Emil Michael, a former Chief Business Officer at Uber Technologies, is now the latest applicant for special purpose acquisition companies or SPAC. He planned to file a public offering of $250million for a tech-based blank check company.
DPCM Capital Inc is in a view to selling 25 million units of its company at $10 each and has applied to list its shares on the New York Stock Exchange under the symbol “XPOA.U.” Nowadays, so many companies are filing for SPAC for public offerings like the electric vehicle company Nikola for their firm’s development. Now, DPCM capital is its latest entrant.
Emil Michael registered the file by stating the special technical advisor’s Eric Schmidt and Betsy Atkins, who are of great background. Eric Schmidt, a former board member of the Google parent company Alphabet and Betsy Atkins, an American business executive, entrepreneur, 3-time CEO, serial entrepreneur, and Founder of Baja Ventures.
Michael is a Chief Operating Officer of Klout and chief business officer at Uber before Travis Kalanick. He worked for almost 4 years for Uber. After that, he became involved in a dispute with the media by suggesting hiring a team to dig up dirt about a journalist who criticized Uber company. That is a huge controversy and then raised a storm in the media. Uber has not even mentioned it if he left on his own. He is also accused of commenting on medical reports of rape victims of India.
Despite being in these controversies, Emil Michael worked as a Secretary of Transportation under Trump’s government. Now he wants to make the use of SPAC to leap back to tech. He also made a strong impression by showing the potential technical advisors. Michael has very talented Mergers and acquisition skills. He proved it by selling the China Uber business to Didi Chuxing in exchange for its stake in the company.
Kristi Marvin, a former investment banker who now runs the data site SPACInsider, stated that many companies are now looking forward to launching theirs as a special purpose acquisition company. Such as Nikola, Pershing Square Tontine Holdings, and Deerfield Healthcare Technology Acquisition Corp despite the sectors, everyone is interested in SPAC.
She stated that “You ask, ”Have you ever acquired a company for $500 million or more? Do you have operating experience in the vertical that you’re targeting? Do you understand the reporting requirements involved?” Often, the answers are no.”
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