Dog-walking co. Wag is said in talks to go public through CHW Acquisition

fotografixx/E+ via Getty Images

• Dog-walking firm Wag Labs Inc. is said in discussions to go public through a deal with CHW Acquisition Corp. (NASDAQ:CHWA).
• The transaction is expected to value the company at an enterprise value of $350M, according to a Bloomberg report. The SPAC is talks to raise funding through a PIPE deal.
• Dog-walking/pet sitting competitor competitor Rover Group (NASDAQ:ROVR) went public through a SPAC deal in August. Rover shares have dropped 37% since going public and its market cap is $1.2B.
• In December 2019 SoftBank Vision Fund (OTCPK:SFTBY) was reportedly selling its stake in the dog-walking startup back to Wag and giving up its two board seats. The price was said to come in below the $650M valuation Wag had after SoftBank's first investment two years prior.
• Recall in late August, CHW Acquisition prices upsized 11M units IPO.

Comments

[The Real Cavalier]

I mean honestly. After the BARK and ROVR fiascos how can they do this? They're going to get close to 100% redemption when shareholders vote.

[BakkenPro]

And yet they say they don't ring a bell at the top.

[sri gull]

They will have to contend with this recent story and others like it. Nothing can turn a stock into a dead dog as swiftly as a dead dog. www.yahoo.com/...

[User 2825711]

Dog walking for $350M pet sitting for $1.2B. Only in America.
When's the bird watching one coming out?

[Eric Sprung]

What a novel business idea! Easy 10X

[Longbow Archer]

Let me guess:

"HUGE TAM!!!" but right now they are in "growth phase" so there is negative EPS and huge negative FCF/Share, but of course, the "unit economics" are very strong as evidenced by the "adjusted" EBITDA?

The "next AMZN" and everybody "laughed at Bezos" so you should "diamond hand" this "long term winner" because "this is the future of dog walking".

[The Real Cavalier]

@Longbow Archer 😂

[deercreekvols]

They promise FSW (Full Self Walking) will be ready in late 2022.

[pyrite99]

I can't wait to pay 80X sales for this stock. Will WAG be in CW's ARKK? What a disruptor idea this is?!

[Legacy Legends, LLC]

Disruptive!

[RJMC]

I am going to launch a bird watching SPAC. This is ridiculous.

[mykes2012]

@RJMC

How about one where someone comes in and feeds your cat and empties the litter box?

[RJMC]

@mykes2012 - ticker could be CATP or LTBX?

[RJMC]

@mykes2012 - or a poop pickup SPAC? POOP 💩 or SHIT could be potential tickers!

[ahimsaka]

There is already an abundance of companies making fire hydrants for dogs to pee on. Here are some on Amazon: (people pay real money for something for their dogs to pee on!!!!!)

www.amazon.com/...

[Honus]

These guys are completely full of Shih Tzu.

[Convoluted]

@Honus

That’s a good one!

[Convoluted]

This could be bigger than PTON!

[billrla]

When a company fully automates dog walking, I'll buy it.

[Robert Rio]

So stupid you can't believe it's true.

[mykes2012]

Imagine a public company based on a service you or your kids should be doing in the first place. Whew, no interest.

[TigerCub911]

It is amazing that investors are still getting sucked into these kind of SPACs. Didn't they look at $ROVR $BARK etc.? $CHWA will be under $4 in no time. It's fine with me because I will short the crap out of time. Buying $7.50 or $10.00 puts mostly has been my strategy if they can't be shorted. So sorry to see some of their investors lost tons of money on these scammers..

[Jack in Texas]

That stock could be a diamond in the ruff.