
Peter Thiel-backed startup Luminar goes public via $3.4B SPAC - airstrike
https://www.themiddlemarket.com/articles/peter-thiel-backed-startup-luminar-goes-public-in-3-4-billion-merger
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airstrike
Matt Levine on SPACs:
[https://www.bloomberg.com/opinion/articles/2020-07-27/spacs-...](https://www.bloomberg.com/opinion/articles/2020-07-27/spacs-
aren-t-cheaper-than-ipos-yet?sref=E8WUw9Ax)

I don't agree with the entirety of his argument, but it's definitely...
unusual to see SPACs get so much attention all of a sudden. Also SPACs of this
size are few and far between.

As I've noted elsewhere, SPAC transactions do have some benefits relative to
IPOs such as private bookbuilding (vs investor roadshow), faster speed, comps
are defined by seller meaning valuation is not dependent on equity analysts'
views (instead the discussion is principal-to-principal)... So it's a trade-
off. Still doesn't explain why suddenly they are all the rage. My hypothesis
is that investors are gradually becoming more comfortable with its
idiosyncrasies and as such the acronym is no longer a four-letter word

