The Nightcap Newsletter from SPAC Track

MoonLake Immunotherapeutics AG, founded in 2021, is a clinical-stage biotechnology company advancing the tri-specific Nanobody®, sonelokimab, to address significant unmet needs in inflammatory skin and joint diseases. Sonelokimab is an IL-17A/F inhibitor that has clinically demonstrated potential to drive therapeutic solutions for dermatology and rheumatology patients. MoonLake aims to develop a portfolio of therapeutic indications for sonelokimab, and is focused on demonstrating its efficacy, safety, dosing convenience and mechanism of action, initially in psoriatic arthritis (PsA), ankylosing spondylitis or radiographic axial spondyloarthritis (AS or RaxSpA), and hidradenitis suppurativa (HS). This will build on Phase 2b data showing leading performance in psoriasis. MoonLake is headquartered in Zug, Switzerland.

AgiiPlus is a leading work solutions provider for serving booming rapid-change, quick-pivot enterprises with progressive businesses in emerging sectors of China and Singapore. Relying on its proprietary technologies, AgiiPlus offers transformative integrated working solutions to its enterprise customers, including a digital office marketplace to match enterprises with landlords, customized prefabricated renovation with smart building solutions, high quality flexible workspace with plug-in software and on-demand enterprise services.

Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder.

In 2018 Volvo Cars and Geely, which also owns an 8.2% stake in Sweden’s Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks.

“Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitisation.” the Swedish company said in a statement.

Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030.

Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year.

The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships.

Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage.

Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion.

Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021.

A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO.

“There will be further information published in connection with the prospectus,” she said.

Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion.

Grab Holdings Inc. is boosting its ownership of the Indonesian mobile wallet provider Ovo to about 90% by acquiring stakes from PT Tokopedia and Lippo Group.

Singapore-based Grab, which plans to go public via a merger with Altimeter Growth Corp. (AGC) by the end of this year, increased its holding in PT Bumi Cakrawala Perkasa, Ovo’s parent, from about 39%, according to a filing with the ministry of legal affairs. Grab has been expanding beyond ride-hailing into financial services and originally invested in Ovo as part of that effort.

The fate of Ovo has been thrown into question however because the e-commerce platform Tokopedia merged with Gojek, a ride-hailing company that is Grab’s primary competition in the region. The combined GoTo, an internet giant in Indonesia, held a stake in Ovo alongside Grab, as the companies vied for leadership in Southeast Asia.

Ovo and Gojek’s GoPay had also competed fiercely in the past. By buying out Tokopedia and Lippo, Grab can resolve those conflicts and focus on boosting its financial services in the region.

“We are pleased to complete the first part of a wider exercise to restructure our ownership,” Ovo said in a statement. “We welcome a greater commitment from Grab in Ovo. We’re working in close consultation with the regulators to complete the ownership restructuring process, and are confident this will allow us to better serve the financial services needs of Indonesians”

Ovo is valued at about $2 billion, making Grab’s purchase worth between $500 million and $1 billion, according to a person familiar with the matter who asked not to be named discussing a private deal. Grab is in the process of selling a slice of its Ovo stake to Indonesian investors to comply with the country’s regulations, according to another person with knowledge of the matter.