Boston biotech outfit Ginkgo Bioworks could be seeing a merger in the near future. The company, which deals in bio projects from food engineering to DNA reproduction to cannabinoid studies, is rumored to be looking into going public. The company that is apparently making the offer is Soaring Eagle Acquisitions (NASDAQ:SRNGU), a SPAC with a lengthy track record of successful mergers. The news is exciting investors and causing movement in SRNGU stock today.
The news might seem like just another SPAC story, but investors should take interest in this potential partnership.
The impressive portfolio behind Soaring Eagle and the huge biotech innovations of Ginkgo Bioworks could make this a very lucrative public offering. Here is everything you need to know:
SRNGU Stock and a Ginkgo Bioworks SPAC Merger
- Harry Sloan and Jeff Sagansky head Soaring Eagle.
- The two are best known for their SPAC deals with current hot stocks Skillz (NYSE:SKLZ) and DraftKings (NASDAQ:DKNG).
- Soaring Eagle’s IPO was last month, and the company reeled in over $1.7 billion in proceeds.
- Ginkgo is in innovative bio-engineering group found in 2009.
- The company operates under several different businesses, and started as a DNA replication company.
- After becoming widely successful in this operation, the company has expanded into different health sectors.
- Segments spawned from the Ginkgo umbrella include plant-based food engineering, fertilizer production, and more recently, novel coronavirus testing technologies.
- The company is rapidly increasing in notoriety because of its crucial new project. The company produces the RNA all major mRNA Covid-19 vaccine manufacturers use in their doses.
- Ginkgo’s notoriety is expanding further thanks to its feature on television program 60 Minutes.
- The company has nearly $1 billion in funding from Bill Gates’ Cascade Investments.
- The deal between Ginkgo and Soaring Eagle is reportedly valued at over $20 billion.
- The rumors of the deal is moving SRNGU stock up today. The stock is up by 6%, to a price of $10.90.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.