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Singapore VC’s SPAC Vickers Vantage I prices upsized $120 million US IPO

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Vickers Vantage I, a blank check company formed by Singapore-based Vickers Venture Partners, raised $120 million by offering 12 million units at $10.

The company had originally planned to raise $100 million. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Jeffrey Chi, who co-founded Vickers Venture Partners and currently serves as a member of its Investment Committee. He is joined by CFO and Director Chris Ho, who serves as a Venture Principal at Vickers Venture and previously worked in consulting with ZS Associates. Vickers Vantage I did not identify a particular industry or geographic location, and says it will leverage the expertise and network of its sponsor to take advantage of deal flow, strong networks, and technical expertise (view Vickers’ portfolio).

Vickers Vantage I plans to list on the Nasdaq under the symbol VCKAU. Maxim Group LLC acted as lead manager on the deal.
Source: Renaissance Capital- Singapore VC’s SPAC Vickers Vantage I prices upsized $120 million US IPO

Source: https://spacfeed.com/singapore-vcs-spac-vickers-vantage-i-prices-upsized-120-million-us-ipo?utm_source=rss&utm_medium=rss&utm_campaign=singapore-vcs-spac-vickers-vantage-i-prices-upsized-120-million-us-ipo

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Event: TechGC SPAC & Direct Listing Virtual Forum

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TechGC is a private, invitation only, organization for General Counsels of leading venture capital firms and venture-backed technology companies. Our mission is to drive innovation, education and mentorship in the legal industry while creating a strong peer group and community that supports each other for many years to come.

Our membership includes over 1,500 GCs across New York, San Francisco, Boston, Los Angeles, Chicago, and Seattle and we host quarterly private GC-only events across our six chapters including the TechGC National Summit and the FullStack GC Conference Series.

Source: https://spacfeed.com/event-techgc-spac-direct-listing-virtual-forum?utm_source=rss&utm_medium=rss&utm_campaign=event-techgc-spac-direct-listing-virtual-forum

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Video: Betty Liu With Three Reasons Why SPACs Are So Popular

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http://spacHero.com is the only #SPAC tracker with live stock, warrant prices and latest news are updated every 10 minutes.

Come get your daily dose of #SPACs at http://www.spacHero.com

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Source: https://spacfeed.com/video-betty-liu-with-three-reasons-why-spacs-are-so-popular?utm_source=rss&utm_medium=rss&utm_campaign=video-betty-liu-with-three-reasons-why-spacs-are-so-popular

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Internet Entrepreneur Patrick Grove Files for $250 Million SPAC

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  • Catcha’s SPAC will focus on tech in Southeast Asia, Australia
  • It’s among the first Asia-focused SPACs by tech entrepreneurs

Patrick Grove, a serial entrepreneur in Southeast Asia who runs internet-focused investment company Catcha Group, is the latest figure to seek capital through a blank-check firm.

The 45-year-old Australian is listed as chief executive officer and chairman of Catcha Investment Corp., a special purpose acquisition company that filed to raise $250 million through an initial public offering on the New York Stock Exchange, according to a filing on Tuesday.

Grove is one of the earliest internet entrepreneurs in Southeast Asia. Since founding Catcha Group in 1999, he and co-founder Luke Elliott have launched several startups and brought six of them to a public listing or sale. Those include iProperty Group Ltd., which was acquired by Australian real estate website REA Group Ltd. in 2016, as well as iCar Asia Ltd. and Frontier Digital Ventures Ltd., which are listed on the Australian Securities Exchange. Grove is also known for co-founding streaming platform iFlix Ltd., which was acquired by Tencent Holdings Ltd. last year.

Prominent figures from the business and investing worlds have been rushing into the SPAC market over the past year, which marked a record in the U.S. SPACs are empty corporate shells whose sponsors raise money from investors and then look to buy into another business, usually a private one. Increasingly, investors are planning SPAC listings that will be injected with Asian assets down the road.

Several blank-check firms with prominent Asia backers have launched in the past months, including one backed by SoftBank Group Corp. and another by billionaires Peter Thiel and Richard Li. Both will target technology companies.

SPACs can provide companies with an easier alternative to going public than the traditional IPO route, which can be a riskier option when volatility is high, as it was last year. Merging with a SPAC also allows a company to pitch itself to investors using forward-looking financial figures, which isn’t allowed in a traditional IPO.

Catcha’s blank-check firm will target technology, digital media and fintech companies across the Asia-Pacific, particularly in Southeast Asia and Australia, according to the filing.

It has formed an advisory board consisting of well-known regional venture capitalists. They include Gobi Partners founding partner Thomas Tsao, 500 Startups Managing Partner Khailee Ng, Qiming Ventures partner Helen Wong, K3 Ventures founder MX Kuok and Jungle Ventures Managing Partner David Gowdey.

Source: Bloomberg – Internet Entrepreneur Patrick Grove Files for $250 Million SPAC

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Exclusive: Wheels Up in talks with SPAC to go public: sources

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(Reuters) – Wheels Up Partners LLC is in talks to go public through a merger with blank-check acquisition company Aspirational Consumer Lifestyle Corp. in a deal which could value the private jet charter company at more than $2 billion, people familiar with the matter said on Monday.

Aspirational Consumer Lifestyle has engaged with potential investors to buy into a private investment in public equity, or PIPE, transaction to raise additional funding for the deal to invest in Wheels Up, the sources said.

The sources, who requested anonymity to discuss the transaction, cautioned that it is possible talks could still collapse. Aspirational Consumer Lifestyle and Wheels Up did not immediately respond to requests for comment.

Aspirational Consumer Lifestyle is a so-called special purpose acquisition company led by LVMH executive and veteran private equity investor Ravi Thakran. The SPAC raised around $225 million in an initial public offering (IPO) on the New York Stock Exchange in September. U.S. private equity firm L Catterton, where Thakran is chairman-emeritus of its Asia business, is a minority investor in Aspirational Consumer Lifestyle.

Wheels Up would be the latest company in the aviation sector to seek to merge with a SPAC in order to list its shares on the stock market.

Air taxi company Blade Urban Air Mobility agreed to merge last month with Experience Investment Corp. Reuters reported last week that electric passenger aircraft developer Joby Aero Inc is exploring a deal to go public through a SPAC merger.

A SPAC is a shell company that raises funds in an initial public offering (IPO) with the aim of acquiring a private company, which then becomes public as result of the merger. For the company being acquired, the merger is an alternative way to go public over a traditional IPO.

SPACs emerged last year as one of the most popular investment vehicles on Wall Street.

New York-based Wheels Up was founded in 2013. The company offers a three-tier membership program with sign-on fees ranging from $2,995 to $29,500 that allows members to rent private planes. It also operates aircraft sales and management businesses.

The company was valued at $1.1 billion in its most recent private fundraising in 2019, and its investors include Delta Air Lines Inc and venture capital firm New Enterprise Associates (NEA).

Source: Reuters – Exclusive: Wheels Up in talks with SPAC to go public: sources

Source: https://spacfeed.com/exclusive-wheels-up-in-talks-with-spac-to-go-public-sources?utm_source=rss&utm_medium=rss&utm_campaign=exclusive-wheels-up-in-talks-with-spac-to-go-public-sources

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