Softbank-funded Inobiz to be listed on NASDAQ, utilizing SPAC

[Detroit, 11th Reuters] –Innobiz Technologies, which handles sensors for self-driving cars and is funded by SoftBank Group, announced on the 11th that it will be listed on the US NASDAQ market using a special acquisition company (SPAC).

SPAC is an “empty box” company that goes public for the sole purpose of acquiring an unlisted company without running its own business. Innobiz will merge with SPAC’s Collective Growth, which is valued at $ 1.4 billion. Aim to complete the procedure during the first quarter of 2021. The ticker symbol is “INVZ”.

Innobiz was founded in 2016. He works on “LiDAR,” which is a type of sensor that uses laser light. The rider can accurately detect the distance, position, shape, etc. to the object.

Regarding the listing of companies, Airbnb, a major private lodging agency, was listed on the NASDAQ market the day before. The initial price is more than double the public price, marking the largest initial public offering (IPO) of the year in the United States. DoorDash, the largest culinary delivery service listed on the New York Stock Exchange this week, also has an initial price of about 80% above the public price, and these technology start-ups continue to perform well this year.

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