fbpx

2/23/21: What’s Going On

News from around the business world.
(michelmond)
Share on facebook
Share on twitter
Share on linkedin
Share on email

“WeWork co-founder and former Chief Executive Adam Neumann is in advanced talks to settle a high-profile legal fight with SoftBank Group Corp. by agreeing to a nearly $500 million cut in his payout from the shared-office-space company’s new owner, a move that would help clear the way for WeWork’s second attempt at a public listing. According to terms being discussed, SoftBank would spend roughly $1.5 billion to buy the shares of early WeWork investors and employees, including nearly $500 million to purchase shares from Mr. Neumann—in both cases about half of what it originally agreed to, according to people familiar with the talks.”

“Lucid Motors reached an agreement to become a publicly traded company through a merger with special-purpose acquisition company Churchill Capital IV Corp, in the largest deal yet between a blank-check company and electric vehicle startup. The combined company, in which Saudi Arabia’s sovereign fund will continue to be the largest shareholder, will have a transaction equity value of $11.75 billion. Private investment in the public equity deal is priced at $15 a share, putting the implied pro-forma equity value at $24 billion. The announcement comes more than a week after Bloomberg, citing unnamed sources, reported a deal was close to being finalized.”

Companies Raising Capital
NameAmountDescriptions
Zomato$250 MillionIndian Food Delivery Startup
TymeBank$109 MillionSouth African Digital Bank
Anuvia$103 MillionCommercializing Its Novel Fertilizer Technology
Katana$11 MillionEstonian Startup Building Manufacturing-Specific Enterprise Resource Planning for SMBs

“U.S. manufacturers aced the shutdown of their factories and warehouses last spring in response to Covid-19. They’re botching the recovery.”

“Battery maker Enovix Corp. is poised to go public using a blank-check company in a deal valued at $1.1 billion, benefiting from investor enthusiasm for technology to improve battery performance as the world races toward electric vehicles.”

“Marriott International Inc. has tapped Tony Capuano as its new chief executive officer, picking a longtime veteran of the world’s largest hotel company to steer it through the industry’s most crippling period in memory.”

“Some of the world’s biggest drugmakers are joining forces with rivals to help produce Covid-19 vaccines, forging unusual alliances that promise to substantially increase supplies by this summer.”

“Premier Oil Plc, the indebted North Sea driller being swallowed by Chrysaor Holdings Ltd., will re-emerge as the largest independent oil and gas producer among U.K. stocks just as the global crude market roars back.”
“The supply of Covid-19 vaccine in the United States is slated to substantially ramp up next month with manufacturers doubling the pace of production, company executives said in prepared remarks to be delivered to Congress on Tuesday.”

Share on facebook
Share on twitter
Share on linkedin
Share on email

Responses

Your email address will not be published. Required fields are marked *

Related Posts