SPAC $Altimeter Growth Corp (AGC.US)$rose 3% in after hours trading after holders approved the deal to take Southeast Asian ride-sharing company Grab public.
Shareholder redemptions were almost 0%, at 0.02%, according to a statement. The transaction is expected to close tomorrow and Grab is expected to begin trading on the Nasdaq under the ticker symbol "GRAB" Thusday.
Grab is Southeast Asia's most valuable startup and is set to undergo a merger with Altimeter at a valuation of $40B.
The deal is expected to be one of the largest-ever U.S. equity offering by a Southeast Asian company. A public debut from Grab will offer investors access to a regional consumer market of more than 655M people across countries including Indonesia, Thailand and Vietnam.
Earlier this month, Brad Gerstner's SPAC Altimeter Growth announced that that the SEC declared effective the Form F-4 registration statement of Grab Holdings and set the shareholder vote for today.

Widely followed hedge fund manager Dan Niles predicted Wednesday that the $S&P 500 Index (.SPX.US)$ will decline in 2022, as the Federal Reserve is forced to raise interest rates and stock valuations come further off of all-time highs.
"My favorite investment idea right now is cash," the founder and portfolio manager at Satori Fund told CNBC.
In terms of individual stock picks, Niles pointed to Google's parent company $Alphabet-C (GOOG.US)$ $Alphabet-A (GOOGL.US)$ and Facebook's parent $Meta Platforms (FB.US)$, which he says provide growth at a reasonable price.
"Those are great names. The names you want to be scared about are the ones that have no earnings and are valued off of revenues," he said. "Those are the stocks that are going to have huge troubles as rates continue to ratchet up."
Niles argued that signs of weakness have been popping up in the equity markets for the past several weeks, with indexes like the Russel 2000 falling dramatically over that span.
"Underneath the surface, there's a lot of damage being done and people are just continuing to crowd into some of the biggest names," he said.
Detailing his prediction for 2022, Niles projected that the Fed will be forced to raise rates to counteract inflationary pressures. This, in turn, will push stocks off of lofty valuation levels, which reached a peak above figures seen during the dot-com bubble of the late 1990s and early 2000s.
Meanwhile, for the end of the year, Niles contended that most fund managers are "either window dressing or tax-loss selling," which means that value stocks will have trouble finding support during December.
Niles has long supported FB and GOOGL. See what tech giant he previously labeled "the most overpriced tech stock."

$Ford Motor (F.US)$ Cost to retire debt: $14B
Value of F’s $Rivian Automotive (RIVN.US)$ equity: $12B
Seems straightforward enough, especially since the divorce was expected.

$Rivian Automotive (RIVN.US)$ will have trouble with: mass production, product differentiation, product line expansion and growing out of the niche of high end off roading.
$Tesla (TSLA.US)$ can keep its techie image and still go to a 20-25k car. Rivian can't.
Rivian has no budding Energy division.
Amazon can demand their order be filled using scarce chips and batteries before customer vehicles are made.
And competition.
Tesla wasn't competing against a Tesla so it looked extra easy. Success for Rivian is far from assured.

Morgan Stanley forecast $Ford Motor (F.US)$ EV unit sales will reach 150K in FY22 to rep 3.5% of Ford's volume, 473K units in FY25 to rep 11.5% of volume and 1.24M units by FY30 to rep 34% of volume.
$Tesla (TSLA.US)$ is now a frog in warming water.....tick, tick, tick, tick.

$Novavax (NVAX.US)$ has lagged rival developers of COVID-19 vaccines after the newly detected coronavirus variant Omicron sparked a rally across the subsector on Friday amid a market selloff.
The company shares underwent a brief trading halt previously after news emerged that regulators in India had sought additional data from the company’s partner there before a potential authorization for its vaccine named Covovax.
The Drugs Controller General of India (DCGI) had noted that Covovax also called NVX-CoV2373 had not yet been cleared in its country of origin, Business Standard, reports.
While FDA has yet to authorize the protein subunit vaccine against COVID-19, Novavax has already won the Emergency Use Authorization (EUA) for the vaccine in both Indonesia and the Philippines.

Starting today, $Baidu (BIDU.US)$ robotaxi business, called Apollo, can charge fees for passengers taking one of its 67 self-driving cars in Beijing. It's the first time a large city in China has allowed companies to charge the public for robotaxi rides, and sets the stage for other cities like Shanghai, Shenzhen and Guangzhou to do the same. So far, Baidu can only offer public robotaxi rides when a safety driver is accompanying passengers, but expects that to change in the next year or two.
Bigger picture: While Baidu didn't reveal exact pricing of the new service, it said fares would be similar to other premium ride-hailing apps like $DiDi Global (Delisted) (DIDI.US)$ - which can cost twice as much as ordinary rides. The new autonomous regulatory permit also covers an area of 60 square kilometers, including a town called Yizhuang that features businesses like JD.com's headquarters. On Nov. 16, Alibaba's (NYSE:BABA) autonomous driving company AutoX claimed its fully driverless robotaxis now operate in the largest single region in China - 168 square kilometers located in Shenzhen's Pingshan District.
Over in the U.S., $Alphabet-C (GOOG.US)$ Waymo has been testing self-driving taxis primarily in California and Arizona. Waymo can currently charge the public for fares in a part of Phoenix, while its driverless vehicles don't need a safety driver. $General Motors (GM.US)$ self-driving unit Cruise said earlier this month that it applied for final approval to become the first robotaxi operator to commercialize fully autonomous rides in San Francisco.
Apollo goes global? "We have partnered with many transportation companies in China and are trying to partner with similar companies in other places," said Wei Dong, VP of Baidu's intelligent driving group. "If there is such demand for autonomous driving in other markets, Baidu is willing to cooperate with overseas partners, whether it is an operating company, an automaker or another transportation company. We can export our technologies and experience, and jointly operate in certain areas on the basis of complying with local laws and regulations... Baidu is willing to open up for the international market."
Recent rumors also suggested Apple might be speeding up on the self-driving racetrack. See Apple might build an autonomous car. Who gets the call to be a partner?

$Sono Group (SEV.US)$ The lightweight Solar Panels has massive market potential. BEV delivery vans will be lapping these up. And that’s just scratching the surface. At current pricing SEV is a gift.
The kids have road tested these PVs for going on 4 years now. They are conservative nerds in their pitches always underpromising. They also appear to hesitant to play the whole SV game of high risk pump and dump.

$SPDR S&P 500 ETF (SPY.US)$ Has anyone noticed the U.S. stock market is trading at 209% of GDP versus an average (across cycles) of 85%?
When the housing bubble burst, this ratio fell all the way down to 50%.
Inflation is rising.
Rates are rising.
Markets will...de-risk.
There's a yawning gap between 209% and 85%...or 50%.
The window is closing.
Time to sell.

$Rivian Automotive (RIVN.US)$ trades lower on a Teslarati report that the EV maker will delay future deliveries of its R1T all-electric pickup and R1S all-electric pickup SUV until 2022.
Teslarati sources and members of the Rivian Owners Forum have received emails stating that their pre-ordered R1S SUVs won't be delivered until March 2022 or later, months behind the original projection date of January 2022. Some R1T pre-orders have also been delayed according to sources.
The email did not mention the production start date for the R1S, which was supposed to be in December 2021 but may not be on track given the delays.
The breakdown through an informal poll on the Rivian forum:
$Lucid Group (LCID.US)$ $Tesla (TSLA.US)$ $NIO Inc (NIO.US)$ $XPeng (XPEV.US)$