By Joshua Franklin
Oct 5 (Reuters) – Danimer Scientific has agreed to go public by merging with blank-check acquisition company Live Oak Acquisition Corp LOAK.N, in a deal that values the U.S. bioplastics company at around $890 million, according to people familiar with the matter.
It is the latest example of a company opting to go public by merging with a so-called special purpose acquisition company (SPAC), rather than through a traditional initial public offering (IPO).
A wave of companies, including sports betting platform DraftKings Inc DKNG.O and U.S. healthcare-services company MultiPlan Inc, have agreed to deals with SPACs to go public this year. [nL1N2GQ1JK]
A SPAC is a shell company which raises cash in an IPO with the goal of buying an unidentified private company, usually within two years. It can offer a privately held company immediate certainty on the valuation it will achieve when it