STOCKS TELEGRAPH

Tag: Initial Public Offering

  • TS Innovation (TSIAU) Surging Pre Market After Latch Deal

    The shares of special purpose acquisition corporation (SPAC) TS Innovation Acquisitions Corp. (TSIAU) have jumped +9.46% to $14.69 on Thursday.

    This week, the building software provider, Latch Inc has decided to merge with real estate owner and developer Tishman Speyer Properties LP’s SPAC TS Innovation to become publically traded. The deal resulted in a price surge of 42.23% in the TSIAU stock on Monday.

    The deal has a $1.56 billion market valuation, the merging firms said in a statement. Upon closure, Latch will operate under the new ticker “LTCH” on Nasdaq. Established in 2014, Latch offers smart home services such as smart entry, smart sensors, and networking to buildings and occupants. The business has partnered with major owners and developers in real estate, including Tishman Speyer, and more than 300,000 units have been reserved by the company is about 35 U.S. states. One out of ten new multifamily apartments in the U.S. is developed with Latch apps in 2019.

    The business will continue to be headed by Luke Schoenfelder, co-founder, and chief executive, and the board will be replaced by Rob Speyer, president, and CEO of Tishman who is also the CEO and Chairman of TS Innovation. Latch has $157 million in revenue registered in 2020, equivalent to a 49 percent increase over 2019. The firm will have up to $510 million in cash after the deal concludes. The transaction is anticipated to be closing in the second quarter of this year.

    TS Innovation is a Tishman Speyer created blank check company targeting takeover, capital stock swap, acquisition of assets, purchasing of stocks, reconfiguration, or a related corporate mix of one or more entities. TS Innovation recently closed its original 30,000,000 unit public offering at $10.00 per unit last November. One share of the common stock and one-third of one redeemable warrant was comprised of each unit.

    In just a bit more than 2 months of its IPO, TS Innovation Acquisitions Corp. (TSIAU) succeeded to made an acquisition deal, which highlights the potential and aggressive business model of the SPAC.

  • Why Scholar Rock (NASDAQ: SRRK) Stock Jumping Today?

    Why Scholar Rock (NASDAQ: SRRK) Stock Jumping Today?

    Shares of Scholar Rock Holding Corporation (NASDAQ: SRRK) soared 118.80% on Tuesday after the company announced that it is planning to offer and sell $150,000,000 of shares of its common stock in an underwritten public offering. Additionally, Scholar Rock decided to give a 30-day option of an additional purchase of $22,500,000 of shares of common stock to underwriters in a public offering.

    Scholar Rock Holding Corporation is offering all of the shares and the offering is dependant on market and the certain closing conditions. There is no guarantee as to whether or when the offer can be fulfilled, or whether the offer is in actual size or in accordance with the terms.

    It has been revealed that the joint-book running managers for the offering are J.P. Morgan Securities LLC, Jefferies LLC, and Credit Suisse Securities (USA) LLC. The lead manager for the offering is BMO Capital Markets Corp. Scholar Rock is planning to use the profit from the offering to pursue SRK-015 in Spinal Muscular Atrophy.

    Scholar Rock Holding Corporation (NASDAQ: SRRK) shares were trading up 118.80% at $30.02 during the trading session of Tuesday. Scholar Rock Holding Corporation (NASDAQ: SRRK) share price went from a low point around $6.95 to briefly over $21.92 in the past 52 weeks. It has traded up 331.94% and 36.95% from its 52-weeks low and 52-weeks high. SRRK market cap has remained high, hitting $877.78 M at the time of writing.

    A biotechnology company has revealed promising results from a Phase II study analyzing experimental drug SRK-015 in treating patients with type 2 and type 3 spinal muscular atrophy (SMA). Scholar Rock Holding has disclosed improvements in significant motor function for all three treatment cohorts in the phase 2 study of SRK-015 at the six-month mark following treatment. The study revealed that 67% of the patients have shown improvement at one point in Hammersmith scale scores after receiving SRK-015.