All Horses Go To Heaven

Got blocked by Harvard Business School on instagram, looks like my HBS MBA prospects are slim now (oh well!). Stocks rebounded from Friday's selloff. Bill de Blasio basically said NO FOOD FOR YOU (if you're not vaccinated). Kentucky Derby winner Medina Spirit died after a workout #RIP.

By Litquidity Capital Dec 7, 2021

Together with

Good morning,

Got blocked by Harvard Business School on instagram, looks like my HBS MBA prospects are slim now (oh well!). Stocks rebounded from Friday's selloff. Bill de Blasio basically said NO FOOD FOR YOU (if you're not vaccinated). Kentucky Derby winner Medina Spirit died after a workout #RIP.

We've got some exciting giveaways and releases planned over the next few weeks. Stay tuned for more. 

Let's dive in.

Before The Bell

As of 12/6/2021 market close.

To see the LitCap Yolo Fund's portfolio holdings, download the Iris Social Stock app here and give Litquidity a follow. If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

  • Markets rebounded on Monday to post solid gains, with reopening stocks in sectors such as airlines and cruise lines leading the way
  • Investors have seen fears of omicron’s economic effect continually abated as more and more reports suggest the variant is less severe than originally expected
  • Eyes will shift to inflation data later this week with the release of November CPI data on Friday and its effect on the Fed’s meeting next week, with the possibility of a tapering timeline acceleration

Earnings

  • Coupa reported Q3 earnings that exceeded Wall Street expectations on both revenue and EPS
  • What we’re watching today: GameStop
  • Full calendar here

Headline Roundup

  • NYC to impose private-sector vaccine mandate as Covid cases rise (BBG)
  • EV automaker Lucid subpoenaed by SEC for documents relating to SPAC merger and IPO (TC)
  • Samsung replaces CEOs, merges mobile and consumer electronics businesses (WSJ)
  • SEC and FINRA investigating Trump SPAC Digital World Acquisition Corp (CNBC)
  • Tesla being probed by SEC over whistleblower claims on solar panel defects (RT)
  • Tesla’s streak of declines reaches four days, longest since July (BBG)
  • US natural gas futures plunge 10+% after posting worst week since 2014 (CNBC)
  • Cravath law firm to alter partner pay structure (WSJ)
  • Lucid is subpoenaed by SEC related to SPAC deal (WSJ)
  • Patek Philippe is making 170 special versions of its Nautilus Ref. 5711 as part of a partnership with Tiffany & Co (CNBC)
  • GOP Rep. Devin Nunes resigns from Congress to be CEO of Trump’s media company (CNBC)
  • Tom Brady debuts new NFTs set to highlight beginning of career (BBG)
  • US announces diplomatic boycott of Beijing Winter Olympics over human rights abuses (CNBC)
  • Toyota to build $1.29B EV battery plant in North Carolina, create 1,750 jobs (CNBC)

A Message From The Ascent

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Deal Flow

M&A

  • Saudi Aramco signed a $15.5B lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment (RT)
  • Saint-Gobain, a French building materials manufacturer, agreed to buy construction chemicals producer GCP Applied Technologies for ~$2.3B (BBG)
  • Bain Capital and Baring PE Asia are among firms considering bids to buy outsourcing business VXI Global Solutions from Carlyle in a potential $1.5-2.0B deal (BBG)
  • Restaurant chain Jack in the Box agreed to buy peer Del Taco Restaurants in a ~$575M deal (CNBC)
  • Canadian software firm Dye & Durham agreed to buy payments business Telus for $391M (BBG)
  • London Stock Exchange agreed to buy risk management solutions firm Quantile for $363M (BBG)
  • CareTrust REIT, which owns skilled-nursing facilities, senior housing, and other health-care properties, is exploring strategic options including a sale (BBG)

VC

  • Alternative data analytics company YipitData raised up to $475M in funding at a more than $1B valuation from Carlyle (BBG)
  • Incode Technologies, a startup that operates an identity verification and authentication platform, raised $220M in funding at a $1.25B valuation led by General Atlantic and SoftBank's Latin America-focused fund (BBG)
  • TradeDepot, a Nigeria- and US-based startup connecting consumer goods brands with retailers to help with distribution, raised $110M in funding: a Series B led by Partech Africa and IFC alongside a debt facility (TC)
  • German smartphone leading startup Everphone raised $200M in funding: a $65M Series C at a $170M valuation led by Cadence Growth Capital along with a $135M debt facility (BBG)
  • Platzi, an online school for LatAm professionals, raised a $62M Series B led by Prosus Ventures (TC)
  • Hometap, a startup offering customers a way to borrow against equity in their homes without taking out a loan, raised a $60M round led by American Family Ventures (TC)
  • SMB neobank Nearside raised a $58M Series B led by Valar Ventures (TC)
  • Australian online used car dealership Carma raised a $20M seed round led by Tiger Global (TC)
  • Autonomous sidewalk delivery startup Serve Robotics raised a $13M seed round from Uber, DX Ventures, 7-Ventures, and Wavemaker Labs (TC)
  • Jordan-based mobile game published TamatemGames raised an $11M Series B led by KRAFTON (TC)
  • Dispatch Goods, a startup helping the food delivery use more reusable plastic containers, raised a $3.7M seed round led by Congruent Ventures (TC)
  • Pariti, a Kenyan startup helping startup ecosystems develop in emerging markets, raised a $2.85M seed round led by Harlem Capital (TC)

IPO / Direct Listings / Issuances / Block Trades

  • China’s biggest AI firm SenseTime is seeking to raise up to $768M in a Hong Kong IPO (BBG)
  • Intel is planning to publicly list shares in its Mobileye self-driving-car unit in mid-2022 in a move that could value it at $50B+ (WSJ)
  • CVC Capital Partners is working with Goldman Sachs on an IPO (BBG)
  • Goldman Sachs and Morgan Stanley are among institutional investors bidding to participate in the IPO of Indian digital-map provider MapmyIndia that is set to raise up to $138M (BBG)
  • Russian fertilizer maker EuroChem is considering an IPO (BBG)

SPAC

  • Benevolent AI, a UK startup that uses AI to develop drugs, agreed to merge with Odyssey Acquisition SA in a $1.7B deal (BBG)
  • Digital World Acquisition Corp., the vehicle taking Donald Trump Media & Technology Group public, agreed to a $1B investment following the combination of the two companies (BBG)
  • Media company BuzzFeed closed down 11% on its first day of trading after SPAC merger (BBG)

Exec's Picks

  • Get your Christmas shopping done early: Discover why La Aurora has set the standard for premium craftsmanship since 1903, featuring masterful blends, impeccable construction, and meticulous attention to detail. Check them out.
  • A little over ten years ago the Razr flip phone was one of the most popular phones in America. Today, the average American teenager spends ~1.5 hours watching TikTok, per day. It's clear the trends shaping the investment landscape are moving faster than ever before. Instead of sifting through headlines, we read The Daily Upside. Founded by a team of investment bankers, journalists, and scholars. The Daily Upside frames business news in a way that's unbiased, witty, insightful. Simply put, it's a must read. Exec Sum readers can sign up for free today.

The Hiring Block

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We've got 100+ jobs spanning IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're looking to hire candidates and want to post a job, all you have to do is hit "+ Hire Talent" on the top right of the job board.

To Candidates: We've also partnered up with Portal Jobs for a more hands-on approach to matching talent with relevant jobs. Fill out the form here and we'll get to work on placing you in a relevant gig 🤝

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