Feb 1, 2023 - Economy

SoftBank Vision Fund's mixed SPAC bag

Kia Kokalitcheva

Illustration of a hand about to sign a blank check that reads SoftBank — Illustration: Sarah Grillo/Axios

SoftBank's Vision Fund jumped into the special purpose acquisition company boom during the pandemic, but it's had mixed success with the investment vehicle.

Driving the news: On Friday, SoftBank liquidated its first (and thus, oldest) SPAC after failing to merge with a target before its Jan. 12 deadline.

Yes, but: The Japanese investment giant has been able to merge one of its three SPACs — SVF Investment Corp. 3.

After announcing the deal in December 2021, the SPAC's merger with warehouse robotics company Symbotic closed in June of last year. The company is currently trading at over $15 a share after beating quarterly revenue expecations earlier this week.
Its other SPAC has yet to announce any prospective merger, and the deadline of March 23 is fast approaching.

Between the lines: Beyond its three SPAC vehicles, a number of SoftBank Vision Fund portfolio companies have gone public via this route, and some have been marred with problems.

View, a Bay Area maker of so-called "smart windows" has struggled with financing and was nearly delisted by the New York Stock Exchange for failing to file certain financial statements.
Others like Grab and WeWork have seen their stocks struggle amid the larger market downturn.

Go deeper: Not so SPAC-tacular anymore

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SoftBank Vision Fund's mixed SPAC bag

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