Sternlicht’s Jaws Spitfire SPAC, Velo3D Said to Discuss Merger
(Bloomberg) -- Barry Sternlicht’s Jaws Spitfire Acquisition Corp. is in talks to merge with Velo3D, a maker of 3D metal printers, according to people with knowledge of the matter.
A transaction to take Velo3D public is set to value the combined entity at more than $1 billion, one of the people said. Terms aren’t finalized and it’s possible talks could collapse.
Representatives for Velo3D and Jaws declined to comment.
Campbell, California-based Velo3D, led by founder and CEO Benny Buller, specializes in technology for 3D metal printing and has touted its ability to manufacture previously impossible geometries.
The company said in April that it had raised funding from investors including Piva, the venture capital investment arm of Malaysia’s Petronas; Taiyo Nippon Sanso Corp.; Bessemer Venture Partners; Playground and Khosla Ventures. Velo3D said at the time the fresh capital will help it “reach sustainable profitability by mid-2022.”
Jaws Spitfire, led by Sternlicht as chairman and CEO Matthew Walters, raised $345 million in a December initial public offering and said it expects to focus on growth-oriented consumer-technology and related businesses. Tennis legend Serena Williams is on the board.
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