SoftBank struggles to crack the SPAC formula

Berkshire Grey

15/12/2021 17:40

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Jonathan Guilford
    COPENHAGEN, Dec 15 (Reuters Breakingviews) - Companies
backed by the Japanese tech investor that went public using
blank-check vehicles have had mostly disappointing results. Now
that a SoftBank-sponsored SPAC has unveiled its first target,
investors will find out whether Masayoshi Son’s team is a better
buyer than seller.
    Full view will be published shortly.
    Follow @JMAGuilford https://twitter.com/JMAGuilford on
Twitter

    CONTEXT NEWS
    - Ten SoftBank-backed companies have announced deals to go
public via a merger with a special-purpose acquisition company
since September 2020, according to Breakingviews research based
on SoftBank disclosures.
    - Seven of the 10 companies were trading below the $10
initial public offering price of their blank-check vehicles by
the close of trading Dec. 14. Quantum computing company IonQ
closed at $16.10, up over 50% since completing its merger with
dMY Technology Group III on Sept. 30.
    - SVF Investment Corp 3, a SPAC sponsored by SoftBank, said
on Dec. 13 that it had reached an agreement to merge with
supply-chain robotics firm Symbotic in a deal with an equity
value of $5.5 billion. 
 

 (Editing by Peter Thal Larsen and Sharon Lam)
 ((For previous columns by the author, Reuters customers can
click on  GUILFORD/  
SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS https://bit.ly/BVsubscribe
 | Jonathan.Guilford@thomsonreuters.com; Reuters Messaging:
Jonathan.Guilford.thomsonreuters.com@reuters.net))