The logic for going the SPAC route was to get a U.S. Sun did not sell any shares in the process, rolling over all of their equity, a sign of their confidence in the business. (Notably, the SPAC was backed by Adam Clammer, who worked at KKR for more than a decade, founding and leading the Global Technology Group.) The company is based in Israel and was owned by Japanese company Sun Corporation ( OTCPK:SNCPF ) until, in an effort to highlight Cellebrite’s value, Sun helped take the company public by merging it with a SPAC. Newer holding Cellebrite DI, which is now in our Top 5, enjoys forced buyers and also has a severely compressed multiple. The following segment was excerpted from this fund letter.
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