Markets were down bad once again, banks are pulling back on SPAC work, TerraUSD ($UST) lost its dollar peg for the second time in three days, Rivian shares fell 20% on news of Ford selling, Match Group sued Google, Democrats are weighing a bigger Ukraine aid package, and Grindr is going public through a SPAC.
ICYMI: After market close yesterday we facilitated the first-ever public company earnings call on Twitter Spaces for RCI Hospitality Holdings (NASDAQ: $RICK). Bloomberg's Misyrlena Egkolfopoulou published a great overview of the event before the call here, check it out to learn more about the Litquidity x RCI partnership!
Before The Bell
As of 5/9/2022 market close.
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- The market selloff continued yesterday with the Dow, S&P 500, and Nasdaq closing down 2.0%, 3.2% (falling below 4,000 for first time in over a year), and 4.3%, respectively
- Stocks tumbled to a 13-month low as investors continue to have concerns about the Fed's ability to tame inflation without throwing the economy into a recession
- The US 10Y yield peaked at 3.2% during yesterday’s session, its highest level since 2018
- Bitcoin also broke below $30k last night, the first time since July 2021
- Rising rates continued to hurt tech stocks with names like Meta, Alphabet, Amazon, and Apple all closing in the red
Palantir shares fell 20%+ after forecasting slowing sales growth primarily because of its government business
AMC posted narrower-than-expected losses, reporting its strongest Q1 in two years as it continues to make strides toward recovery
RCI Hospitality Holdings ($RICK) posted a 45% YoY increase in Q2 revenue and a 69% increase in EPS
- What we’re watching today: Peloton, SoFi, Roblox, Coinbase, Norwegian Cruise Line
- Full calendar here
- TerraUSD ($UST) lost its dollar peg for the second time in three days (CD)
- Global banks scales back on SPAC work following new SEC rules (BBG)
- Rivian tumbles after report of Ford share sale at a discount (BBG)
- Schroders’ $32B India partner faces regulator probe (BBG)
- Zimbabwe bankers to meet authorities after order to halt lending (BBG)
- EU drops plan to stop tankers moving Russian oil anywhere (BBG)
- Blackstone opens Toronto office in Canada real estate expansion (BBG)
- AT&T, Comcast, Verizon, others commit to low-income broadband program (WSJ)
- Pentagon’s China warning prompts calls to vet US funding of startups (WSJ)
- Match sues Google over app store billing rules (BBG)
- Democrats weigh $40B for Ukraine, topping Biden’s ask (BBG)
- KKR to build warehouses as demand for space outstrips supply (BBG)
- Warhol Marilyn sells for $195M, most ever for US artist (BBG)
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- Tobacco company Philip Morris is in advanced talks to buy smokeless-tobacco rival Swedish Match in a potential $15B+ deal (WSJ)
- Digital infrastructure investment firm DigitalBridge has emerged as a suitor for data-center operator Switch, which has a market value of ~$7B (BBG)
Carlyle Group agreed to acquire US specialty insurance provider NSM Insurance Group for $1.8B in cash (RT)
Hg Pooled Management agreed to buy British software firm Ideagen in a $1.34B deal (RT)
Omers Infrastructure Management agreed to buy $670M of mobile-phone towers and rooftop infrastructure from TPG Telecom (BBG)
- Australian insurance broker AUB agreed to buy wholesale insurance broker Tysers for $620.5M (RT)
- UK grocer Morrison won a bidding war to take control of insolvent UK convenience-store chain McColl’s (BBG)
- Australian hydropower utility Verbund agreed to buy a portfolio of renewable energy assets in Spain from PE fund Q-Energy for an undisclosed sum (RT)
TelevisaUnivision agreed to acquire Pantaya, a streaming platform in the US for Spanish language movies and series, in exchange for cash and radio assets (RT)
- AR home improvement app OHouse raised a $182M Series D at a $1.4B valuation led by SoftBank Ventures Asia, Vertex Growth, a VC fund backed by Temasek, and more (TC)
Aspen Neuroscience, a biotech startup developing autologous cell therapies, raised a $147.5M Series B led by GV, LYFE Capital, and Revelation Partners (PRN)
- Business intelligence and analytics startup Pyramid Analytics raised a $120M Series E at a ~$1B valuation led by HIG Growth, General Oriental Investments, and Clal Insurance Enterprises Holdings (TC)
Hugging Face, a startup building machine learning into GitHub, raised a $100M Series C at a $2B valuation led by Lux Capital (TC)
Brightseed, a startup using AI analysis to identify and categorize phytochemicals, raised a $68M Series B led by Temasek (TC)
- Self-checkout startup Mashgin raised a $62.5M Series B at a $1.5B valuation led by NEA (PRN)
- Egyptian fintech Paymob raised a $50M Series B led by PayPal Ventures and Kora Capital (TC)
RGo Robotics, a startup improving mobile robot perception, raised $20M in funding led by MoreTech Ventures (BW)
- South Korean crypto disclosure platform Xangle raised a $17M Series B led by KB Investment, Shinhan Capital, Premier Partners, and IMM (BW)
- Israeli biotech company BioGenCell raised a $16M seed round led by Marius Nacht (PRN)
Anja Health, a personalized cord blood banking company, raised a $4.5M seed round led by Seven Seven Six (PRN)
- Edtech startup Manara raised a $3M pre-seed round led by Stripe (TC)
Grindr, the dating app that specializes in connections for the LGBTQ+ community, agreed to merge with Tiga Acquisition Corp. in a $2.1B deal (BBG)
- Bitcoin and Ethereum down 50%+ from ATHs (DC)
Luna Foundation Guard buys additional $1.5B in BTC backing for UST (TBC)
MicroStrategy's Bitcoin bet is on the verge of turning negative (BBG)
El Salvador buys Bitcoin dip, adding 500 coins to holdings (BBG)
- Argentina's central bank bans crypto trading (BW)
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