SVF Investment Corp (SVFA)

During Tuesday's morning trading, 20 companies set new 52-week lows. Noteables: The largest company in ...

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Before 10 a.m. ET on Thursday, 15 companies set new 52-week lows. Noteworthy Mentions: Citrix Systems ...

(Bloomberg) -- SoftBank Vision Fund portfolio company Mapbox Inc. is in talks to go public via a special purpose acquisition company also overseen by SoftBank Group Corp., according to a person familiar with the situation.Mapbox, which makes mapping tools used by Instacart Inc. and Snap Inc., is in discussions with SVF Investment Corp. 3 at a valuation of as much as $2 billion, according to Sky News, which earlier reported the negotiations. Mapbox is talking with several SPACs and no deal has been finalized, said the person, who asked not to be identified because the discussions are private.The San Francisco-based startup is taking on Alphabet Inc.’s Google Maps, trying to establish itself as the center of car navigation systems.Mapbox announced a deal with General Motors Co. this week and last year reached an agreement with BMW Group for in-car navigation. It’s looking to unveil deals with a half-dozen additional carmakers this year.The company was valued at more than $1 billion and was on track for revenue of more than $100 million this year, Bloomberg News reported in March. In February, SoftBank said it would raise as much as $630 million through two SPACs, on top of a $525 million blank-check company unveiled at the end of last year. Mapbox Chief Executive Officer Peter Sirota declined to comment Friday on the situation.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

SVF Investment Corp. 3 (Nasdaq: SVFC) (the "Company") announced today the closing of its initial public offering of 32,000,000 Class A ordinary shares, including 4,000,000 shares issued pursuant to the full exercise of underwriters' over-allotment option, at a price to the public of $10.00 per share, resulting in gross proceeds of $320,000,000.

SVF Investment Corp. 2 (Nasdaq: SVFB) (the "Company") announced today the closing of its initial public offering of 23,000,000 Class A ordinary shares, including 3,000,000 shares issued pursuant to the full exercise of underwriters' over-allotment option, at a price to the public of $10.00 per share, resulting in gross proceeds of $230,000,000.

SVF Investment Corp. 3 (the "Company") announced today the pricing of its initial public offering of 28,000,000 Class A ordinary shares at $10.00 per share. The shares will be listed on the Nasdaq Capital Market ("Nasdaq") in the United States and trade under the ticker symbol "SVFC" beginning on March 9, 2021.

SVF Investment Corp. 2 (the "Company") announced today the pricing of its initial public offering of 20,000,000 Class A ordinary shares at $10.00 per share. The shares will be listed on the Nasdaq Capital Market ("Nasdaq") in the United States and trade under the ticker symbol "SVFB" beginning on March 9, 2021.

(Bloomberg) -- SoftBank Group Corp. reported a record profit in its Vision Fund as a surging stock market lifted the value of its portfolio companies, but founder Masayoshi Son wiped out a significant chunk of those gains with his controversial trading in derivatives.The Vision Fund reported a 844.1 billion yen ($8 billion) profit in the December quarter, surpassing record numbers set just a quarter earlier. A global rally in technology shares has boosted the value of SoftBank’s stakes in publicly traded firms like Uber Technologies Inc. and paved the way for initial public offerings from the likes of DoorDash Inc.Those gains, which had been widely expected, were offset by fallout from Son’s decision last year to start dabbling in trading stocks and options. SoftBank posted a 285.3 billion yen derivatives loss in the period. That led to an overall loss in the asset management arm of 113.5 billion yen, up from 85.2 billion yen in the previous three-month period.“The Vision Fund’s stellar performance in the past few quarters continues to cover for the losses on options trading,” said Anthea Lai, an analyst with Bloomberg Intelligence. “SoftBank could argue those derivatives were for hedging purposes, but Son’s venture into trading is definitely not looking good so far.”In a presentation to investors after the results, Son focused on his successes. He reprised his argument that SoftBank is like a goose that lays golden eggs, from Alibaba Group Holding Ltd. and Yahoo! two decades ago, to companies like Uber and DoorDash more recently. Some 15 companies have gone public from the Vision Fund so far, he said.“Since the Vision Fund launched, the number of golden eggs is in accelerating mode,” he said, pacing a stage in a white turtleneck sweater and grey jacket. “We are finally in the harvesting stage.”He said Vision Fund 1 and Vision Fund 2 have invested in a total of 131 companies. In the case of DoorDash, SoftBank invested about $680 million for a stake now worth about $9 billion, he said, while its $7.7 billion investment in Uber is worth $11.3 billion.The Tokyo-based company had a net income of 1.17 trillion yen in the December period and did not release operating profit figures. At least six more portfolio companies are planning IPOs this year.“There is a lot of liquidity out there and investors are particularly partial toward tech stocks,” Justin Tang, head of Asian research at United First Partners in Singapore. “At some point the IPO fatigue sets in, but doesn’t seem like we are there yet. For now, the window of opportunity is open for SoftBank.”After shares plunged in March with the coronavirus outbreak, SoftBank unveiled plans to sell off 4.5 trillion yen of assets to reduce debt and fund buybacks. The selloff included part of its interests in Alibaba, T-Mobile US Inc. and SoftBank Corp., the Japan telecommunications unit. SoftBank also announced a deal to sell its chip designer Arm Ltd. to Nvidia Corp. for $40 billion.SoftBank held a total of $22 billion of “highly liquid listed stocks” as of the end of quarter, including a $7.39 billion investment in Amazon.com Inc., $3.28 billion in Facebook Inc. and $1.38 billion in Alphabet Inc. The operation is managed by its asset management subsidiary SB Northstar, where Son personally holds a 33% stake.The investments were accompanied by derivatives that amplified exposure, but SoftBank has been winding down its options strategy amid a backlash from investors. The fair value of SoftBank’s futures and options positions came to little over $1 billion at the end of December, compared with $2.7 billion the previous quarter. Long call options on listed stocks have dwindled to $1.68 billion from $4.69 billion and short call options on listed stocks declined to $238 million from $1.26 billion of value.Son said that the losses in the asset management arm have swung to a profit of about 100 billion yen since the end of last quarter. But the operations remain in a “test-drive stage,” he said.Alibaba, Son’s most stark investment success to date and SoftBank’s largest asset, saw its shares plunge about 20% last quarter amid a Chinese government clampdown that scuttled the planned listing of its affiliate Ant Group Co. Founder Jack Ma had all but vanished from public view, prompting investor unease before he resurfaced last month.Son said he remained in touch with Ma, without giving specific details of their communications. He said Ma likes to draw and shares his drawings with Son via chat; the SoftBank chief also sketches but hasn’t shared any of his work. Son also said he saw the increased antitrust scrutiny of Ma’s businesses in China as part of the country’s natural evolution.SoftBank’s own sale of Arm to Nvidia is still making its way through the approval process gauntlet. The United Kingdom and European Union are both preparing to launch probes into the deal, the Financial Times reported last week. Son said he remained confident that it will receive a green light at the end.SoftBank has also joined the blank-check company frenzy with plans for several special purpose acquisition companies. SVF Investment Corp. raised $525 million last month to address sectors like mobile communications technology, artificial intelligence, robotics, cloud technologies and software. LDH Growth Corp I plans to raise as much as $200 million to target Latin American and Hispanic markets.SoftBank last week filed for two more SPACs, seeking to raise another $630 million. The new SoftBank vehicles, SVF Investment Corp. 2 and 3, will target the same diverse areas of technology as the first, including mobile communications and artificial intelligence, according to filings Friday with the Securities and Exchange Commission.“Consistently good performance by Vision Fund portfolio companies also helps the SPAC’s prospects because investors can extrapolate management expertise,” said Tang at United First Partners. “It underlines their skill in deploying capital.”SoftBank may see between 10 to 20 public listings a year from its portfolio of 164 startups across three different funds, Son said. A typical early-stage venture capital fund might see a third of its bets pay off, but SoftBank’s portfolio of late-stage companies should do better than that, he said. Even WeWork has received SPAC interest, he said.The billionaire struck a tone that was reminiscent of the days before the WeWork fiasco in late 2019. He said the key to turning “white egg” investments into golden egg hits was “turbo-charging” startups with “overwhelming capital,” more ambitious goals and synergies with other portfolio companies.Son’s presentation then took a turn for the comical. He flipped to an animated slide of a goose tagged with “AI revolution” text and a line of golden eggs marching out of its backside to Tchaikovsky’s Nutcracker.“Investment is a rhythm,” Son said. “But please don’t look at this too seriously.”(Updates with Son’s comments on Alibaba, derivatives from 12th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- SoftBank Group Corp. plans to raise as much as $630 million through two more blank-check companies, capitalizing on record investor demand for the vehicles.The Tokyo-based technology conglomerate said it would create the special purpose acquisition companies less than two months after it filed to create a $525 million blank-check company. SPACs look to merge with private companies, letting them become publicly traded while avoiding some of the uncertainty of an initial public offering. The vehicles have become a popular way for venture-backed startups to list on the public markets. More than $35 billion has been raised by the 117 SPACs that have gone public on U.S. exchanges this year, according to data compiled by Bloomberg.SoftBank shares were up as much as 6.1% in Tokyo on Monday ahead of the company’s latest earnings report, on top of a five-day streak of gains.The new SoftBank vehicles, SVF Investment Corp. 2 and 3, will target the same diverse areas of technology as the first, including mobile communications and artificial intelligence, according to filings Friday with the Securities and Exchange Commission. Because the SPACs are different sizes, they can work with companies of different maturity.SVF 2 has entered into a forward purchase agreement in which it has committed $100 million to $150 million of capital for when it combines with another company, its prospectus shows. SVF 3 has entered into a forward purchase agreement in which it has committed $150 million to $200 million of capital for when it combines with another company, its prospectus shows.For both new vehicles, each unit of the SPAC will consist of one share and one-fifth of a warrant. Citigroup Inc., UBS, Deutsche Bank AG, Cantor Fitzgerald and Mizuho Securities are advising on the listings.SVF 2’s management committee is led by Munish Varma, a managing partner at SoftBank’s Vision Fund, while SVF 3’s management committee is led by Ioannis Pipilis. SoftBank’s first SPAC is led by Vision Fund Chief Executive Officer Rajeev Misra. Vision Fund Chief Financial Officer Navneet Govil serves as CFO of all three SPACs. All are overseen by SoftBank Investment Advisers, which also runs the company’s Vision Fund. Having three SPACs launches SoftBank into a growing collection of companies with multiple blank-check vehicles, including the Gores Group and investor Chamath Palihapitiya’s Social Capital Hedosophia.(Updates with share price in third paragraph; a previous version corrected the spelling of Munish Varma’s name)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

SoftBank Group Corp(OTC: SFTBY) is planning to launch two more SPACs. What Happened: The two SPACs aim to raise a total of $550 ...