PTON - SPAC Sandbridge X2 gains on report of talks to take rowing machine maker Hydrow public

SPAC Sandbridge X2 (NYSE:SBII) rose 1.2% on a report that the company is in talks to take rowing machine maker Hydrow public. The companies are in talks that will value the combined company at more than $1B, according to a Bloomberg report. Sanbridge X2 is discussion with investors about raising funds for a PIPE deal. Bloomberg reported in June that Hydrow was exploring options including an IPO or a SPAC merger that would value the company at about a $1B. Hydrow last June announced a $25M financing round led by private equity frim L Catterton which brought total capital raised to $52M. The fundraising round included Hydrow's existing investors including Rx3 Ventures, which was co-founded by Green Bay Packers quarterback Aaron Rodgers. Last month, iFIT Health, the owner of NordicTrack, acquired fitness training platform Sweat ahead of likely IPO.

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SPAC Sandbridge X2 gains on report of talks to take rowing machine maker Hydrow public