The Trump administration's existential threat to TikTok is again going down to the wire, as today is the deadline for when its Chinese parent company ByteDance must unwind a 2018 merger that helped create the app.

The big picture: There's no precedent for what might be coming after the stroke of midnight, and so far Treasury is turtling.

• The Committee on Foreign Investment in the U.S. (CFIUS) has previously required that past mergers be unwound (e.g., Grindr), but never before has such an order not been met in time.
• TikTok would, at least theoretically, be in violation of the law if it continues to operate, unless CFIUS grants it a 30-day extension (which it hasn't) or a judge grants it an emergency injunction (which TikTok sued for on Tuesday).
• The original CFIUS ruling says that the U.S. Justice Department "is authorized to take any steps necessary."

"Wait a minute," says rhetorical reader. "I thought they had a deal with Oracle and Walmart that President Trump approved?"

• Yes, but Trump only approved it in concept. The devil was in the details, particularly as it relates to data privacy and security, and those details remain bedeviled.

What TikTok is saying: "In the nearly two months since the President gave his preliminary approval to our proposal to satisfy those concerns, we have offered detailed solutions to finalize that agreement — but have received no substantive feedback."

What Treasury is saying: Nothing. Not only to reporters like me, but sources suggest that it also went dark on TikTok/ByteDance as the election neared.

The bottom line: TikTok is two-for-two in requesting court injunctions, but both of those cases related to sloppily-written executive orders. Overcoming CFIUS, which is designed to protect national security, could be a higher bar. In the meantime, over 1,500 U.S. workers and an estimated 100 million U.S. users hang in the balance.

Source: Giphy

Cano Health, a Miami, Fla.-based provider of health care services to seniors, agreed to go public via a merger with Jaws Acquisition Corp. (NYSE: JWS), a SPAC led by Starwood Capital CEO Barry Sternlicht, at around a $4.4 billion valuation.

• Why it's the BFD: Cano would have been fine no matter which presidential candidate won, since they both supported Medicare Advantage, but it may have a much larger patient pool under Biden, who pledged to lower the Medicare enrollment age from 65 to 60.

• Details: The deal includes an $800 million PIPE from Sternlicht ($50m), Fidelity, BlackRock, Third Point and Maverick Capital. Existing Cano owner InTandem Capital Partners is set to receive a "substantial majority of up to $465 million of proceeds," and would retain a 4% equity stake.
• The bottom line: Cano reports that it serves over 103,000 members via 564 primary care physicians in Florida, Texas, Nevada and Puerto Rico.

• SentinelOne, a Mountain View-based autonomous cybersecurity platform, raised $267 million in Series F funding at a $3.1 billion valuation. Tiger Global led, and was joined by Sequoia Capital Global Equities and return backers Insight Partners and Third Point Ventures. http://axios.link/JAXS

🚑 Pharmapacks, an e-commerce seller of health and beauty products, raised $250 million from The Carlyle Group at a $1.1 billion valuation. Existing backers include GPI Capital and JPMorgan Chase. http://axios.link/c0Q4

• TIER Mobility, a Berlin-based e-scooter company, raised $250 million led by SoftBank Vision Fund. http://axios.link/uw4B

• Better.com, a New York-based online mortgage lender, raised $200 million led by L Catterton at a $4 billion valuation. Other backers include Activant Capital, Ally Financial, American Express Ventures, Ping An, and 9Yards Capital. http://axios.link/RgQf

• Menlo Security, a Mountain View, Calif.-based secure web gateway provider, raised $100 million in Series E funding led by Vista Equity Partners at an $800 million valuation. http://axios.link/Y9rk

• Heroes, an acquirer and operator of European Amazon merchants, raised $65 million in equity and debt co-led by 360 Capital and Fuel Ventures. http://axios.link/vIzu

• Railsbank, a London-based banking-as-a-service platform, raised $37 million. MiddleGame Ventures and Ventura Capital co-led, and were joined by Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan, and Firestartr. http://axios.link/643w

🚑 Inipharm, a liver disease-focused biotech, raised $35 million in Series A funding from backers like 5AM Ventures and Wu Ventures. http://axios.link/mHCh

• Remote, a San Francisco-based global workforce HR platform, raised $35 million in Series A funding. Index Ventures led and was joined by Sequoia Capital, Two Sigma Ventures, General Catalyst, and individuals. http://axios.link/Ut94

• Fishtown Analytics, a Philadelphia-based, raised $29.5 million in Series B funding. Sequoia Capital led, and was joined by return backers Andreessen Horowitz and Amplify Partners. http://axios.link/U2s0

• Isovalent, a Mountain View, Calif.-based cloud-native networking and security startup, raised $29 million in Series A funding. Andreessen Horowitz and Google co-led, and were joined by Cisco Investments. http://axios.link/d1oN

🚑 Solv Health, a San Francisco-based patient booking and management platform, raised $27 million, per Axios. Acrew Capital led, and was joined by MultiCare Health System, Light Street Capital, Benchmark, and Greylock. http://axios.link/e8tq

🚑Springtide, a New York-based multi-site practice treating children with autism, raised $18.1 million in Series A funding co-led by Deerfield Management Co. and Optum Ventures. www.myspringtide.com

• Signal Automotive, a Los Angeles-based wholesale auto platform, raised $20 million led by Kayne Partners. www.signal.vin

🚑 Bond Vet, a New York-based operator of tech-enabled veterinary clinics, raised $17 million in Series A funding from existing backer Talisman Capital Partners. http://axios.link/kVBM

• Truebill, a Silver Springs, Md.-based personal finance and savings app, raised $17 million in Series C funding. Bessemer Venture Partners led, and was joined by Day One Ventures, Eldridge Industries, Cota Capital, and Firebolt Capital. http://axios.link/ZnT2

• R-Zero, a San Francisco-based developer of UV lamps for preventing infectious disease, raised $15 million in Series A funding. DBL Partners led, and was joined by Bedrock Capital and HAX/SOSV. http://axios.link/izgG

• So Good So You, a Minneapolis-based cold-pressed juice brand, raised $14.5 million led by Prelude Growth Partners. http://axios.link/wS9X

• Coherent, a Hong Kong-based provider of digital platforms to insurers, raised $14 million in Series A funding. Cathay Innovation led, and was joined by Franklin Templeton. www.coherent.com.hk

• Bumped, a Portland, Ore.-based consumer loyalty startup, raised $10.4 million in Series A funding and $5 million in debt financing. Equity backers include Canaan Partners, Commerce Ventures, Oregon Venture Fund, and Valor Siren Ventures. http://axios.link/utAf

• Envoy, a -based “mobility-as-an-amenity” provider to the commercial real estate market, raised $11 million in Series A funding co-led by Shell Ventures and Building Ventures. It also secured a $70 million credit facility. www.envoythere.com

• Spruce, an Austin, Texas-based provider of lifestyle services to the multifamily industry, raised $8 million in Series A funding. Mercury Fund led, and was joined by Sweat Equity Partners. http://axios.link/elWF

• Mozart Data, a San Francisco-based out-of-the-box data stack, raised $4 million in seed funding co-led by Craft Ventures and Array Ventures. http://axios.link/aPVH

🚑 Advent International short-listed four private equity bidders for Dutch medical supplier Mediq, which could fetch more than €1 billion, per Reuters. They are: Bain Capital, CD&R, CapVest, and Triton. http://axios.link/IXYe

• Alliance Holdings, an environmental services portfolio company of Align Capital Partners, acquired Blue Mountain, a Valencia, Penn.-based provider of stack testing services. www.bluemountainusa.com

🎲 Apollo Global Management agreed to buy casino operator Great Canadian Gaming (TSX: GC) at a C$3.3 billion enterprise value, although some minority shareholders already say they plan to vote nay.

• Apollo also said it won’t make a formal offer for listed British bookmaker William Hill, which instead is set to be acquired by Caesar’s Entertainment.

• The Blackstone Group will pay around $1 billion to buy the class unit of Indian conglomerate Piramal Enterprises, per Bloomberg. http://axios.link/zyg9

• Copperweld Group, a Brentwood, Tenn.-based portfolio company of Kinderhook Industries, acquired Copperhead Industries, a Monticello, Minn.-based provider of specialty tracer wire products. www.copperweld.com

• Eze Castle, a Boston-based portfolio company of H.I.G. Capital, acquired NorthOut, a Boston-based “digital transformation firm.” www.eci.com

⛽ Macquarie is in exclusive talks to buy Ital Gas Storage, Italy’s largest independent gas storage facility, for more than €1 billion from Morgan Stanley Infrastructure Partners, per Reuters. http://axios.link/u4eb

• Teleo Capital Management acquired Rand McNally, a Skokie, Ill.-based provider of fleet management and route mileage optimization software that had been owned by Patriarch Partners before falling into bankruptcy. http://axios.link/Tgvp

⛽ Tiger Infrastructure Partners acquired Forsa Energy, a British renewable power generation platform, from Riverstone Holdings. www.forsaenergy.com

• Vista Equity Partners acquired a majority stake in Pipedrive, a New York-based sales CRM tool for SMBs, at around a $1.5 billion valuation, per TechCrunch. Pipedrive had raised $95 million from firms like Atomico, Bessemer Venture Partners, and DTCP. http://axios.link/xtqc

• Welsh, Carson, Anderson & Stowe agreed to buy TrueCommerce, a Cranberry Township, Penn.-based provider of trading partner connectivity solutions, from Accel-KKR. http://axios.link/Rvgm

• Westhook Capital invested in RainShadow Labs, a St. Helens, Ore.-based provider of private-label manufacturing services to natural and organic personal care brands. www.rainshadowlabscom

🚑 Adagene, a Chinese oncology immunotherapy company, is prepping a U.S. IPO that could raise around $200 million, per Bloomberg. Backers include General Atlantic, Eight Roads Ventures China, F-Prime Capital, WuXi, and Sequoia China. http://axios.link/o7Wp

🚑 Sotera Health, a Broadview Heights, Ohio-based medical sterilization company backed by GTCR and Warburg Pincus, set IPO terms to 46.6 million shares at $20-$23. It would have a market cap of $6 billion, were it to price in the middle, and reports $5.3 million of net income on $401 million in revenue for the first half of 2020. http://axios.link/JxYo

• Microvast, a Stafford, Texas-based electric battery maker, is in talks to go public via a reverse merger with Tuscan Holdings Corp. (Nasdaq: THCB), at around a $2 billion valuation, per Bloomberg. http://axios.link/Ibj1

🚑 Consonance-HFW Acquisition, a life sciences-focused SPAC formed by Consonance Capital targeting the life science industry, cut its IPO size from $100 million to $80 million.

• Northern Star Acquisition, a consumer-focused SPAC led by magazine vet Joanna Coles and New York Islanders co-owner Jonathan Ledecky, filed for a raised $250 million in its IPO. http://axios.link/fBdH

• Kelso & Co. is seeking a buyer for U.S. LBM Holdings, a Buffalo Grove, Ill.-based building products distributor that could fetch $2.5 billion, per Bloomberg. http://axios.link/brOU

• Palo Alto Networks (NYSE: PANW) agreed to buy Expanse, a San Francisco-based provider of IT operations management software, for $800 million in cash and stock (plus $130m in employee retention equity awards). Expanse had raised $140 million from NEA, IVP, Founders Fund, TPG Growth, MSD Capital, Arianna Huffington, Peter Thiel, and Egon Durban. http://axios.link/iXqE

• Elementis (LSE: ELM), a British specialty chemicals firm, rejected a £622 million cash takeover offer from larger rival Minerals Technologies (NYSE: MTS). http://axios.link/Tu85

• Carousel Capital, a Charlotte-based private equity firm, raised $700 million for its sixth fund. www.carouselcapital.com

• Greenoaks Capital Partners is raising $850 million for its third growth-stage fund, per a public pension document. http://axios.link/x7lc

• GTCR raised $7.5 billion for its 13th buyout fund. http://axios.link/AzpX

• Insight Partners is raising its first fund to invest in structured preferred equities, with an $850 million target and $1.25 billion hard cap, per a public pension document. http://axios.link/XFSJ

• Polaris Capital is raising around $1.4 billion for its fifth private equity fund focused on small and mid-cap Japanese companies, per a public pension document. http://axios.link/KkRn

• Rick Ammar joined Indianapolis-based private equity firm HKW as a VP. He previously was with Macquarie Group. www.hkwinc.com

• Anne Barber, former managing director of Techstars LA, joined venture firm M13 as a partner. http://axios.link/VIQ9

• Dave Bornhoeft joined Cognitive Capital Partners as a partner and head of health care investments. He previously was with Baxter International. www.cognitivecap.com

• Carlos Gonzalez-Cadenas, COO of GoCardless, is joining Index Ventures as a partner, per TechCrunch. http://axios.link/JZUK

• Rob Meyerson, former president of Jeff Bezos’ Blue Origin, joined C5 Capital as an operating partner. www.c5capital.com

• NYSE named Hope Jarkowski as head of equities. She previously was co-head of ICE’s government affairs unit. www.nyse.com

• Zak Kukoff is joining General Catalyst as a principal. He previously was with Emergence Capital Partners. www.generalcatalyst.com

Mark Sunderhuse joined Denver-based private equity firm Primark Capital as a managing director, per his LinkedIn. He previously was a partner with Red Rocks Capital. www.primarkcapital.com

Ajay Vashee, former Dropbox CFO, is joining venture firm IVP, per TechCrunch. http://axios.link/72eG

Dave Zilberman, who spent the past 14 years at Comcast Ventures, joined Norwest Venture Partners as a general partner. www.nvp.com