SFTBY - SoftBank could raise up to $600M today through its first SPAC - Axios

Axios sources say SoftBank ([[SFTBF]],[[SFTBY]]) will file today to raise $500-600M in an IPO of its first SPAC, a "blank check" company that raises money to take another company public via reverse merger rather than a traditional IPO.The SPAC sponsor is SoftBank Investment Advisers, which manages the massive Vision Funds, and the merger will involve a company that isn't among SoftBank's current investments.SoftBank is reportedly preparing at least two more SPACs.Early this year, SoftBank reported a record annual operating loss after writing off investments in WeWork and Uber. The company then launched a $43B asset sale and buyback program, which involved trimming its Alibaba stake and selling off chip unit Arm to Nvidia for $40B.Previously: SoftBank could go private through gradual buybacks - Bloomberg (Dec. 09 2020)

For further details see:

SoftBank could raise up to $600M today through its first SPAC - Axios