Skip to main content

Posts

Showing posts with the label SPAC

SPAC: Lodging Startup Sonder To Go Public In $2.2B Deal

Sonder, a lodging startup that's a famous rival to Airbnb, has agreed to go public through a merger with a special-purpose acquisition company (SPAC). It's one of a few hot SPAC deals to be announced recently after a noticeable slump in the number of SPAC deals caused by an accounting crackdown from the US Securities and Exchange Commission (SEC). Details: Sonder will merge with Gores Metropoulos II (NASDAQ: GMII), a SPAC sponsored by private equity billionaires Alec Gores and Dean Metropolous. The merger is for an agreed pro-forma enterprise value of $2.2 billion and over $700 million of net cash to be in Sonder's coffers at closing. From the merger, Sonder is getting $450 million of cash held in trust by  Gores Metropoulos II.  A further $200 million in PIPE proceeds have been committed by investors including BlackRock, Moore Capital Management, Fidelity, and The Gores Group which's the sponsor of the SPAC that Sonder is merging with. The merger is expected to be com

SPAC: Record $40B Merger Deal Sealed By Singapore's Grab

Pertaining true to rumors, Grab, a Singapore-based ride-hailing giant dominating Southeast Asia, has officially agreed to a deal to go public by merging with a special-purpose acquisition company (SPAC).  This time, Grab isn't like other mergers as the $39.6 billion  pro forma equity value that it's negotiated makes the merger the biggest one to date. Deal Details: Grab is merging with Altimeter Growth Corp. (Nasdaq: “AGC”) and will start trading on the Nasdaq exchange with the symbol "GRAB" after the merger.  From its merger, Grab will receive roughly $4.5 billion in gross cash proceeds with most of it coming from a $4 billion PIPE round led by a $750 million commitment from Altimeter Capital, the very sponsor of the SPAC it's merging with.  Grab's merger is not just the biggest ever SPAC deal but is also expected to mark the biggest US equity offering by a company in Southeast Asia. It sets Grab on the global stage outside Southeast Asia where it doesn'

Larry Page's Air Taxi Startup Sues Rival Archer Aviation

An air taxi startup backed by Google co-founder Larry Page has initiated legal battles with one of its main rivals. The startup, Wisk Aero, is suing rival Archer Aviation, which's on its way to the public markets through a SPAC merger . Wisk Aero, a joint venture between aerospace giant Boeing and Larry Page's air taxi startup Kitty Hawk, is accusing Archer of intellectual property theft facilitated by former employees who left Wisk to work for the company.  Wisk alleges that certain former employees that previously worked for the company before heading to Archer downloaded thousands of files related to its confidential aircraft designs, component designs, system designs, manufacturing, and test data. To make its case, Wisk has centered on an aircraft design recently unveiled by Archer which's strikingly similar to a design that it developed and submitted in a confidential patent application to the U.S. Patent and Trademark Office back in January 2020. It's shown in the

UK Online Used-Car Dealer Cazoo Rides Into $7B SPAC Merger Deal

Cazoo, an online used-car sales startup operating in the UK, has reached an agreement to merge with a special-purpose acquisition company (SPAC) founded by American billionaire investor Dan Och in a deal valuing it at $ 7 billion. Cazoo, a barely three-year-old startup, is merging with AJAX I, a SPAC listed on the New York Stock Exchange (NYSE: AJAX). Through the merger, Cazoo is getting $805 million of cash held in trust by AJAX I, plus an $800 million PIPE round coming from investors including BlackRock, Counterpoint Global (Morgan Stanley), Fidelity, and Mubadala Capital. A barely three-year-old startup sealing an exit with a valuation of $7 billion on the public markets wildly signals booming times for the stock markets. Though it's existed for a relatively short time, Cazoo is a fast-growing startup that says it expects revenue in 2021 to approach $1 billion. Though with rapidly rising revenues, Cazoo doesn't seem to be currently profitable and hasn't disclosed whethe

Official: WeWork To Go Public With $9B SPAC Deal

Pertaining true to recent rumors , SoftBank-owned office leasing company WeWork has sealed a deal to become publicly-traded through a merger with a special-purpose acquisition company (SPAC). It's announced that it's merging with BowX Acquisition Corp in a deal valuing it at $9 billion. BowX Acquisition Corp is a SPAC sponsored by investment firm Bow Capital Management and is advised by retired basketball star Shaquille O’Neal. It raised $420 million from its IPO in August last year. With its merger, WeWork is getting $483 million of cash held in trust by BowX plus an extra $800 million PIPE round committed by investors including Fidelity, BlackRock, Starwood Capital Group, and Insight Partners. Totally, it'll get $1.3 billion of cash proceeds from its merger. WeWork's past has definitely not been forgotten, being the poster child for excessive startup exuberance  under the leadership of its former CEO Adam Neumann who was then ousted by the company's board led by

Mobile App Monetization Company ironSource To Go Public With $11B SPAC Deal

Just that moment when you start to chill after taking a break from writing about numerous SPAC merger deals, there's that new one to always pop up and crash the break, and that new one today is ironSource, a mobile app monetization company based in Israel. ironSource has announced an agreement to merge with a special-purpose acquisition company (SPAC) sponsored by private equity firm Thoma Bravo. It'll merge with Thoma Bravo Advantage (NYSE: TBA) in a deal valuing it at $11.1 billion. Thoma Bravo Advantage raised $1 billion from an initial public offering (IPO) in January, money that'll now be handed over to ironSource with its merger, plus a $1.3 billion PIPE round committed to the company by a mix of investors including Tiger Global, Counterpoint Global (Morgan Stanley), Wellington Group, investment firm Fidelity, and hedge fund Baupost Group. From its merger, ironSource will get $2.3 billion of cash proceeds, marking one of the biggest SPAC deals of the past year. ironS

iBuying Startup Offerpad To Merge With Zillow Co-Founder's SPAC

Offerpad, a real estate tech startup focused on iBuying, has sealed a deal to be taken public through a merger with a special-purpose acquisition company (SPAC) and not just any SPAC but one formed by a co-founder of Zillow which's one of the biggest real estate tech companies globally. Offerpad has announced an agreement to merge with Supernova Partners Acquisition Company (NYSE: SPNV) and start trading on the public markets as a result. Supernova is a SPAC formed and led by Spencer Rascoff, a serial tech entrepreneur who's the co-founder and former CEO of Zillow. Offerpad's SPAC merger agreement values the six-year-old startup at $3 billion. The merger will hand over $650 million of gross cash proceeds to the startup, split into $403 million held in trust by Supernova and $250 million in additional investment commitments from firms including national homebuilder Taylor Morrison Home Corp and asset management giant BlackRock. Offerpad will be the second iBuying startup to

Trading Platform eToro To Go Public In $10B SPAC Deal

eToro, a popular online platform for trading stocks and cryptocurrencies, is the latest technology company to take the SPAC route towards an exit on the public markets. It's sealed an agreement to merge with  special-purpose acquisition company (SPAC)  FinTech Acquisition Corp. V (NASDAQ: FTCV) in a deal valuing it at $10.4 billion. FinTech Acquisition Corp. V is a SPAC launched by female business veteran Betsy Cohen. eToro is on a path to go public after nearly a decade and a half of existence, wherein it's grown into a major online trading platform that drew $605 million in gross revenue in 2020. Particularly, 2020 was a very good year for eToro, wherein it says it added 5 million new registered users. In 2020, eToro says that it executed 27 million trades each month on average, compared to an average of 8 million trades per month in 2019. Now in 2021, the company reports having added 1.2 million new registered users and executing 75 million trades in January alone. Altogethe

Dealmakers Sam Altman, Michael Klein Team To Form $1B SPAC

As it looks, many big names in the business and technology world don't want to get left out of the boom of special-purpose acquisition companies (SPACs) and thus have moved to launch their own SPACs or take directorship positions at those formed by others.  Many of such big names from the technology world have launched and collectively raised billions of dollars for their respective SPACs, among them Peter Thiel of Palantir, LinkedIn founder Reid Hoffman, Zynga founder Mark Pincus, and Zillow Co-Founder Spencer Rascoff.  Likewise, many in the finance world have launched big SPACs, among such hedge fund tycoon Bill Ackman who holds the record for the biggest amount ever raised by a SPAC, and investor Michael Klein whose SPAC recently sealed a deal to merge with ambitious electric car startup Lucid Motors  in what's the biggest-ever SPAC merger deal by market value. Now, two big names from the finance and technology world have crossed over and teamed up to form a SPAC, being Mich

Real Estate Giant Cushman & Wakefield Forms $250M SPAC

The latest big name to get into the boom of special-purpose acquisition companies (SPACs) by launching its own SPAC is Cushman & Wakefield, a commercial real estate services giant. It's formed its own SPAC named  C&W Acquisition Corp that's looking to raise $250 million from an initial public offering. C&W Acquisition Corp has filed an S-1 document with the US Securities and Exchange Commission (SEC), making known its intent to raise $250 million by selling 25 million share units for $10 each. Its IPO is being underwritten by Citigroup and BofA Securities. As it's sponsored by a real estate services firm that's one of the biggest of its kind, it's no surprise that C&W Acquisition Corp is targeting to merge with a business in the property-tech and real estate sector as indicated by its S-1 document. It doesn't seem that the SPAC will have a problem finding a merger target thanks to the influence of its sponsor Cushman & Wakefield. Cushman &a

New SPAC Deal: Bill Gates-Backed Crowd-Safety Company Evolv

Amid a rush of SPAC merger deals  as of late, the latest company to tap into the hot market for SPAC mergers is Evolv Technology, a company that makes security screening hardware adopted in crowded places like airports, malls, and museums and is backed by investors including Bill Gates.  Evolv has announced an agreement to merge with NewHold Investment Corp. (NASDAQ: NHIC) in a deal valuing Evolv at $1.7 billion. Evolv will receive roughly $470 million in gross cash proceeds from its merger, consisting of money held in trust by NewHold Investment Corp along with a committed PIPE round. Under the terms of their merger, NewHold Investment Corp will hand over $172.5 million of cash it currently holds in trust to Evolv. Then, Evolv has secured commitments for an extra $300 million PIPE round from a mix of investors including investment firms like UBS O’Connor and Eldridge as well as sports stars and executives like Andre Agassi, Theo Epstein, and Tony Ressler, part-owner of pro Baseball t

New SPAC Deal: Bitcoin Mining Startup Cipher

The latest technology company to join the flurry of SPAC mergers is Cipher Mining, a newly-formed US-based bitcoin mining startup that's an offshoot of Bitfury, a leading maker of bitcoin mining hardware that's based in the Netherlands. Cipher Mining Inc will merge with Good Works Acquisition Corp (Nasdaq: GWAC) in a deal valuing the bitcoin mining startup at $2 billion. The SPAC will be anchored by a $425 million PIPE round committed by investors including Fidelity, Morgan Stanley (via its subsidiary Counterpoint Global), and Cipher's parent Bitfury. Bitfury will contribute a $50 million investment to the PIPE round that's structured as purchase credits for equipment and services from it for Cipher Mining. The SPAC merger will hand over $595 million in gross proceeds to Cipher Mining, consisting of the $425 million PIPE round and $170 million of cash held in trust by Good Works Acquisition Corp. Upon completion of the SPAC merger, the investors in Cipher's PIPE rou

New SPAC Deal: Home Insurance Startup Hippo

Amid a flurry of SPAC mergers as of late, the latest technology company to tap into the boom and reach a deal to merge with a special-purpose acquisition company (SPAC) is Hippo, a home insurance startup that makes use of satellite imagery and smart home sensors to gauge and offer better home insurance policies. Hippo will merge with Reinvent Technology Partners Z (NYSE:RPTZ), a SPAC formed by the respective founders of LinkedIn and gaming company Zynga, Reid Hoffman and Mark Pincus. Hippo will merge with  Reinvent Technology Partners Z in a deal that'll hand it over $230 million of cash held in trust by the SPAC, plus a $550 million PIPE round to be led by existing investors  Dragoneer, Lennar, and Ribbit Capital. The PIPE round will value Hippo at $5 billion. Following the merger's completion, Hippo expects to have $1.2 billion of cash at hand, fueled by the funds from its SPAC deal plus venture funding that it's already raised. A hot insurance startup, Hippo has raised o

New SPAC Deals: Space Startups Rocket Lab, Spire Global

As usual, new weeks bring new SPAC merger deals and this new week has brought two new merger announcements, this time from the space industry. They are Rocket Lab , a well-known small satellite launch service provider, and Spire Global , a startup that specializes in the tracking of global data sets, e.g. maritime and aviation patterns, with the use of satellites in orbit. Rocket Lab Rocket Lab has announced an agreement to merge with Vector Acquisition Corporation (Nasdaq: VACQ), a special-purpose acquisition company (SPAC) sponsored by San Francisco-based investment firm Vector Capital.  Rocket Lab's merger deal will hand it over $320 million of cash held in trust by Vector Acquisition, plus a $470 million private-investment-in-public-equity (PIPE) round committed by investors including Vector Capital, BlackRock, and Neuberger Berman.  With the investors buying shares at $10 each, it implies a $4.1 billion valuation for Rocket Lab, 5.4x the satellite launch provider's projec

New SPAC Merger: Air Taxi Startup Joby Aviation

Every new day or so brings new SPAC mergers and today's new merger happens to be Joby Aviation , a maker of electric vertical takeoff and landing (eVTOL) passenger aircraft, a.k.a air taxis. Joby has announced an agreement to merge with Reinvent Technology Partners (NYSE:RTP), a SPAC formed by a group including LinkedIn founder Reid Hoffman and Zynga founder Mark Pincus. With its merger, Joby will become a public company trading on the New York Stock Exchange (NYSE). Joby's merger deal values the company at $6.6 billion. Through the merger, the company will get roughly $1.6 billion in cash proceeds consisting of $690 million held in trust by the SPAC it's merging with, an extra $835 million from a private placement, and then a $75 million convertible note purchase from the ride-hailing company Uber that's being made under the terms of a  recent deal of Uber selling its flying taxi business to Joby . Joby's $835 million private placement will come from investors inc

Next SPAC Deal: EV Metals Company DeepGreen Metals?

Special-purpose acquisition companies (SPACs) have been on a tear as of late, with 2020 and just two months into 2021 collectively drawing hundreds of SPAC listings that have raised tens of billions of dollars. With a SPAC boom, it's such that investors are betting on the use of SPACs to buy into promising companies and looking to make profits from them, and one of the industries to have drawn high positive interest from investors has been electric vehicles. Many companies in the electric vehicle industry, most recently the electric carmaker Lucid Motors , have sealed big SPAC deals and drawn a lot of attention with them. The whole industry is being propped up with electric carmakers taking the lead and complementary businesses such as battery makers and charging network companies following suit. Now, it seems that the latest company in the EV industry to be targeting a SPAC deal is DeepGreen Metals , a company that plans to produce metals with a minimal environmental impact that&#

New SPAC Merger: Cannabis Company Parallel

The latest privately-held company to tap into the boom of mergers with special-purpose acquisition companies as a route towards the public markets is Parallel , a cannabis company founded by an heir to the Wrigley chewing gum fortune.  Parallel will merge with Ceres Acquisition Corp , a SPAC traded on the Canadian stock market that's backed by entertainment mogul Scooter Braun. Ceres Acquisition Corp trades on the  Canadian NEO stock exchange under the ticker symbol "CERE.U". Through its merger, Parallel will get $120 million in cash held in trust by Ceres Acquisition Corp and then an additional $225 million public-investment-in-private-equity (PIPE) round that it's received commitments for. Upon the completion of its merger, Parallel says that it'll have $430 million in cash at hand. After its merger, Parallel will continue to be led by its founder and CEO William "Beau" Wrigley Jr, whose Wrigley surname rings a bell for the popular chewing gum of the s

Official: Lucid Motors To Go Public Via SPAC Route

After months of rumors of electric car startup Lucid Motors looking to go public via the route of a merger with a special-purpose acquisition company (SPAC), it's now officially announced an agreement to merge with Churchill Capital Corp IV (NYSE: CCIV) in a deal that'll hand it over $4.4 billion in cash for its operations and value it at $24 billion Pro-forma. A $4.4 billion cash and $24 billion-value deal isn't in the normal ranges for most SPAC mergers as it's on the high end of the deals sealed by SPACs by valuation. It should be expected in this case, though, as Lucid Motors is an electric carmaker, and investors have been very positive towards publicly-traded electric carmakers as of late. Lucid Motors is one of the most-watched electric carmakers as it looks to ramp up production and begin delivering its first vehicles this year. Led by a former top Tesla engineering executive, the company is looking to establish a foothold in the American electric vehicle marke

Zillow Founder Spencer Rascoff Forms 3rd SPAC To Raise $250M

Spencer Rascoff, the co-founder of the online real estate listings giant Zillow, has made his mark as one of the major beneficiaries of the boom of special-purpose acquisition companies (SPACs). He launched his first SPAC and raised $350 million in October 2020, and then a second aiming to raise $250 million earlier this month. Now, Rascoff is back with a third SPAC seeking to raise $250 million from an initial public offering (IPO). The third SPAC,  Supernova Partners Acquisition Company III , has filed with the US SEC to raise $250 million by selling 25 million shares for $10 each. Each share unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.  As expected, Supernova Partners Acquisition Company III will seek to merge with a technology company. With the expertise of Rascoff in this space as a serial entrepreneur along with that of his two other partners, private equity veterans Michael Clifton and Robert Reid, it's highly probable that t

Lidar Startup AEye to Go Public Via SPAC Deal

As it looks, lidar startups have been major merger targets for special-purpose acquisition companies (SPACs) over the past year, with a handful of them having sealed deals to go public through SPAC mergers (e.g. Ouster , Luminar , Velodyne, and Aeva ). Now, the latest lidar startup to join that cohort is AEye , a venture-backed lidar maker based in Dublin, California. AEye has sealed a deal to merge with CF Finance Acquisition Corp. III (Nasdaq: CFAC), a SPAC sponsored by the financial services giant Cantor Fitzgerald. The merger is expected to be completed in the second quarter of this year. Under the terms of its merger, AEye will be handed over $230 million in cash held in trust by  CF Finance Acquisition Corp. III, and has also secured a $225 million private-investment-in-public-equity (PIPE) funding round that'll bring its total cash haul to $455 million,  a round that'll see participation from investors including GM Ventures, Intel Capital, and Hella Ventures. Following

Most Read Posts

Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a