facebookAnyone looking to invest? Shaky times for the SPAC market now, not too sure about the market timing... - Seedly

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Kenneth Lou

Kenneth Lou

Co-founder at Seedly

16 Mar 2022

General Investing

Anyone looking to invest? Shaky times for the SPAC market now, not too sure about the market timing...

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What are your thoughts?

Kenneth Lou

Kenneth Lou

16 Mar 2022

Co-founder at Seedly

Some highlights of $PGRU

  • The proposal passed Tuesday (March 15) at a special shareholder meeting of Bridgetown 2, the special purpose acquisition company (Spac) backed by billionaires Richard Li and Peter Thiel.
  • The combined entity will start trading March 18 on the New York Stock Exchange under the ticker PGRU, the company said in a regulatory filing.
  • PropertyGuru, led by chief executive Hari Krishnan, is attempting to list at a challenging time for Spacs. After a flurry of listings last year, the market has now been hit by diminishing investor interest, a crackdown by the US Securities and Exchange Commission and falling stock prices.
  • Grab Holdings, South-east Asia's biggest ride-hailing and delivery company, has plummeted about 65 per cent since the transaction was completed in December amid a broader tech sell-off and a disappointing earnings report. It was the largest Spac deal.
  • The difficult conditions echo past challenges for PropertyGuru. Back in 2019, it scrapped plans for an initial public offering in Australia amid a rocky market and valuation concerns.

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