Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Ex-SoFi CEO cuts funding targets and mulls spin offs, World View emphasizes remote sensing as it prepares to go public, and Rigetti faces delisting
Ex-SoFi Boss Cuts Funding Targets for Blockchain Startup; Mulls Spin Offs
Mike Cagney, the former chief executive officer of lending giant SoFi, is searching for investors for his latest startup, Figure Technologies Inc. The company, which builds financial products on a blockchain, is also seeking to spin off some product lines as it navigates a dramatic industry downturn.
In the last few months, several senior leaders have left Figure, including the president and chief financial officer; it scrapped an attempt to take its lending business public through a special purpose acquisition company; and executives slashed their targets on an ambitious fundraising effort.
The company is currently seeking to raise $100 million, according to people familiar with the matter who asked not to be identified because the discussions were private. That’s one-third the sum it initially planned.
World View emphasizes remote sensing as it prepares to go public
World View, the stratospheric ballooning company that announced plans to go public last month, is emphasizing remote sensing, and not tourism, as its primary market for the next several years.
The company, which said Jan. 13 it would go public through a merger with a SPAC called Leo Holdings Corp. II (NYSE:LHC), filed an investor presentation with the Securities and Exchange Commission Feb. 3 that provided new information about its finances and business plans.READ
Quantum Computing Firm Rigetti Faces Delisting
Rigetti Computing Inc.(NASDAQ: RGTI) was issued a notice by the Nasdaq Stock Market, LLC, that it would be delisted if it wasn’t compliant by July 24 this year on its stock price of being “at least $1.00 for a minimum of ten consecutive business days,” according to a filing with the Securities and Exchange Commission dated January 27.
Rigetti announced a SPAC (special purpose acquisition company) merger deal with Supernova Partners Acquisition II Ltd. in October, which pegged the company’s value at $1.5 billion. Rigetti’s market cap at the end of trading on February 2 was $106 million.READ