☕️ Wee-bit Disappointing

ASX-listed Weebit Nano wants out of the exchange.

Good morning.

Weebit Nano CEO Coby Hanoch doesn’t mince words when it comes to the ASX.

After reverse-listing on the ASX in 2016, the chief of the Israeli semiconductor IP company remains a wee-bit bitter about the bourse’s “insane requirements” and “insane way of thinking.” Among several criticisms, Hanoch tells Capital Brief that the exchange is “50 years behind the world in dealing with technology and in dealing with the regulation.”

Given the decision by the likes of Canva, Airwallex, and ROKT to pursue listings abroad, it looks like Australian tech could be voting with its feet.

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Shares in Pacific Smiles Group rose over 11% during trading yesterday to close at $1.66, on the back of an improved revised non-binding proposal from private equity firm Genesis Capital to acquire all of its shares. Genesis’s takeover bid offers $1.75 in cash per share via a recommended scheme of arrangement, after acquiring a 19.9% stake in the group in January. Subject to the parties negotiating and entering into a binding agreement, the board said it currently intends to recommend that shareholders vote in favour of the acquisition.

The quick sync

  • Australia’s largest scaleup hub Stone & Chalk is bullish on long term viability despite a $7m cost blowout last financial year. (Capital Brief)

  • NAB and Virgin Money win UK lawsuit after being accused of mis-selling fixed-rate business loans. (AFR)

  • Vale SA is facing a new US$3.8b ($5.82b) class action over the Samarco-BHP Brazil dam collapse. (Capital Brief)(Financial Times)

  • AstraZeneca has struck a deal to purchase Fusion Pharmaceuticals for US$2.4b, to build out its next-generation radiotherapy offering. (Capital Brief)

  • Microsoft has hired co-founder of Alphabet’s DeepMind, Mustafa Suleyman, to spearhead its new consumer AI unit, Microsoft AI. (Microsoft press release)(Reuters)

M&A

  • Campus Living Villages prepares to test bidder appetite after restructuring, owners set to appoint Goldman Sachs for the sale process. (AFR)

  • Regal's VGI Partners Global Investments Limited witnesses a surge in trading volume as unknown buyer scoops up shares. (AFR)

  • Regal Funds Management sells stake in Avada Group to Pacific Equity Partners. (AFR)

  • Buyout giants eye $5b AirTrunk amid growing interest in data centres. (The Australian)

  • CVC Capital Partners' exclusive period for APM Human Services bid expires, opening the door for rival Bain Capital. (AFR)

  • Macquarie, PSP Investments launch sale of data centre firm AirTrunk, valued at $15b. (AFR)

  • Autograb expands internationally with a partnership with UK's JATO. (BNA)

  • Boral's independent directors advise shareholders to reject a $1.9b buyout offer from Stokes family's Seven Group. (Capital Brief)

  • WICET owners tap KordaMentha for refinancing assistance. (The Australian)

Capital Markets

  • Tasmea sets IPO price at $1.56 per share amidst strong investor interest. (The Australian)

VC

  • Hola Health secures $4.5m pre-Series A funding round led by M8 Ventures. (BNA)

  • Buddy raises $1.4m from venture capital firm GD1 to expand B2B metal recyclables marketplace. (Capital Brief)

  • Cauldron raises $9.5m in Series A funding to advance fermentation technology for food and fibre innovation. (Startup Daily)

People moves

  • Bree Kirkham joins F5 Collective as chief commercial officer to close gender funding gap. (Startup Daily)

☝️ Know about a deal or people move we don’t? Hit reply.

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