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

Seize, the Southeast Asian tremendous app, introduced final night time that it accomplished its enterprise mixture with particular objective acquisition firm (SPAC) Altimeter Progress. The end result? Seize will start buying and selling at this time on the Nasdaq beneath the ticker image “GRAB.”

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

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

Seize’s SPAC deal

One challenge that many SPAC-led offers endured currently is redemptions. In essence, SPAC backers can choose to get their a reimbursement 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 lately reported: “Shareholder redemptions have been successfully 0%, at 0.02%.”

So, we should always anticipate that the Seize SPAC deal did in truth elevate the cash we anticipated for the tremendous app. Certainly, as Seize wrote final night time, 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 massive deal for a giant firm, it’s the largest deal for its area, and it’s heading into its first buying and selling session having obtained an enormous vote of confidence from its SPAC backers.