Software Acquisition: Rises on deal to take Otonomo public

Urgent.ly

01/02/2021 13:42

** Shares of blank-check firm Software Acquisition Group Inc
II  SAII.O  up more than 8% at $11.3 premarket 
    ** SAII to take Israeli automotive data firm Otonomo
Technologies Ltd public through a merger  urn:newsml:reuters.com:*:nL4N2K73AI
    ** Deal values Otonomo at $1.4 bln
    ** SAII raised $150 million through an IPO in September last
year
    ** Special purpose acquisition companies (SPACs) like SAII
are shell companies that use proceeds from an IPO to take a
private firm public
    ** Shares up 5.13% YTD till last close

 (Reporting by Sohini Podder in Bengaluru)