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Showing posts with the label SPAC

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

Khosla Ventures Forms Three SPACs To Raise $1.2B

The venture capital firm Khosla Ventures is the latest institutional investor to tap into the boom of special-purpose acquisition companies (SPACs) by filing for three successive SPACs to raise a collective $1.2 billion. Khosla Ventures has filed for three eponymous SPACs;  Khosla Ventures Acquisition Co. ,  Khosla Ventures Acquisition Co. II , and  Khosla Ventures Acquisition Co. III to raise $300 million, $400 million, and $500 million respectively. The three SPACs are each seeking to raise their targeted amounts by selling tens of millions of share units for $10 each. According to their filings, Khosla Ventures' three SPACs won't focus on any particular industry when seeking merger targets. This is a bit surprising given that Khosla Ventures is primarily known for investments in the technology sector. As it seems, Khosla Ventures' SPACs will likely merge with technology companies or perhaps a few out of the many companies that it's backed as a venture capital firm.

LinkedIn, Zynga Founders Form Third SPAC To Raise $850M

The founders of the tech companies LinkedIn and Zynga, by names Reid Hoffman and Mark Pincus respectively, have formed their third special-purpose acquisition company (SPAC) after debuting their second only three months ago. Their new SPAC, Reinvent Technology Partners Y , has filed to raise $850 million in an initial public offering. The filing for a new SPAC from Hoffman and Pincus comes even as their two previous SPACs haven't formally announced merger deals. Though, there have been rumors of the both of them having respective merger discussions with the insurance startup Hippo and electric aircraft startup Joby Aviation. As expected, Hoffman and Pincus's new SPAC will target to merge with a technology company.  It seems that Hoffman and Pincus are each looking to make their mark in the SPAC world after having previously founded and built major technology companies. Hoffman founded LinkedIn and built it from its infancy through a blockbuster $26 billion sale to Microsoft

New SPAC Deal: Health App Sharecare

Amid the recent explosion of SPAC deals, the latest company to tap into the booming market is the health app Sharecare, which has announced an agreement to merge with the special-purpose acquisition company (SPAC) Falcon Capital Acquisition Corp (NASDAQ:FCAC) in a deal that values the company at $3.9 billion. Falcon Capital Acquisition Corp is a SPAC led by Alan Mnuchin, a finance industry veteran who's notably the brother of Steve Mnuchin, the US Treasury Secretary that served under President Trump. Alan Mnuchin just like his brother Steve is a veteran of the banking giant Goldman Sachs and is the founder of his own investment bank, AGM Partners LLC. Sharecare is a health app that provides consumers easy access to vetted health information and data. The company makes money from a stream of "knowledge partners", usually health-centric advertisers that pay Sharecare to get their answers to health-related questions listed on its platform as a method of brand awareness. Th

Mike Cagney's Figure Files For $250M SPAC

Figure, a blockchain lending startup founded by Mike Cagney of SoFi fame, is the latest company to form and launch its own special-purpose acquisition company (SPAC). It's filed with the US SEC to raise $250 million for an eponymous SPAC named  Figure Acquisition Corp. I . The SPAC formed by Figure and Mike Cagney hasn't yet indicated any areas of industry where it's seeking a merger target, but for a hint, being formed by a company rather than investment firms and individuals like most SPACs are formed, it's likely that Figure's SPAC will merge with a company with its industry, fintech and blockchain. Figure is a digital mortgage lending platform that says it adopts blockchain technology to make the lending process easier. Founded in 2018, the company has already raised over $200 million in venture funding and was valued at $1.2 billion from its most recent fundraising round. Before founding Figure, Mike Cagney founded the fintech giant SoFi first as a student lo

Dog Walking App Rover To Go Public Via SPAC Deal

Amid a frenzy of SPACs , the latest technology company to seal a deal to go public through a SPAC merger is an unlikely one, a dog walking app named Rover . Rover is not just any dog-walking app but one of the most popular, and as it seems, an app for dog walking can be a business that's lucrative enough to secure a SPAC deal that's valued at $1.35 billion. Rover will merge with Nebula Caravel Acquisition Corp (NASDAQ:NEBC), a SPAC sponsored by the investment firm True Wind Capital. The merger will hand over $325 million of gross proceeds to Rover, consisting of $275 million held in trust by Nebula Caravel Acquisition Corp plus another $50 million private placement from other investors. Nothing screams SPAC boom like a dog walking app sealing its own deal to go public through one. Rover is itself a marketplace that connects pet owners to people looking to offer pet care services like dog walking, doggy daycare, and grooming. Its primary focus is on dogs, the most popular pet fo

Electric Aircraft Startup Archer Seals SPAC Merger Deal

The latest technology company to seal a deal to go public by merging with a special-purpose acquisition company (SPAC) is Archer , a startup that's developing electric vertical takeoff and landing (eVTOL) aircraft.  Archer has announced an agreement to merge with Atlas Crest Investment Corp (NYSE:ACIC), a $500 million SPAC formed by the investment banking tycoon Ken Moelis. Moelis is the founder and CEO of his eponymous publicly-traded investment banking firm, Moelis & Co (NYSE:MC). By merging with  Atlas Crest Investment Corp, Archer will get the $500 million held in trust by the SPAC. It's also secured an additional private-investment-in-public-equity (PIPE) round of $600 million, bringing the total amount that it'll raise to $1.1 billion. It's valued at $3.8 billion from its merger deal with Atlas Crest. That Archer is looking to raise a whopping $1.1 billion from its SPAC deal isn't surprising, given that the company is looking to develop and mass-produce 

SoftBank Files For Two More SPACs

Less than two months after it filed to launch its first special-purpose acquisition company (SPAC), the Japanese technology conglomerate SoftBank is back with filings for two more SPACs that are seeking to raise as much as $630 million on the public markets. SoftBank's two new SPACs, SVF Investment Corp 2 and SVF Investment Corp 3 respectively, have filed to raise $200 million and $350 million respectively. If additional share purchase warrants are exercised, they'll raise up to $230 million and $400 million respectively, summing up to $630 million. Both of SoftBank's new SPACs will target companies in the technology sector, noting the sectors of mobile communications and artificial intelligence in their filings. SVF 2 is led by Munish Varna, a managing partner at SoftBank’s Vision Fund, while SVF 3 is led by Ioannis Pipilis, a SoftBank executive who was until 2019 the head of the bond training unit at the German investment bank Deutsche Bank. These two SoftBan

Private Equity Firm KKR Forms SPAC

The private equity giant KKR is the latest institutional investor to tap into the boom of special-purpose acquisition companies (SPACs) and form its own SPAC to launch and raise money from the public markets.  KKR's SPAC, eponymously named KKR Acquisition Holdings I Corp, has filed with the US Securities and Exchange Commission (SEC) for a public offering to raise $1 billion by selling 100 million share units at $10 each. If additional share purchase warrants are exercised, it'll raise up to $1.15 billion. The KKR-led SPAC is chaired by chief executive officer Glenn Murphy, a business veteran who's the Non-Executive Chairman of the apparel company Lululemon Athletica and not employed by KKR. Two other senior KKR employees, a partner and a managing director, serve on the KKR-led SPAC's board along with Murphy. KKR has now joined the league of big private equity firms that have launched their own SPACs. Others in that cohort include the likes of Churchhill Cap

Retired Baseball Star A-Rod Forms SPAC

The latest famous individual to join the boom of own special-purpose acquisition companies (SPACs) and form his own is the retired professional baseball star Alex Rodriguez, famously called A-Rod, who has formed and signed up as the chief executive officer of Slam Corp, a SPAC that's seeking to raise $500 million from investors on the public markets. A-Rod's Slam has filed its S-1 prospectus with the US Securities and Exchange Commission (SEC), indicating that it's seeking to pursue businesses in the sports, media, entertainment, consumer technology, and health and wellness sectors.  Given A-Rod's status as a baseball star that's chased after acquisitions of professional sports teams in the past but to no avail, rumors abound that his SPAC may seek to merge with a sports franchise. However, in its S-1 filing, Slam Corp specified that it doesn't intend to merge with a professional sports franchise. Also backing Slam Corp along with A-Rod is Marc Lo

Latest SPAC Deal: Genetic Testing Company 23andMe

The genetic testing company 23andMe is the latest company to join the boom of becoming publicly-traded by merging with special-purpose acquisition companies. Barely a month after it closed an $83 million funding round , 23andMe has announced a deal to merge with VG Acquisition Corp, a SPAC formed by the famed entrepreneur Richard Branson. 23andMe will merge with VG Acquisition Corp in a deal valued at $3.5 billion. As part of the merger, 23andMe will receive $509 million held in trust by VG Acquisition plus a top-up $250 million cash infusion that'll come from investors including Fidelity, Altimeter Capital, and Foresite Capital. Branson and 23andMe's CEO, Anne Wojcicki who's the ex-wife of Google co-founder Sergey Brin, will reach chip in $25 million into the $250 million round. At close, the combined company of VG Acquisition and 23andMe will have a cash balance exceeding $900 million. After the merger, 23andMe will begin trading on the New York Stock Exchange under the t

Ex-US Commerce Secretary Wilbur Ross Forms SPAC

The latest renowned individual to join the SPAC boom is Wilbur Ross, a businessman and private equity mogul who served as the United States Secretary of Commerce for the four years of the just-concluded Trump administration. Barely two weeks after leaving office, Ross has formed a special-purpose acquisition company (SPAC) that's seeking to raise up to $345 million from investors. Wilbur Ross's SPAC is eponymously named Ross Acquisition Corp II. In a filing to the US Securities and Exchange Commission (SEC), it indicates that it's seeking to raise up to $345 million by selling 34.5 million share units at $10 each.  Ross Acquisition plans to hold an IPO on the New York Stock Exchange and trade under the ticker symbol “ROSS.U” The investment bank BofA Securities is the underwriter for its public offering.  In its filing, Ross Acquisition indicates that it intends to find a merger target business with either all or a significant portion of its activities in North America, Eur

Payments Company Payoneer Joins SPAC Boom

As this new year and the previous have marked themselves as the years of the most mergers of technology companies with special-purpose acquisition companies (SPACs), the latest company to join the SPAC boom by sealing a merger deal is Payoneer, an American digital payments provider that allows people to send and money receive money worldwide. Payoneer has announced a merger agreement with FTAC Olympus Acquisition Corp (NASDAQ:FTOCU), a SPAC formed by the veteran female banker Betsy Cohen. Payoneer will merge with FTAC Olympus in a deal that values the company at $3.3 billion. From its merger, Payoneer is expected to receive $563 million in cash including a $300 million cash infusion committed by institutional investors like Fidelity, Franklin Templeton, Millenium Management, T. Rowe Price, and the Dragoneer Investment Group. As usual, the rest of the money will come from that held in trust by the SPAC that Payoneer is merging with, FTAC Olympus in its case. Payoneer is looking to go p

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Okta Buys Cloud Security Startup Auth0 For $6.5B

A very big new acquisition has happened in the tech industry, with Okta (NASDAQ: OKTA), the publicly-traded cloud identity and access management software provider, announcing an agreement to buy Auth0, a fellow cloud identity software provider, for a price of $6.5 billion to be paid all with shares. A $6.5 billion exit for Auth0 marks a major win for the startup scene in Seattle, the tech hub where Auth0 is based and also a major win for the company's backers and investors. Auth0 last raised venture funding last year in July with a $120 million Series F round that valued the company at $1.9 billion. Now, it's about to sell for more than triple that amount. Auth0 has raised more than $330 million in total venture funding, with investors including the likes of Salesforce Ventures, Bessemer Venture Partners, Telstra Ventures, Sapphire Ventures, and DTCP. Salesforce Ventures led Auth0's most recent $120 million Series F round. With its acquisition of a fellow cloud identity a

Exec Pay: Coinbase CEO Earned $60M In 2020

The popular cryptocurrency exchange Coinbase recently released its S-1 filing to the SEC in preparation for a public offering that's expected to come soon, with the S-1 filing providing a peek into its financials and operational stats with information not publicly known before. The core information to have been revealed by Coinbase's S-1 filing is that the company is very profitable, posting a net income of $322 million on $1.28 billion in revenue in 2020. The popular crypto exchange swung from a $30 million loss in the previous year 2019 and grew its annual revenue from $533.7 million to $1.28 billion over the year. Among the noteworthy disclosures to have come from Coinbase's S-1 filing is that the company's founder and CEO Brian Armstrong pulled in a big compensation package of nearly $60 million in 2020, precisely $59.5 million.  Brian Armstrong's $59.5 million pay package consisted of a base salary of $1 million, stock options awards of $56.7 million, and $1.

Peter Thiel Cashes Out Big From Palantir

After taking his data analytics and mining company, Palantir, public last year, it seems that Peter Thiel is keen on cashing out significantly from his stake in the company after getting an opportunity to do so on the public markets.  Thiel founded and helped build Palantir from the ground up into a data analytics powerhouse with annual sales of over $1 billion.   Palantir stayed as a private company for 17 years before hitting the public markets. According to regulatory filings and records , Peter Thiel has sold over $780 million of Palantir shares since the company began trading on the New York Stock Exchange (NYSE) in September 2020.  Thiel's largest single sale transaction was an offloading of 20 million shares for $504.8 million on the 19th of February, 2020. His second-largest was the sale of 23 million shares in a transaction netting around $236 million on the 30th of September, 2020, which was the very day Palantir began trading on the NYSE. Altogether, Thiel has netted mor

Deal: Twilio Bets $750M On Mobile Comms Provider Syniverse

Twilio, the publicly-traded cloud communications company, has sought to strategically team up with an old-guard provider of mobile and wireless communications technology named Syniverse, with a formal business partnership just  announced between both parties that'll see Twilio invest up to $750 million for a minority stake in Syniverse under its terms. Twilio has agreed to invest up to $750 million in cash for a minority stake in Syniverse, buying the stake from the company's current owner which is the private equity firm Carlyle Group. The partnership between Twilio and Syniverse will see both companies enter into a major business partnership that entails a wholesale agreement whereby Syniverse will process, route and deliver application-to-person (A2P) messages originating and/or terminating between Twilio’s customers and mobile network operators. On Syniverse's end of the deal, the company is getting a business boost by providing services for Twilio which is one of the

American Drone Maker Skydio Raises $170M, Valued At $1B+

Skydio, an American startup that makes autonomous drones, has closed a new funding round of $170 million that values it above $1 billion. The round was led by the famous venture capital firm Andreessen Horowitz, with participation from existing backers Next47, IVP, and Linse Capital, plus a new investor UP.Partners. Andreessen Horowitz led the new Series D round for Skydio from its Growth Fund, and with it, Skydio has now raised a total of over $340 million in external funding and then with a $1 billion+ valuation that makes it the highest-valued drone startup in the US. It seems that Skydio has drawn wide investor attraction after the US government placed China's DJI on a blacklist last year. DJI made its mark as the biggest drone maker globally and the largest in the US market but got placed on a government Entity List last year that barred American companies from supplying it with components. The blacklist was instituted by the former Trump administration due to alleged ties to

IPO Chatter: Hot Cybersecurity Startup SentinelOne

The latest company to get into the center of chatters and rumors of an imminent public listing is SentinelOne , a Mountain View-based cybersecurity startup that's made a mark as one of the hottest of its kind with investor attraction. SentinelOne is preparing for a soon public listing that could value it at more than $10 billion and has begun interviewing banks for potential roles in its public listing, according to a report from Bloomberg . It's said that SentinelOne could list even as soon as this very year. SentinelOne is part of a cohort of technology startups that have brought artificial intelligence to the field of cybersecurity, using AI to detect and protect companies from cybersecurity threats and breaches. The company has roots in Israel, a major cybersecurity hub, and was founded in 2013. SentinelOne has been a hot startup for venture backers, drawing around $700 million in private funding of which a majority was raised just in the past two years. The Mountain View

Carmaker Volvo To Go Fully Electric By 2030

The latest global automaker to commit to transitioning to a fully-electric production output in the future is Swedish carmaker Volvo, which has announced plans to become a fully electric car company by 2030. By then, the company says it intends to have phased out any car in its portfolio with an internal combustion engine, including hybrids, and transition to producing fully electric cars. The announcement of Volvo's grand plan comes a year after the company launched its first fully electric car, the XC40 Recharge , around the globe, and with just one fully electric car in its product portfolio now, it's apparent that the automaker would need to put in hard work to achieve a fully-electric portfolio in nine years time. To work towards its goal, Volvo has announced that it'll roll out 'several' additional electric car models in the coming years, the word several making the number indistinct. The Swedish automaker is aiming for fully electric cars to make up half of

Velodyne Lidar's Founder Ousted, Fights Back

Velodyne Lidar, the leading maker of lidars for autonomous vehicles in the US, is in the midst of a leadership tussle that's seen its founder and biggest shareholder David Hall pushed out from his position of Chairman at the company along with his wife Marta Hall who held the position of Chief Marketing Officer at Velodyne. David and Marta Hall were pushed out from Velodyne after a board investigation that brought accusations of the couple behaving "inappropriately" and acting without "respect, honesty, integrity and candor” when interacting with other officers and directors at Velodyne as claimed by the company's board. As they were pushed out, Velodyne named a new Chairman and another new board director. In response to his ouster, Velodyne founder David Hall put out a press statement  accusing his company of staging a "boardroom ambush" to reprimand him and his wife "based on an opaque, secret investigation into baseless, unfounded claims".

2020: DraftKings Reports Strong Revenue Growth

DraftKings, a popular sports betting site in the US, has reported its earnings results for what's its first fiscal year as a publicly-traded company after going public through a merger with a special-purpose acquisition company (SPAC) last year. It reported $322 million in 2020 revenue, up 98% from the previous year. DraftKings' annual revenue soared high in 2020 compared to the past year as it capitalized on a stronger betting market spurred by the legalization of online sports betting in more American states for growth. The company also did well getting new customers in existing legalized sports betting markets in the US. For example, the state of Tennessee formally legalized mobile and online sports betting on the 1st of November, 2020 and saw DraftKings immediately swoop into the market. In just the first two months operating in the state, DraftKings processed over $300 million in bets, its earnings report noted. In 2021, DraftKings held successful launches in the states of

Smart TV Maker Vizio Files To Go Public

Vizio, a well-known maker of smart TVs and other complementary equipment such as soundbars, has filed an S-1 with the US Securities and Exchange Commission (SEC) for a public listing, seeking to do so for the second time after having previously filed to go public in 2015 but later withdrew its plan in lieu of a $2 billion sale agreement to a Chinese company that unfortunately didn't pan out. The market for technology IPOs has been very hot as of late and it seems that Vizio is coming in at the right time to capitalize on that hotness. A popular maker of smart TVs, Vizio has sold over 80 million TVs and 11 million soundbars since the company's inception, as indicated in its S-1 filing. The company sold 7.1 million TVs in 2020 alone. Vizio has strong revenues and is profitable, reporting $102 million in net income on over $2 billion in revenue in 2020. In the previous year, 2019, Vizio reported a net income of $23 million on $1.8 billion in revenue. Most of Vizio's revenue c