Tremendous app Seize begins buying and selling on supersized SPAC mixture – TechCrunch

Seize, the Southeast Asian tremendous app, introduced final evening that it accomplished its enterprise mixture with particular function acquisition firm (SPAC) Altimeter Development. The outcome? Seize will start buying and selling immediately on the Nasdaq beneath the ticker image “GRAB.”

And it raised a pile of cash within the course of. Billions, in actual fact.

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The Seize SPAC did not, ahem, seize our consideration through the latest IPO rush, so it’s the proper time to sit down again and catch up. This morning, we’re going to refresh our reminiscence of the Seize-SPAC deal, verify in on the corporate’s Q3 2021 efficiency, and yammer concerning the firm’s early buying and selling. Which, spoiler, is trying good.

Seize’s SPAC deal

One problem that many SPAC-led offers endured these days is redemptions. In essence, SPAC backers can choose to get their a refund forward of a enterprise mixture (extra right here). This has led to some blank-check offers not bringing as a lot capital to bear as initially anticipated.

Within the case of Seize, redemptions weren’t an issue. As the corporate just lately reported: “Shareholder redemptions had been successfully 0%, at 0.02%.”

So, we should always anticipate that the Seize SPAC deal did in actual fact elevate the cash we anticipated for the tremendous app. Certainly, as Seize wrote final evening, the “transaction raised gross proceeds of US$4.5 billion within the largest-ever U.S. public market debut by a Southeast Asian firm.”

That’s about half the rationale we care concerning the blank-check-led debut of Seize; it’s not only a large deal for a giant firm, it’s the greatest deal for its area, and it’s heading into its first buying and selling session having acquired an enormous vote of confidence from its SPAC backers.

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