Hyperdrive
An Uber Outcast’s Blank-Check Company Goes Public
This article is for subscribers only.
Three years after he was ousted from Uber Technologies Inc. under a cloud of controversy, Emil Michael is back. His latest venture asks investors to buy shares in a company before knowing which business they’re actually backing.
The new venture, DPCM Capital Inc., listed its shares Wednesday on the New York Stock Exchange. The offering raised about $300 million, higher than the $250 million initially expected. DPCM Capital plans to help fund one or more companies yet to be identified, but will likely target tech companies based in the U.S., valued in the $1 billion to $2 billion range, according to filings.