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Technology Stocks : Softbank Group Corp

SFTBY 31.15

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Feb 7 3:47 PM EST

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From: Glenn Petersen	12/20/2020 4:00:55 PM
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Scoop: SoftBank to file for SPAC on Monday Dan Primack Axios December 20, 2020 SoftBank on Monday will file to raise between $500 million and $600 million via an IPO of its first SPAC, Axios has learned from multiple sources. Look ahead: The investment giant is said to be prepping at least two additional SPACs, which are blank check vehicles that raise money to buy a company and take it public via a reverse merger. Details: As Axios previously reported, Goldman Sachs and Citigroup are lead managing the process, with the SPAC intended to buy a company in which SoftBank has not previously invested. -- The SPAC sponsor will be SoftBank Investment Advisers, which manages the $100 billion Vision Fund and Vision Fund 2 (unknown size, funded entirely from SoftBank's balance sheet). -- SoftBank has never before raised a SPAC, but it did have portfolio company -- OpenDoor agree in September to be acquired by a SPAC at a $4.8 billion enterprise value. It also recently lost a pair of partners to Gores Group, where they'll focus on SPACs. A SoftBank spokesperson declined to comment. Story Link

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