Fintech startup Dave had a tumultuous debut on the Nasdaq today. Shares traded at $8.27 upon opening, giving the company a market capitalization of roughly $3 billion. After initially swooning near $7 per share, Dave’s stock rebounded above the $9 mark before closing the day at $8.53. Read more >>
Here’s what else we're reading in the news:
- Snap is suing the U.S. Patent and Trademark Office after it rejected a trademark registration for its “spectacles."
- Allen Media Group, an L.A.-based media company, has launched a free-streaming platform that aggregates content from various sports channels.
- WarnerMedia is exploring creating a media measurement platform to compete with Nielsen.
- GreenPower Motor Company has delivered six of its electric buses to the Thermalito Union Elementary School District in Oroville, California.
- ViacomCBS and WarnerMedia are exploring a sale of their jointly-owned broadcast network, The CW.
- Popcorn Time, an app that allowed users to watch pirated content, has shut down for good.
- The USDA has changed rules that allow some genetically modified foods to be labeled as “bioengineered” or “derived from bioengineering.”
After Dave, Another LA Fintech Plans to Go Public
The Los Angeles-based startup Dave made its debut on the Nasdaq today but is hardly the only fintech looking to go public this year. Marina del Rey-based Aspiration, which offers banking services with an environmentally-conscious angle, is pursuing a similar route and aims to make its market debut by the end of March.
E3 Will Be Online-Only Again This Year
The annual Electronic Entertainment Expo—better known as E3—will be an online-only affair this summer, instead of its usual blowout event at the Los Angeles Convention Center in Downtown L.A. The organizer cited the coronavirus pandemic amid the rapid, ongoing spread of the omicron variant.
Upfront Ventures Secures $177 Million for New Continuation Fund
Santa Monica-based venture capital firm Upfront Ventures has raised $176.5 million for a new fund, according to a filing with the Securities and Exchange Commission. Earlier this week, Upfront postponed its annual tech conference from late January to early March, citing the rapid spread of the omicron coronavirus variant.
ChargeNet Raises $6 Million to Put EV Chargers in Fast Food Parking Lots
Electric vehicle charging startup ChargeNet raised a $6.2 million seed round from local investors including the Los Angeles Cleantech Incubator, as it looks to expand its network of charging hubs at fast food restaurants across California.