The shares of blank-check company Jaws Spitfire Acquisition (NYSE:SPFR) are on the move Thursday morning as investors are getting a better sense of its planned tie-up with Velo3D. SPFR stock was up 3.45% in pre-market trading at 7:30 a.m. Eastern.
Tuesday’s announcement confirmed earlier reports that former Starwood Hotels mogul Barry Sternlicht’s special purpose acquisition company (SPAC) would merge with the maker of 3D metal printers. SPFR came public in December, raising $345 million in an initial public offering on the expectations it would focus on growth-oriented consumer-technology and related businesses.
Velo3D specializes in technology for 3D metal printing, boasting of its ability to manufacture previously difficult geometries and forms.
Saying ‘No’ to Elon Musk
The share price jump follows Sternlicht’s reveal to CNBC that Tesla (NASDAQ:TSLA) CEO and founder Elon Musk was interested in buying Velo3D though the tech maker didn’t want to sell.
“Elon wanted to buy Velo3D, they didn’t want to sell, so we had an opportunity to take them public,” Sternlicht said in a CNBC interview on Wednesday. He added that Velo3D “could even get acquired because they are the probably the leader in their field in an area they can only serve.”
That’s apparently just fine with ARK Invest’s Cathie Wood, whose ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) targets 3D printing firms. That fund recently took a position in Velo3D, buying 733,313 shares of SPFR stock.
In case you were wondering, yes, Musk’s SpaceX is already a Velo customer. The 3D printer’s proprietary full-stack 3D metal printing solution enables the production of mission-critical components for space rockets, jet engines, fuel delivery systems and energy production with better performance, at faster speed and lower cost than traditional methods.
And to close the Cathie Wood-Elon Musk loop, that ARKQ ETF’s other sectors of interest? Yes, space exploration is on that list.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups.