Intel Corporation INTC Chairman Omar Ishrak is working towards gathering funds for a health technology special purpose acquisition company (SPAC), Bloomberg reported Monday.
What Happened: The former Medtronic plc MDT CEO could file registration documents with the United States Securities and Exchange Commission for an initial public offering as early as Tuesday, people familiar with the matter told Bloomberg.
Ishrak reportedly aims to raise approximately $750 million to $1 billion for the blank-check company.
Why It Matters: SPACs accounted for over half the total number of initial public offerings in the United States last year.
Mergers with blank check companies gained popularity as a chosen method to go public in 2020, raising $79 billion in the year.
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So far in 2021, 53 blank check companies have raised $15 billion in such listings and 47 more SPACs have announced plans to raise $11.7 billion in January, as per Bloomberg.
Price Action: Intel shares closed nearly 2.8% at $57.58 on Friday and fell 0.24% in the after-hours session.
Read Next: 6 Sports SPACs To Consider For Your Investing Playbook
Photo courtesy: World Economic Forum via Wikimedia
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