Online brokerage TradeZero said in merger talks with Dune SPAC
(Bloomberg) – TradeZero Holding Corp., an online brokerage firm that provides free and subscription software for stock trading, is in talks to merge with Dune Acquisition Corp., a blank check company, according to people who know the subject. .
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Terms are changing, but if a deal is finalized it could be announced in the coming weeks, the people added. It is still possible that the talks will collapse.
Representatives for TradeZero, based in Nassau, Bahamas, and Dune, based in West Palm Beach, Fla., Declined to comment.
TradeZero, led by CEO Dan Pipitone, offers commission-free stock trading, short sales, free limit orders and other services, its website says. The company is making money in part from discounts paid for order flow by market centers including EDGX, ARCA and Nasdaq, and plans to expand its option offerings from one-to-many trading. steps.
Dune, led by CEO Carter Glatt, raised $ 172.5 million in an initial public offering in December. PSPC said it will focus on finding a target in the tech sector, especially companies pursuing a software-as-a-service model.
During the pandemic, retail investors stormed into financial markets, boosting income for brokerage houses, including Robinhood Markets Inc., which itself became a meme stock after its IPO in August. Other companies with brokerage activities such as Interactive Brokers Group Inc. and Charles Schwab Corp. have posted equity gains over the past 12 months, outperforming the S&P 500 Index.
Stock brokerage firm EToro agreed in March to go public through a blank check company merger, while cryptocurrency exchange Bakkt Holdings LLC signed a SPAC deal in January.
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