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☆ How the SPAC boom busted in 2022
▼ + stars: | 2022-12-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the SPAC boom busted in 2022Lydia Moynihan, New York Post reporter, joins CNBC's 'Squawk Box'' to discuss the end of the SPAC boom in 2022.

☆ Nasdaq closes out its first four-quarter slump since dot-com crash
▼ + stars: | 2022-12-30 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

The only other negative four-quarter stretch in the Nasdaq's five-decade history was in 1983-84, when the video game market crashed. watch nowOther than 2008, the only other year worse for the Nasdaq was 2000, when the dot-com bubble burst and the index sank 39%. Numerous companies went bankrupt, most notably crypto exchange FTX, which collapsed after reaching a $32 billion valuation earlier in the year. In total, Nasdaq companies have shed close to $9 trillion in value this year, according to FactSet. At its peak in 2000, Nasdaq companies were worth about $6.6 trillion in total, and proceeded to lose about $5 trillion of that by the time the market bottomed in October 2002.

☆ The 5 biggest market losers in 2022: Elon Musk and Sam Bankman-Fried lead turbulent year
▼ + stars: | 2022-12-29 | by ( Brian Evans | ) www.businessinsider.com time to read: +4 min

Elon Musk saw a massive chunk of his wealth disappear in 2022, while Sam Bankman-Fried faces federal fraud charges. But other sectors of the market suffered major setbacks amid a turbulent year, such as housing. Here are the five biggest market losers of 2022. But other sectors of the market suffered major setbacks amid a turbulent macro environment that included red-hot inflation, 425 basis points in Fed rate hikes, and Russia's war on Ukraine. Here's a list of the five biggest market losers in 2022.

☆ Investing in Space: A year to forget for space stocks
▼ + stars: | 2022-12-29 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. For most anyone with money in the market, 2022 was a year to forget – and space stocks were no exception. Remember, these space SPAC names all came to market at about $10 a share. Morgan Stanley in a note to clients recently highlighted those deals as evidence that "space companies [are] on Santa's List," and I suspect M&A won't be slowing down in 2023. A programming note: Investing in Space will be taking the next week off for holiday travel.

☆ How Gerry Cardinale became the go-to dealmaker for the likes of the Yankees, AC Milan, and Ben Affleck
▼ + stars: | 2022-12-29 | by ( Hayley Cuccinello | Dakin Campbell | ) www.businessinsider.com time to read: +20 min

He bought the soccer club AC Milan in August, earning the attention of the Italian press. This past spring, AC Milan won its first national title in 11 years. Claudio Villa/AC Milan via Getty Images Show less Cardinale at a training session for AC Milan. For instance, the teams sell each other's merchandise in their stadiums, and the YES Network airs AC Milan games. "Now we have a new phase of expansion and internationalization of AC Milan with Gerry."

☆ A top healthcare banker predicts some digital-health startups will be able to go public in 2023
▼ + stars: | 2022-12-28 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +4 min

SVB Securities' Jon Swope thinks some digital-health startups will IPO in the second half of 2023. In 2021, 15 US-based digital-health companies went public via IPO, according to Rock Health. Only one digital-health company has gone public this year: Akili Interactive Labs, which went public in August in a SPAC deal. Seeing the writing on the wall, digital-health companies like Komodo Health that sought to IPO this year are now putting those plans on hold. But SVB Securities' Jon Swope said he thinks the IPO market will reopen for certain digital-health companies in the second half of 2023.

☆ 'One of our best years on record': With VC deals on the decline, venture-debt investors are cleaning up. But there's a dark side to startups borrowing cash.
▼ + stars: | 2022-12-27 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +7 min

As the Fed keeps raising interest rates to fight inflation, venture-debt defaults could soon go up. Venture debt, like a typical venture-capital investment, involves betting big on fledgling startups that may be far off from profitability. In the first six months of the year, venture debt increased 7.5%, even as VC funding fell 8% over the same period. The year for debtArmentum's Markell said venture debt had exploded in popularity this year as traditional VC deals dwindled and startup valuations plummeted. Factoring in expected Fed rate rises, Kroll thinks these interest rates will climb to as much as 12% next year.

☆ SPAC Boom Ends in Frenzy of Liquidation
▼ + stars: | 2022-12-25 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

During the boom in blank-check companies, their creators couldn’t launch them fast enough. Now they are rushing to liquidate their creations before the end of the year, marking an ugly conclusion to the SPAC frenzy. With few prospects for deals soon and a surprise tax bill looming next year, special-purpose acquisition companies are closing at a rate of about four a day this month, nearly the same pace they were being launched when the sector peaked early last year.

☆ Here are the 34 tech companies most likely to be snapped up by private equity firms like Vista and Thoma Bravo in 2023, according to bankers and market data
▼ + stars: | 2022-12-24 | by ( Ben Bergman | Stephanie Palazzolo | ) www.businessinsider.com time to read: +22 min

With a stock price down 45% in the last year, though, it may soon find itself on the other side of the table. But it has $732 million in cash on hand, with zero debt, and analysts are projecting 16% revenue growth. This year, though, Varonis has come back to earth — its stock price has sunk over 57% in the last 12 months. However, with strong projected 2023 revenue growth of 18.6%, Zuora remains a strong target for PE firms. Its stock price has been hammered, going down about 40% this year and making it the subject of mergers-and-acquisitions chatter.

☆ Rainwater Tech to list in New York via SPAC merger
▼ + stars: | 2022-12-22 | by ( David French | ) www.reuters.com time to read: +2 min

Led by Mike Nefkens, the former president of Hewlett Packard Enterprise Services, Rain Enhancement Technologies - to be known as Rainwater Tech - plans to commercialize a method known as ground-based ionization that makes clouds drop more rain. The merger values Rainwater Tech at $200 million, with dMY VI using the $241 million it raised through its initial public offering in October 2021 to capitalize the company. "This is not a technology which creates rain out of blue sky, but it is about maximizing the amount of rain when the conditions are right," Nefkens said. "We are seeing a rotation in investor sentiment from things which are nice to have towards things which we can't live without," said Niccolo de Masi, CEO of dMY VI. Reporting by David French in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Imax, Netflix, Robinhood, Amazon & more
▼ + stars: | 2022-12-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Evercore ISI initiates American Express Global Business Travel Group as outperform Evercore initiated the corporate travel business company with an outperform rating and said it's a beneficiary of corporate travel recovery. AmEx GBT is the leading business to business travel management platform, providing software and services to manage travel, expenses, and events for corporate travel." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it sees a "buying opportunity" for shares of Tesla. Piper Sandler reiterates Tesla as overweight Piper said Tesla could become a key ESG holding. Morgan Stanley reiterates Wells Fargo as overweight Morgan Stanley said the banking giant is a top beneficiary of rate increases. "

☆ Complex insiders say owner BuzzFeed has shed key talent, failed to invest in core content, and threatens to dilute the hip culture brand: 'The BuzzFeed ethos does not get it'
▼ + stars: | 2022-12-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

Clashing video strategies as some fear Complex culture is being 'completely gutted'Kevin Hart appeared on Complex's "Hot Ones" series. Before joining with BuzzFeed, Complex's then-CEO Rich Antoniello had conversations with Vice Media and Vox Media. Rubbing salt in the wound, Complex insiders said they felt their brand was scrappier and more culturally relevant than BuzzFeed, which many consider past its prime. But Complex insiders felt especially aggrieved when, this fall, BuzzFeed announced a global expansion for ComplexCon. To Complex insiders, BuzzFeed's plan to take the event to Australia, Europe, and Asia simultaneously was unrealistic and under-resourced.

☆ Palantir’s SPAC Bets Backfire, Hitting Company’s Growth
▼ + stars: | 2022-12-20 | by ( Amrith Ramkumar | Eliot Brown | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/palantirs-spac-bets-backfire-hitting-companys-growth-11671511333

☆ Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy — but plans to keep mining
▼ + stars: | 2022-12-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., is filing for Chapter 11 bankruptcy protection in Texas early Wednesday morning, according to a person familiar with the company's finances. The move follows a year of plunging cryptocurrency prices and rising energy prices. Core Scientific mines for proof-of-work cryptocurrencies like bitcoin. The process requires expensive equipment, some technical know-how, and a lot of electricity. The company will not liquidate, but will continue to operate normally while reaching a deal with senior security noteholders, which hold the bulk of the company's debt, according to this person, who declined to be named discussing confidential company matters.

☆ Donald Trump's superhero trading cards timed the market all wrong
▼ + stars: | 2022-12-16 | by ( Jon Sarlin | ) edition.cnn.com time to read: +4 min

Los Angeles CNN —Donald Trump’s entrance into the NFT world came at the worst possible moment. It bears noting, however, that despite the bad timing Trump’s NFT collection has shot to the top of NFT marketplace OpenSea’s ranking and has raked in more than $1.4 million since its launch. On the Trump Digital Trading Cards website, the Trump collection claims to be “sold out” and the floor price for a single card has risen to $177.99, according to analytics site CoinGecko. SPACs boomed in 2020 with celebrities and investors piling in, but rising interest rates and a troubled stock market has led to a dramatic fall in SPAC value. Trump’s entrance into the SPAC world came after the boom.

☆ Lanvin Group to open stores, hunt buys after U.S. SPAC listing
▼ + stars: | 2022-12-15 | by ( Casey Hall | ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 15 (Reuters) - Chinese luxury fashion conglomerate Lanvin Group, owner of the eponymous French fashion brand, said it is scouting for buys and will open new stores, after a New York SPAC listing on Thursday that raised $150 million and valued it at $1.31 billion. U.S.-listed shares of Lanvin opened about 4% higher at $10.25, and more than doubled to $20.25 in early trade. However, we still feel quite happy about what we have achieved in such a challenging environment," Lanvin Group Chairman and Chief Executive Joann Cheng told Reuters in an interview. Group revenue for the company, which was originally known as Fosun Fashion Group before it rebranded as Lanvin Group in October last year, grew 73% year-on-year to 202 million euros ($215 million) in the first half of 2022. Lanvin Group's listing will test investor appetite in less-established luxury groups.

☆ Chinese-Backed Lanvin Group Makes New York Trading Debut After SPAC Merger
▼ + stars: | 2022-12-15 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

A worker managed the inventory at a Lanvin store in Moscow in the early days of the Covid pandemic. Chinese-owned luxury fashion company Lanvin Group made its debut on the New York Stock Exchange on Thursday, after merging with a blank-check firm backed by Chinese private-equity firm Primavera Capital. Lanvin Group , which owns multiple Western brands, is controlled by China’s Fosun International Ltd. and has raised over $150 million in fresh capital at a valuation of $1 billion. It came to the market despite a sharp turn in fortunes for special-purpose acquisition companies and a wider slowdown in the market for new listings.

☆ VCs slashed proptech investments by nearly 40% this year after steep losses and job cuts showed them the sector wasn't all it was cracked up to be
▼ + stars: | 2022-12-15 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Proptech investment is down 38% from 2021, according to a new report. The proptech industry is being hit by slowdowns in both real estate and technology. High interest rates are major inhibitors of both real estate investment and tech investment, which both rely on debt. It reflects waning confidence that proptech companies can continue to give their investors big dollar exits. In 2021, private investors could imagine the path to the public markets.

☆ Donald Trump's launch of $99 NFTs sparks 10% decline in Digital World SPAC linked to Truth Social
▼ + stars: | 2022-12-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Digital World Acquisition fell 10% on Thursday after Donald Trump launched a line of $99 NFTs. Those gains were erased on Thursday as SPAC investors digested Trump's NFT announcement. Shares of Digital World Acquisition initially spiked as much as 10% on Wednesday after Trump teased a "major announcement." Collect all of your favorite Trump Digital Trading Cards, very much like a baseball card, but hopefully much more exciting... Only $99 each! Instead, the SPAC secured enough votes to delay its merger deadline with Truth Social until September 2023.

☆ Here are the 34 tech companies most likely to be on the holiday shopping lists of private-equity firms after valuations plunged this year, according to bankers and private data
▼ + stars: | 2022-12-15 | by ( Ben Bergman | Stephanie Palazzolo | ) www.businessinsider.com time to read: +22 min

The Securities and Exchange Commission, based in Washington, told Arqit Quantum that its action was ‘a fact-finding inquiry,’ the U.K. company said. British cybersecurity company Arqit Quantum Inc. is facing an investigation from the U.S. Securities and Exchange Commission over its merger with a special-purpose acquisition company last year, the company disclosed Wednesday. Arqit saw its market value rise from $1.4 billion to over $4.5 billion soon after it completed the SPAC merger—a form of public listing—in September 2021 as investors embraced the company and its projections of surging revenue and profits in the emerging sectors of digital security and advanced cryptography. Its shares have since fallen significantly amid a broad investor retreat from SPACs and young high-growth companies.

☆ Mizuho downgrades Coinbase, says stock could fall 30% if deal key to revenue is renegotiated
▼ + stars: | 2022-12-09 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Crypto platform Coinbase could further struggle if a deal providing millions of dollars in revenue each quarter is renegotiated, according to Mizuho. Managing Director Dan Dolev downgraded the stock to underperform from neutral and slashed his price target to $30 from $42. "Our assessment of consensus estimates for interest income for COIN suggests that the Street is underestimating the potential risks," he said in a note to clients. The third-quarter payout is estimated to come in at around $80 million, which translates to 32% of total interest revenue. In all, Dolev expects around $2.4 billion in 2023 revenue, which would be about 25% to 30% below consensus expectations.

☆ Getaround stock crashes after carsharing company goes public in SPAC deal
▼ + stars: | 2022-12-09 | by ( Barbara Collins | ) www.cnbc.com time to read: +2 min

Carsharing company Getaround made its public market debut Friday through a merger with blank-check company InterPrivate II Acquisition Corp. The company saw its share value drop more than 65%, reflecting the chilly environment for both SPACs and ridesharing companies. SPACs, or special purpose acquisition companies, raise capital through an IPO to acquire or merge with existing companies, aiming to eventually take the companies public in a two-year time frame. For SPACs that did go public, they haven't fared well: the CNBC SPAC Post Deal Index has fallen over 60% in the past year. Public ridesharing companies have been struggling as well.

☆ SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms, and swears he's not responsible for the poor performance of companies he took public
▼ + stars: | 2022-12-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Chamath Palihapitiya said he isn't responsible for the poor performance of so-called blank check companies. Instead, the venture capitalist blamed Fed policy for causing the market rout this year, according to his recent interview with the NYT. He used SPACs to bring 10 businesses public, including Virgin Galactic, Opendoor, and his own SPAC in 2017, Social Capital. That was a "perverted" and "distorted" marketplace created by the Fed, he said earlier this year, criticizing the low interest rates that allowed speculation and SPAC companies to take hold of investors. But the Fed has raised interest rates 375 basis points so far this year in a scramble to rein in inflation.

☆ Turkey's MNG Airlines to go public on NYSE
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Turkey's MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp (GFX.N), a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said in a statement. Golden Acquisition Corp, which went public in 2020, is headed by Chief Executive Officer Makram Azar, a former Barclays banker, and counts Xavier Rolet, a former London Stock Exchange CEO, as an independent director. Istanbul-based MNG Airlines started operations in 1996, and serves corporate customers across 41 countries with more than 3,500 flights per year. Reporting by Rahat Sandhu in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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