Two Big SPAC Deals (SRNG, AURC) After Monday s Mess
Monday was a painful day for SPAC investors with 75% of pre-deal SPACs dropping farther and 3 deals actually dropping on the news. Will today s deals from SRNG and AURC turn the tide?
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At the close yesterday the average pre-deal SPAC was at $9.87 even further from NAV than investors have seen in a long time. Even worse, the three morning deals all closed lower:
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LIV Capital (LIVK) -0.1% to $9.99
Today s two deal announcements are mega deals and could potentially turn the tide, but given the market s overall state and SPACs still being clogged, it will take a lot.
Biotech firm Ginkgo to merge with Harry Sloan-led SPAC in $15 billion deal
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Last Updated: May 11, 2021, 04:16 PM IST
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Synopsis
The deal with Soaring Eagle Acquisition Corp is expected to fetch $2.5 billion in proceeds for the combined entity, the companies said. Baillie Gifford, Putnam Investments and accounts advised by ARK Investment Management have agreed to invest $775 million in the deal.
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Boston-based Ginkgo is also backed by Bill Gates private investment firm Cascade Investment.
Ginkgo Bioworks will go public through a merger with a blank-check company led by former Hollywood executives Harry Sloan and Jeff Sagansky, in a deal that values the biotech company at $15 billion, the companies said on Tuesday.
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A well seasoned SPAC management team announced a SPAC deal Tuesday to bring a cell programming company public.
The SPAC Deal: Ginkgo Bioworks is going public in a SPAC deal with
Soaring Eagle Acquisition Corp (NASDAQ: SRNG) that values the company at a pre money equity value of $15 billion.
Soaring Eagle Acquisition Corp is a SPAC from Harry Sloan and Jeff Sagansky, a seasoned SPAC team that previously brought
DraftKings Inc (NASDAQ: DKNG) and
Skillz (NYSE: SKLZ) public.
The SPAC merger includes an oversubscribed PIPE of $775 million from key investors that included Baillie Gifford, Bain Capital, T. Rowe Price, Ark Investment Management and Cascade Investment, led by Bill Gates.
A four-day week shortened by Labor Day still brought substantial news in the cannabis sector.
“Even though this week was a shortened trading week, there were still lots of financial deals happening. Cronos Group agreed to a partnership with Gingko Bioworks that could be worth $122. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
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