SoftBank Group plans to raise as much as $630 million through two more blank-cheque companies, capitalising on record investor demand for the vehicles.
The Tokyo-based technology conglomerate said it would create the special purpose acquisition companies less than two months after it filed to create a $525m blank-cheque company. SPACs look to merge with private companies, letting them become publicly traded firms while avoiding some of the uncertainty of an initial public offering.
The vehicles have become a popular way for venture-backed start-ups to list on the public markets. More than $35 billion has been raised by the 117 SPACs that have gone public on US exchanges this year, according to data compiled by Bloomberg.
SoftBank shares were up as much as 6.1 per cent in Tokyo on Monday ahead of the company’s latest earnings report, on top of a five-day streak of gains.
The new SoftBank vehicles, SVF Investment Corporation 2 and 3, will target the same diverse areas of technology as the first, including mobile communications and artificial intelligence, according to filings on Friday with the Securities and Exchange Commission. Because the SPACs are different sizes, they can work with companies of different maturity.
SVF 2 has entered into a forward purchase agreement in which it has committed $100m to $150m of capital for when it combines with another company, its prospectus shows. SVF 3 has entered into a forward purchase agreement in which it has committed $150m to $200m of capital for when it combines with another company, its prospectus shows.
For both new vehicles, each unit of the SPAC will consist of one share and one-fifth of a warrant. Citigroup, UBS, Deutsche Bank, Cantor Fitzgerald and Mizuho Securities are advising on the listings.
SVF 2’s management committee is led by Munish Varma, a managing partner at SoftBank’s Vision Fund, while SVF 3’s management committee is led by Ioannis Pipilis. SoftBank’s first SPAC is led by Vision Fund Chief executive Rajeev Misra. Vision Fund chief financial officer Navneet Govil serves as the head of finance of all three SPACs. All are overseen by SoftBank Investment Advisers, which also runs the company’s Vision Fund.
Having three SPACs launches SoftBank into a growing collection of companies with multiple blank-check vehicles, including the Gores Group and investor Chamath Palihapitiya’s Social Capital Hedosophia.
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Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Read more about the coronavirus
KILLING OF QASSEM SULEIMANI
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
