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TOKYO – The SoftBank Group investment unit has announced plans to create two new special purpose acquisition companies and raise up to $ 630 million.
In the United States, PSPCs are increasingly listed for the purpose of acquiring other companies. Faced with strong investor demand, SoftBank will raise additional capital by creating the two PSPCs.
SoftBank’s Vision Fund operating company will be the founding entity and target companies related to artificial intelligence. SoftBank’s first SPAC was listed in the United States on January 8, raising $ 525 million.
A PSPC is a special purpose corporation that does not have a business at the time of registration. The operator seeks an acquisition target and transforms the SPAC into a commercial company. The acquisition target will then be listed by merger with a SPAC.
By merging with a SPAC, startups and other entities have the advantage of shortening the preparation time for a traditional stock market listing.
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