However, by the time the merger was closed, much of the SPAC cash was nowhere to be found.
The investors that chose to sell their shares in this way did better than anyone who stuck around, because MariaDB’s stock tanked sharply during its first day as a public company.
In its SPAC pitch, the company forecast its annual recurring revenue (ARR) to reach $53 million in FY 2022, and $72 million in FY 2023.
It also expected revenue of $47 million in FY 2022, and $64 million in FY 2023.
In the first quarter of FY 2024, MariaDB reported revenue of $13.6 million, up from $12.8 million a year ago.
With governments tightening the screws on Big Tech companies trying to buy smaller firms, a key exit avenue could be closed to startups in the near term.
That fact makes Reddit feeling out its own IPO valuation all the more important.
What could help tech companies avoid another 2023 (a year that had precious few public debuts) is a massive, winning public offering.
Too high, and the stock could lose ground from its IPO price.
But private tech companies want good IPO news that sticks, and public market investors won’t gain confidence if Reddit clears a bar that it set too low.
Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board, the two said Saturday.
Sachin Bansal, the Bengaluru-headquartered startup’s other co-founder, left the board in 2018 after scuffle with the investors.
Binny Bansal, who reserved the rights to stay on Flipkart’s board for as long as he preferred, cited conflict of interest with his new venture as the reason for the move.
“I am proud of the Flipkart Group’s achievements over the past 16 years.
After leaving Flipkart, Sachin Bansal founded Navi, a financial services firm that is looking to go public.
Cruise lost the permits it needed to operate commercially in the state of California and has since grounded its fleet elsewhere.
Problems with Cruise began almost immediately after the company received the last remaining permit required to operate its robotaxi service commercially throughout San Francisco.
On that day, a pedestrian crossing a street in San Francisco was initially hit by a human-driven car and landed in the path of a Cruise robotaxi and run over.
Even after obtaining the Full Video, Cruise did not correct the public narrative but continued instead to share incomplete facts and video about the Accident with the media and the public.
This conduct has caused both regulators and the media to accuse Cruise of misleading them.”This story is developing …
Update: Electronic Frontier Foundation Senior Policy Analyst Matthew Guariglia offered TechCrunch the following statement,Today, Amazon Ring has announced that it will no longer facilitate police’s warrantless requests for footage from Ring users.
Now, Ring hopefully will altogether be out of the business of platforming casual and warrantless police requests for footage to its users.
Amazon today announced that it is end-of-lifing Request for Assistance (RFA), a controversial tool that allowed police and fire departments to request doorbell video through Ring’s Neighbors app.
“Public safety agencies like fire and police departments can still use the Neighbors app to share helpful safety tips, updates, and community events,” Neighbors app head, Eric Kuhn, noted in a blog post.
In 2021, Amazon made police requests public as part of its biannual transparency report.
Amazon today announced that it is end-of-lifing Request for Assistance (RFA), a controversial tool that allowed police and fire departments to request doorbell video through Ring’s Neighbors app.
“Public safety agencies like fire and police departments can still use the Neighbors app to share helpful safety tips, updates, and community events,” Neighbors app head, Eric Kuhn, noted in a blog post.
“They will no longer be able to use the RFA tool to request and receive video in the app.
Public safety agency posts are still public, and will be available for users to view on the Neighbors app feed and on the agency’s profile.”The feature has been a major concern for privacy advocates for a number of years.
In 2021, Amazon made police requests public as part of its biannual transparency report.
Amazon today announced that it is end-of-lifing Request for Assistance (RFA), a controversial tool that allowed police and fire departments to request doorbell video through Ring’s Neighbors app.
“Public safety agencies like fire and police departments can still use the Neighbors app to share helpful safety tips, updates, and community events,” Neighbors app head, Eric Kuhn, noted in a blog post.
“They will no longer be able to use the RFA tool to request and receive video in the app.
Public safety agency posts are still public, and will be available for users to view on the Neighbors app feed and on the agency’s profile.”The feature has been a major concern for privacy advocates for a number of years.
In 2021, Amazon made police requests public as part of its biannual transparency report.
Although Ripple has been around since 2012, it and the XRP Ledger are doubling down on its global payments journey.
At the same time, it’s also aiming to become the go-to enterprise infrastructure provider, the company’s president, Monica Long, said on TechCrunch’s Chain Reaction podcast.
Distinct from the Ripple network and protocol, the XRP Ledger is a decentralized public ledger with an open source code base that anyone can contribute to or use, Long said.
“Foreign exchange is pretty concentrated in terms of the players who actually have enough capital to provide liquidity for those transactions,” Long said.
“And so when you have a lot of concentration, you have a lack of competitiveness for the pricing.”
Reddit could be finally going public this year.
Now, before the rumor mill gets going, let’s make one thing clear: Reddit going public in the first quarter is not going to throw the IPO window wide open for other tech companies waiting to exit.
Still, if Reddit manages to pull off a strong IPO, it would help make going public palatable for companies of all sorts.
Besides Reddit and Circle, huge companies like Shein are also reportedly busy getting their S-1 and F-1 ducks in a row.
The sooner the IPO window can open, the better.
Reddit is preparing to launch its initial public offering (IPO) in March, according to a new report from Reuters.
Reddit is planning to make its public filing in late February and complete the IPO by the end of March.
The company is looking to sell around 10% of its shares in the IPO, and will decide on what IPO valuation to pursue closer to the time of the listing.
However, Reuters sources cautioned that Reddit’s IPO plans could potentially be pushed back, which has happened in the past.
Its IPO plans have also been delayed due to uncertainty around the IPO market over the last two years, Reuters notes.
