Скачать или смотреть Square Peg set for third SPAC of 2021 with Tomorrow.io

Paul Bassat’s Square Peg Capital is emerging as one of the winner’s from the boom in SPAC (special purpose acquisition company) listings in 2021, with a third portfolio company set to list on the NASDAQ.Hyper-local weather analytics company Tomorrow.io (formerly named ClimaCell), announced on Tuesday it had signed a deal to merge with SPAC Pine Technology Acquisition Corp.ClimaCell co-founders Itai Zlotnik, Rei Goffer and Shimon Elkabetz were all at university when they founded the weather tech start-up. SuppliedThe combined company is expected to be worth $US1.2 billion, assuming there are no redemptions by Pine Technology shareholders. Pine has $US345 million held in trust.SPACs entice IPO investors by letting them park their cash in the vehicle while it searches for a target and then grants investors the right to redeem their initial investment, rather than become an investor in the combined company. They also get a yield based on the investments made with the cash while it was stored in a trust.Investors can redeem their investment, with interest, regardless of if they vote for or against the merger.