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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2746)	8/10/2020 4:16:48 PM
From: Glenn Petersen	1 Recommendation Recommended By sixty2nds Respond to of 3862

Strictly a rumor; definitely not a recommendation. Oaktree Acquisition Corp. (stock symbol: OAC), a SPAC that raised approximately $200 million when it went public in July 2019, is rumored to be in discussions to merge with Hims, a telemedicine company. OAC closed at $10.60 today. Hims Said in Talks to Go Public Via Oaktree Blank-Check Company By\ Nabila Ahmed, Scott Deveau, Kristen V Brown, and Gillian Tan Bloomberg August 7, 2020, 6:12 PM CDT -- Telemedicine company could be valued at about $2 billion -- Deal is latest in rush for SPAC transactions amid pandemic Hims Inc., a telemedicine company that sells wellness and health-care products, is in talks to go public through a merger with blank-check company Oaktree Acquisition Corp., according to people with knowledge of the matter. The deal could value Hims at about $2 billion, according to the people, who asked not to be identified because the discussions are private. Oaktree is in talks with investors to raise about $100 million to help fund the transaction, the people said. A deal, if completed, could be announced in a few weeks, the people said. The talks are ongoing and a deal might not be reached, they said. Hims could still explore other deal options, one of the people said. Representatives for Hims and Oaktree declined to comment. Oaktree, backed by global asset manager Oaktree Capital, is a special purpose acquisition vehicle, or SPAC, that raised $200 million as part of its initial public offering last year. Oaktree Acquisition Corp.’s shares have risen 4.8% to $10.27 since its IPO. Its talks with Hims come amid a record rush of SPAC deals, as companies have increasingly opted to go public through such transactions rather than take their chances in volatile equity markets. Investors searching for yield have flocked to SPACs as a relative safe haven during the coronavirus pandemic, underpinning a record $8 billion of issuance from 24 SPACs on U.S. exchanges in the second quarter, according to data compiled by Bloomberg. Hims allows customers to get a prescriptions for conditions such as erectile dysfunction and hair loss after a quick consultation with an online doctor. The medicines are provided by a network of pharmacies and mailed. Hims Inc. has a parallel business serving women called Hers. With demand for telehealth surging in the pandemic, the company has expanded into urgent care and mental health services. Since its founding in 2017, Hims has raised $197 million from investors including Institutional Venture Partners, Forerunner Ventures, Redpoint Ventures and Josh Kushner’s Thrive Capital. The company was valued at $1.1 billion last year, according to PitchBook. — With assistance by Crystal Tse, Katie Roof, and Angelica LaVito bloomberg.com

To: Glenn Petersen who wrote (2746)	8/19/2020 9:41:39 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Hennessy Capital Acquisition Corp. (stock symbol: HCAC), a SPAC that raised approximately $300 million when it went public in February 2019, has agreed to merge with Canoo, a company that intends to offer an electric vehicle on a subscription basis. HCAC closed at $10.49 yesterday. Latest electric-vehicle IPO Canoo will raise funds to build its ‘loft on wheels’ PUBLISHED TUE, AUG 18 20207:00 AM EDT UPDATED TUE, AUG 18 20208:00 AM EDT Phil LeBeau @LEBEAUCARNEWS CNBC.com KEY POINTS -- This is the fourth electric-vehicle company to use a SPAC to go public since March. -- Nikola, which plans to sell hydrogen fuel-cell trucks and all-electric pickups, merged with a SPAC named VectoIQ Acquisition ahead of its IPO. -- Canoo, which will use a membership model to sell its electric vehicles, will go public after it merges with Hennessy Capital Acquisition Corp IV, a “blank-check” SPAC. Canoo CEO Ulrich Kranz likes to call his EV subscription company’s first model a “spaceship” or a “loft on wheels.” Soon, he expects to have the money needed to build Canoo’s initial model, which looks like a cross between van and a shuttle bus. “This will be a lifestyle vehicle,” Kranz told CNBC. He said the company, which is merging with a special purpose acquisition company, or SPAC, gives it “a huge opportunity to access the resources and develop our vehicles and bring them to market.” Canoo, which will use a membership model to sell its electric vehicles, will go public after it merges with Hennessy Capital Acquisition Corp IV, a “blank-check” SPAC created to finance a merger that often leads to an IPO. In this case, Canoo will list with Nasdaq under the ticker symbol CNOO. This is the fourth electric-vehicle company to use a SPAC to go public since March. Nikola, which plans to sell hydrogen fuel-cell trucks and all-electric pickups, merged with a SPAC named VectoIQ Acquisition ahead of its IPO. After the deal was completed, Nikola began trading on June 4 at just over $33 a share. Within days, it soared to nearly $80 as investors jumped at the chance to cash in on a pure play EV stock. Since then, three other electric vehicle start-ups, Lordstown Motors, Fisker Inc. and Canoo, have announced plans for their own SPAC IPOs. “There is a very clear message from the markets: We want to invest in ESG, we want to invest in vehicle electrification,” Deutsche Bank Analyst Emmanuel Rosner told CNBC. Rosner says it seems like there is an EV SPAC almost every day as start-ups raise billions to develop and build electric vehicles scheduled to go on sale over the next couple of years. While all of the companies behind those EVs believe they will be successful, Rosner is not so sure. “We don’t necessarily assume, all will survive or all will thrive. It’s still very early to say which one will which one won’t.” With 300 employees, including many who have worked at other EV and tech firms, Canoo believes it has the talent and vision to grow its EV business. Since it was founded in 2017 as EVelozcity, the company has raised $415 million through two rounds private funding. That money has helped the company build 32 prototypes, with 13 currently on the road being tested and validated. As for his description of the Canoo as a “loft on wheels,” Kranz said: “We have furniture in this car, it’s unlike anything else out on the road.” CNBC’s Meghan Reeder contributed to this article cnbc.com