1/6/21: What’s Going On

Nintendo, Amazon and more from around the business world.
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“Achronix Semiconductor Corp. is in talks to go public through a merger with the blank-check company ACE Convergence Acquisition Corp. ACE, a special purpose acquisition company, or SPAC, has begun discussions with investors about raising new equity to support the transaction. The deal is slated to give the combined entity an equity valuation of about $2 billion.”

“While gaming giants Sony and Microsoft have made M&A a critical part of their strategic growth plans, Nintendo has always seemed to be more reluctant to bring outside talent into the fold of its video game empire. Today, the company announced that it will be acquiring the developer behind Luigi’s Mansion 3, Canada-based Next Level Games. Nintendo’s announcement is the first studio acquisition for the company since their 2007 purchase of Xenoblade Chronicles developer Monolith Soft.”

“China said the U.S. ‘has been flipping flopping all the time’ and urged it to respect market principles after investors were whipsawed by uncertainty over the status of three major Chinese telecommunication giants traded on the New York Stock Exchange. Just four days after deciding to delist China Mobile Ltd., China Unicom Hong Kong Ltd. and China Telecom Corp., the NYSE on Monday abruptly withdrew that plan. Later, people familiar with the matter told Bloomberg the bourse is considering proceeding with the delisting after criticism from Treasury Secretary Steven Mnuchin.”

Companies Raising Capital
Hinge Health$310 MillionTreating Chronic Musculoskeletal Conditions With Digital Solutions
Boat$100 MillionIndian Electronics and Lifestyle Startup
Oxbotica$47 MillionDeploying Autonomous Vehicle Software In Industrial Applications
Coral Vita$2 MillionTaking Its Coral Reef Restoration Mission Global

“President Donald Trump signed an order banning U.S. transactions with eight Chinese software apps including Ant Group Co.’s Alipay in 45 days, when he’ll no longer be in office.”

“China’s regulators are trying to get Jack Ma to do something the beleaguered billionaire has long resisted: share the troves of consumer-credit data collected by his financial-technology behemoth.”

“Amazon.com Inc. said it would commit more than $2 billion to create and preserve affordable housing in three of its employment hubs, the latest tech giant to make a large investment in easing the U.S. housing shortage.”

“The U.S. Treasury Department has sent out more than $112 billion in stimulus payments electronically, meaning that about two-thirds of the second round of payments approved by Congress is already in households’ bank accounts, according to data released Tuesday.”

“FuboTV, the video streaming service whose stock has gyrated wildly in recent weeks, released a preliminary look at its fourth quarter revenue growth results, sending its stock soaring again.”

“The number of employees at U.S. businesses unexpectedly declined in December for the first time since April, underscoring the immediate economic impact of mounting coronavirus cases across the country.”

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