Chamath Palihapitiya seems to be again in SPACs. In response to a U.S. Securities and Change Fee submitting, the investor is seeking to spin up one other particular goal acquisition firm — this time referred to as American Exceptionalism Acquisition Corp. — to take one other non-public firm public.
Within the S-1, chairman, director, and founder Palihapitiya notes the corporate is particularly focusing on sectors “fixing the elemental dangers that come from our interconnected international order whereas reinforcing American exceptionalism.” This consists of AI, DeFi, warfighting robotics and drones, in addition to improvements in vitality manufacturing like nuclear and solar energy.
“We intend to search out firms that function in sectors that we imagine can be instrumental in sustaining U.S. international management for the following century,” the submitting reads. “We imagine that these progressive sectors are depending on new firm formation, the sustainability of sturdy non-public market funding and an elevated willingness of personal expertise firms to grow to be publicly-traded and subsequently grow to be obtainable to a broader universe of traders.”
Purely on the DeFi entrance, Palihapitiya, supposedly a longtime Bitcoin proponent, says “the following stage of improvement is the elevated integration between conventional finance and decentralized finance,” pointing to the success of Circle (ticker CRCL) and mainstream embrace of stablecoins.
“We can be looking for a fantastic firm at a fantastic valuation to take public, however doubtless, the funding will entail substantial danger together with the potential of complete loss,” Palihapitiya wrote.
In response to the registration assertion with the SEC, Palihapitiya’s newly included clean examine firm is seeking to elevate $250 million by promoting frequent shares and ultimately listing on the NYSE. American Exceptionalism can have a 24-month “completion window” to find a viable enterprise operation to merge with and take public.
‘SPAC King’
Palihapitiya was as soon as dubbed the “SPAC King” after launching 12 SPACs alongside his enterprise agency Social Capital. These corporations, together with Virgin Galactic, Opendoor, Clover Well being, and SoFi, raised billions when itemizing; nevertheless, many SPACs have since misplaced their luster after typically shedding 70%-95% of their peak valuations.
Along with Palihapitiya, a number of executives from Social Capital, Jeffrey Vignos and Steven Trieu, are becoming a member of the SPAC in management roles.
Apparently, the transfer comes at a time of accelerating curiosity in equities tokenization from the likes of Kraken and Robinhood. Each corporations are exploring methods to extend retail publicity to non-public funds utilizing onchain representations of pre-market inventory.
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