challenges in executing a SPAC deal is the structure of the transaction.

Although it is common that in certain jurisdictions the SPAC is the entity purchasing the target company, the simplest structure from an Israeli tax standpoint would be for the Israeli company to remain the parent company while the SPAC becomes its subsidiary, which can be achieved by a reverse triangular merger, according to The Fintech Times.

From an Israeli perspective, as the Israeli entity’s shareholders maintain their holdings of the target company, this restructuring process should not lead to immediate Israeli tax implications.

READ

Israeli Prime Minister-Designate Naftali Bennett to Profit From Payoneer SPAC Merger

Israeli Prime Minister-designate Naftali Bennett is set to profit from a third tech exit with the SPAC merger of Israeli fintech company Payoneer. According to Forbes Israel, Bennett invested several hundred thousand shekels in Payoneer soon after it was founded, and is personally acquainted with the founder Yuval Tal and its COO and CEO Israel Keren Levy.  Forbes estimates that Bennett’s stake in Payoneer is worth over $5 million.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved