- New U.K. Prime Minister Liz Truss and chancellor Kwasi Kwarteng prepared to launch a last-ditch charm offensive to persuade Japan’s Softbank Group Corp (OTC: SFTBY) to list British tech company Arm in the U.K., the Financial Times reports.
- The government looks to push for high-level talks with SoftBank executives after the official mourning period for the Queen ends next week.
- Softbank previously indicated its desire to list Arm in the U.S.
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- However, Softbank executives explored the possibility of a rare dual listing to own a base on both sides of the Atlantic.
- The dual listing implied that Arm could get index inclusion in both markets, boosting the number of funds that could invest in the company and fast-tracking it into the FTSE 100.
- Still, the U.S. was their primary attraction due to its much higher valuations. London has faced flak for its unattractiveness to fast-growing companies, given the potential for higher valuations and deeper pools of investor cash in the U.S.
- Truss’s administration saw the chance to win at least part of Softbank’s flotation as a “big and quick win” to exhibit its seriousness regarding London.
- Talks between the government and Softbank broke down in the summer after the departure of Boris Johnson, who had become personally involved in pitching London to the Japanese company.
- Softbank opted for the Arm IPO after Nvidia Corp (NASDAQ:NVDA) deal collapsed amid fierce opposition from regulators and customers.
- Nvidia reportedly built its latest data center processor, Grace using Arm’s next-generation of data center chip technology Neoverse V2 design.
- Photo via Wikimedia Commons
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