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              SoFi, IPOE, GXGX, ACEV Offers Plus Rumors And Headlines For Week Ending January 8

              admin by admin
              January 10, 2021
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              The SPACs Attack show airs live on Benzinga YouTube Monday through Friday at 11 a.m. EST breaking down SPAC news and deals, and interviewing CEOs. Here is a look back at some of the important SPAC news for the week ending January 8.

              SPAC Deals: The big deal of the week was SoFi announcing a merger with Social Capital Hedosophia Holdings Corp V (NYSE: IPOE). The show confirmed the deal live on air Thursday.

              SoFi offers loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts. The company expects to hit 3 million customers in 2021, representing year-over-year growth of 66%.

              SoFi also owns Galileo, a back-end solution for financial service providers. Galileo has over 50 million accounts and counts Robinhood as a customer. Social Capital CEO Chamath Palihapitiya called Galileo the “AWS of fintech.”

              The deal values the company at an equity value of $8.65 billion. SoFi expects revenue to hit $980 million for fiscal 2021 and $3.67 billion by fiscal 2025.

              Achronix, a semiconductor company, is merging with Ace Convergence Acquisition (NASDAQ: ACEV). The deal values Achronix at an enterprise value of $1.76 billion. The company is expected to see revenue of $157.6 million in fiscal 2021, representing year-over-year growth of 50%. Achronix has a backlog of $160 million worth of deals and $1.1 billion in identified pipeline opportunities.

              GX Acquisition Corp (NASDAQ: GXGX) announced a merger with Celularity, an allogenic cellular therapy company. Shareholders in Celularity include Sorrento Therapeutics (NASDAQ: SRNE) and Bristol-Myers Squibb (NYSE: BMY).

              The deal values the company at $1.7 billion. Shares spiked on Thursday night but faded on Friday, trading down for the session.

              Completed Mergers: Clover Health (NASDAQ: CLOV) began trading under the ticker symbol CLOV on Friday after completing its merger with Social Capital Hedosophia Corp III from Palihapitiya.

              Related Link: 10 SPACs Trading Under For Investors To Consider In 2021

              Rumors: Bakkt, a cryptocurrency platform operating a bitcoin futures market, is in talks to merge with VPC Impact Acquisition Holdings (NASDAQ: VIH).

              Rumors are circulating on Twitter that Social Capital Hedosophia IV (NYSE: IPOD) could be targeting Autogrid, an energy grid software company.

              Supernova Partners Acquisition (NYSE: SPNV) is in talks to acquire Buzzfeed according to The Information. 

              Bloomberg reported on the mixed signals coming from Hyundai over working with Apple Inc (NASDAQ: AAPL) on autonomous electric vehicles.

              On SPACs Attack, we discussed two electric vehicle SPACs that have investments from Hyundai and could benefit from the rumors. Canoo (NASDAQ: GOEV) and Arrival, merging with CIIG Merger Corp (NASDAQ: CIIC), both have investments from Hyundai. Arrival has microfactories that can create smaller auto production lines in existing warehouse real estate, which could be a way for Apple to scale production quickly.

              New SPACs: Common shares of dMY Technology Group III (NYSE: DMYI) began trading on Jan. 4. The company has been highlighted on the show in the past, including with an interview with dMY Technology CEO Niccolo de Masi. The team took Rush Street Interactive (NYSE: RSI) public and has a pending merger with dMY Technology Group II (NYSE: DMYD) for Genius Sports.

              Northern Star Investment Corp II was highlighted on the show this week. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. The SPAC is targeting beauty, wellness, self-care, fashion, e-commerce, subscriptions and digital media. This is the same team that recently announced a merger with Barkbox parent Bark with Northern Star Investment Corp (NYSE: STIC) in one of the fastest announced SPAC deals in 2020.

              Other Headlines: Shares of QuantumScape Corporation (NYSE: QS) fell throughout the week as a large share lockup expired. Shares were down over 25% for the week.

              Northern Genesis Acquisition (NYSE: NGA) shares were up over 30% on the week. The company, which is bringing Lion Electric public, issued a filing that showed a partnership with Amazon.com, Inc. (NASDAQ: AMZN) for up to 2,500 electric vehicles and a possible equity stake.

              Momentus, set to merge with Stable Road Acquisition (NASDAQ: SRAC), is delaying a space launch. The company will postpone it until later in 2021 and has several launches booked with SpaceX between June and December.

              Skillz Inc (NYSE: SKLZ) was added to the Ark Next Generation Internet ETF (NYSE: ARKW), led by Cathie Wood. The fund owns nearly 500,000 shares after purchasing shares on Monday and Tuesday.

              ArcLight Clean Transition Corp (NASDAQ: ACTC) was halted on Friday with strong volume as it hit an all-time high of $12.10. The company is targeting clean energy and has Audrey Lee as a member of the SPAC. Lee is co-chair of the Clean Energy for Biden organization and the former vice president of SunRun Inc (NASDAQ: RUN).

              Lordstown Motors Corp (NASDAQ: RIDE) received a “significant order” for the Endurance pickup truck, according to the Business Journal Daily. The order from Mike Albert Fleet Solutions adds to several large deals announced recently.

              Disclosure: Author is long IPOD, NGA.

              See more from Benzinga

              © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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