By Reuters Staff
2 Min Read
(Reuters) - Apex Clearing Corp, a clearing firm and a custodian for digital assets, said on Monday it will go public through a merger with a blank-check firm backed by New York Islanders co-owner Jon Ledecky, in a deal that values the combined entity at $4.7 billion.
The deal with Northern Star Investment Corp II is expected to fetch Apex $850 million in gross cash proceeds, including a private investment of $450 million anchored by Fidelity Management & Research Company LLC and Baron Capital Group.
Apex is a financial technology firm that provides clearing services, digital custody, cryptocurrency solutions and fractional share trading, among others, to its clients.
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BENGALURU (Feb 22): Apex Clearing Corp, a clearing firm and a custodian for digital assets, said on Monday that it will go public through a merger with a blank-check firm backed by New York Islanders co-owner Jon Ledecky, in a deal that values the combined entity at US$4.7 billion. The deal with Northern Star Investment Corp II is expected to fetch Apex US$850 million in gross cash proceeds including a private investment of US$450 million anchored by Fidelity Management & Research Company LLC and Baron Capital Group.
U S clearinghouse Apex to go public via $4 7 billion deal with Ledecky s SPAC reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Rendering of Archer s upcoming eVTOL aircraft, to be unveiled in 2021. Photo Credit: Archer
It was announced on Feb. 10 that Archer (Palo Alto, Calif., U.S.) an urban air mobility (UAM) company and developer of all-electric vertical takeoff and landing (eVTOL) aircraft, and Atlas Crest Investment Corp., a special purpose acquisition company, have entered into a definitive agreement for a business combination that would result in Archer becoming a publicly listed company by Q2 2021. It is anticipated that the post-closing company, Archer, will be listed on the NYSE with ticker symbol “ACHR.”
The transaction values the combined company at an implied $3.8 billion pro forma equity value at the $10.00 per share PIPE price. The business combination agreement is expected to provide approximately $1.1 billion of gross proceeds to the combined company, assuming minimal redemption, to fund expected future growth, including a fully committed $600 million common stock PIPE with partici