- SPAC to File S-1 with SEC as Soon as Friday, Seeks Target in Technology Sector
- Emil Michael was Previously Chief Business Officer at Uber Technologies, Inc.
- SPAC’s Special Advisors Include Dr. Eric Schmidt, Former CEO of Google
Former Uber Technologies, Inc. executive Emil Michael plans to file for an initial public offering of $250 million for a blank check company whose special advisors include Dr. Eric Schmidt, the Silicon Valley billionaire who was previously CEO of Google and Executive Chairman of Alphabet Inc.
The special purpose acquisition company, or SPAC, is called DPCM Capital, Inc. and will file its S-1 prospectus with the Securities and Exchange Commission as soon as Friday, according to people familiar with the matter. The SPAC plans to acquire a company in the technology sector, these people said.
Mr. Michael, Chairman and CEO of DPCM Capital, was Chief Business Officer at ridesharing giant Uber, where he oversaw significant expansion in countries including Russia and China. In China, he led the merger of Uber with domestic ridesharing operator Didi Chiuxing. He also helped Uber raise billions of dollars privately before the company went public in 2019. Mr. Michael could not be reached for comment.
Mr. Michael’s pedigree also includes a role as Chief Operating Officer of Klout, a media analytics company that was sold in 2014. He was also a TMT banker at Goldman Sachs and holds degrees from Harvard University and Stanford University.
Mr. Michael’s SPAC follows several other technology-focused deals that have used the vehicle as an opportunity to introduce public investors to early-stage, high-growth companies. The first major deal in the category was Virgin Galactic Holdings, Inc., which went public via a merger with Chamath Palihapitiya’s first Social Capital SPAC. Mr. Palihapitiya has since announced another merger with his second listed Social Capital SPAC and has a third SPAC hunting for a deal.
Most prominent among DPCM’s special advisors is Dr. Schmidt, who was CEO of Google from 2001 to 2011, including the time the company went public. He went on to become Executive Chairman of Google and later its parent company Alphabet.
Special advisors also include Betsy Atkins, a widely-respected corporate governance guru who is on the board of Wynn Resorts, SL Green Realty and Volvo Cars. Also on the board of directors is Peter Diamandis who is Founder and Executive Chairman of the XPRIZE Foundation, a non-profit that hosts public competitions designed to encourage technological development to benefit humanity.
John Jannarone, Editor-in-Chief
Source: IPO Edge – Former Uber Executive Emil Michael to File for $250 Million SPAC IPO – Sources