Many spac companies struggle to find suitable targets, Tidjane Thiam’s Freedom Acquisition Corp found one but said it wasn’t ready to be listed on the stock exchange.
Tidjane Thiam is launching a new fund to invest in Human Longevity, «Financial Times» (behind paywall) reported.
After deciding that the California-based biotech company was not ready to be listed and merge with his Spac company Freedom Acquisition Corp, Thiam told the newspaper that creaating a fund was the best way to invest in it.
Old Ties
Spacs or blanque cheque companies list on stock exchanges and use their funds to identify private companies which they can acquire and take public.
Tidjane set up Free Tiger Fund with his advisor Adam Gishen, who was in charge of investor relations and communications at Credit Suisse during Thiam’s time as CEO at the bank, the report says.
Furthermore, spac company Freedom recently merged with Complete Solaria, a solar services company.
Millions to Come
The deal values Complete Solaria at $888 million and is expected to generate up to $376 million of proceeds, before potential redemptions by Freedom’s investors, the report said.
Complete Solaria expects to achieve $120 million of revenue this year and $285 million next year and aims to break even in the second half of 2023, the report added.
