"Beta Technologies' public market debut is a capstone to founder and CEO Kyle Clark's untraditional approach to building an aviation company. Clark, a Harvard-educated former professional hockey player and pilot instructor, founded Beta Technologies in 2017. He didn't take the typical path of a startup founder, eschewing Silicon Valley for his Vermont hometown and bypassing venture capital. Instead, Beta has raised funds - to the tune of $1.15 billion - from institutional investors like Fidelity and Qatar Investment Authority."
"In another uncommon move, the company filed its IPO paperwork despite the government shutdown. The U.S. Securities and Exchange Commission issued guidance last month that lets companies in IPO limbo issue statements, including share price, that become automatically effective after 20 days, even without SEC staff review. Several other companies, including Navan, have pressed ahead with IPO plans under this rule."
"The decision to proceed under this SEC guidance would mean a 20-day roadshow with investors, Clark told TechCrunch, adding that banks advisers told him being on the road that long was risky. "And I said, 'You know what? It actually is not. I think the more time we spend with investors, the better this is going to be for Beta,' Clark said in an interview Monday evening. 'As people started to dig really deep into the tech and the strategy, we got stronge"
Beta Technologies priced its IPO at $34, selling 29.9 million shares to raise more than $1 billion and valuing the company at $7.4 billion. Trading dipped after the debut but recovered to close at $36. Founder and CEO Kyle Clark founded the company in 2017, avoided Silicon Valley, and bypassed typical venture capital routes, raising roughly $1.15 billion from institutional investors including Fidelity and Qatar Investment Authority. Major strategic investors include Amazon and General Electric. The company filed IPO paperwork during a government shutdown under SEC guidance allowing statements to become effective after 20 days, enabling an extended roadshow.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]