April 13, 2021

SPAC

NFT, SPAC, and the Future of Money

Illustration: Cryptical Hit

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Pity the financially literate! Imagine their email and SMS in-boxes over the past few months as friends and distant relatives seek guidance through the strange new set of acronyms that define the COVID economy. “Can I buy an NFT?” a parent wants to know. (An NFT is a “non-fungible token” — essentially, a digital asset whose uniqueness, and therefore its value, is stored cryptographically on the digital ledger known as the blockchain.) “Should I invest in

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Insurance Startup Hippo to Go Public in $5 Billion SPAC Merger

Home-insurance technology upstart Hippo Enterprises Inc. is teaming with a special-purpose acquisition company to go public, the latest insuretech business to tap equity markets and challenge traditional insurers head-on.

The six-year-old Hippo, based in Palo Alto, Calif., will go public through a merger with

Reinvent Technology Partners Z

RTPZ 2.39%

in a deal that values the firm at $5 billion, the companies said. Reinvent Technology Partners Z had an initial public offering of stock in November.

Reinvent’s co-directors are LinkedIn co-founder

Reid Hoffman

and

Mark Pincus,

founder of mobile-game maker

Zynga Inc.

Hippo’s move will provide funding as it continues

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Home Insurance Agency Hippo to Go Public in $5B SPAC

Hippo Enterprises said it will go public through a merger with a blank-check firm, backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus, in a deal that gives the merged entity a pro forma enterprise value of $5 billion.

Founded in 2015, Palo Alto-based insurance technology startup Hippo sells homeowners insurance online. It raised $350 million at a valuation of around $1.65 billion in its latest funding round last November, according to data from Pitchbook.

The deal with special purpose acquisition company (SPAC) Reinvent Technology Partners Z will include a private investment of about $450 million.

Hippo acquired home

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The ‘Netflix of Financial Content’ Is Going Public Via a SPAC

Text size

Traders on the floor of the New York Stock Exchange as SPAC shares are priced.


NYSE

There are more than 60 million self-directed investors in the U.S. by one count. That retail crowd is only getting more active and, well, invested in their investments. For those interested in going beyond their social media feeds for actionable advice on how to make their money grow, there is a cottage industry of newsletter writers, commentators, and analysts who sell access to their insights on a subscription basis.

Beacon Street Group wants to be a giant in that field. It announced

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Why SPAC CF Finance Acquisition III’s Stock Is Trading Down Today

What happened

Shares of CF Finance Acquisition III (NASDAQ:CFAC) were trading lower on Wednesday after the special purpose acquisition company (SPAC) announced that it has struck a deal to merge with lidar maker AEye.  

As of noon EST, CF Finance Acquisition III’s shares were down about 17.1% from Tuesday’s closing price.

So what

Here’s the background. California-based AEye was started in 2013 by Luis Dussan, an engineer who had worked for years on targeting systems for military fighter jets. Of note, these are artificial intelligence-based systems that have to be able to see, identify, and respond to objects very quickly.

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