Insights
Search Results
Newsletters
4.07.26
2025 Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini is pleased to present the 2025 Technology and Life Sciences PIPE and RDO Report. This report presents analysis related to 163 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2025. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in 2025.
Client Highlights
2.19.26
Firm Advises Ekso Bionics on Contribution and Exchange Agreement with Applied Digital
On February 15, 2026, Applied Digital entered into a Contribution and Exchange Agreement to combine its cloud subsidiary, Applied Digital Cloud Corporation, with Ekso Bionics. At closing, Ekso will operate as the parent of the combined company and will change its name to ChronoScale Company. Wilson Sonsini Goodrich & Rosati is advising Ekso on the transaction.
Client Highlights
10.02.25
Wilson Sonsini Advises Kodiak AI on Completed Business Combination with Ares Acquisition Corporation II
On September 29, 2025, Kodiak AI, a leading provider of AI-powered autonomous vehicle technology, announced that Kodiak Robotics, Inc. successfully completed its business combination with Ares Acquisition Corporation II (AACT), a publicly traded special purpose acquisition company. The business combination was approved by AACT shareholders on September 23, 2025. In connection with the closing, AACT was renamed Kodiak AI. Kodiak AI’s common stock and public warrants began trading on Nasdaq on September 25, 2025, under the ticker symbols “KDK” and “KDKRW,” respectively. Wilson Sonsini Goodrich & Rosati advised Kodiak AI on the transaction.
Newsletters
9.18.25
2025 Mid-Year Technology and Life Sciences PIPE and RDO Report
Dive into our mid-year review of 68 PIPEs and RDOs by U.S. technology and life sciences firms between January 1 and June 30, 2025. Key findings include a decline in life sciences activity and robust strength in the technology sector.
Client Highlights
4.16.25
Firm Advises Kodiak Robotics on Business Combination with Ares Acquisition Corporation
On April 14, 2025, Kodiak Robotics, Inc., a leading provider of AI-powered autonomous vehicle technology, and Ares Acquisition Corporation II (AACT), a publicly traded special purpose acquisition company, announced they have entered into a definitive business combination agreement through which Kodiak will become a publicly listed company. AACT is an affiliate of Ares Management Corporation (Ares). Wilson Sonsini Goodrich & Rosati is advising Kodiak on the transaction.
The proposed business combination ascribes a pre-money equity value of $2.5 billion to Kodiak. The combined company is expected to receive approximately $551 million of cash held in AACT’s trust account at closing, assuming no redemptions of existing AACT shares and based on trust value per share as of December 31, 2024. Additionally, certain institutional investors, including affiliates of Soros Fund Management, ARK Investments, and Ares, have invested or committed over $110 million to support the transaction.
The proposed business combination ascribes a pre-money equity value of $2.5 billion to Kodiak. The combined company is expected to receive approximately $551 million of cash held in AACT’s trust account at closing, assuming no redemptions of existing AACT shares and based on trust value per share as of December 31, 2024. Additionally, certain institutional investors, including affiliates of Soros Fund Management, ARK Investments, and Ares, have invested or committed over $110 million to support the transaction.
Newsletters
3.25.25
2024 Technology and Life Sciences PIPE and RDO Report
Dive into our comprehensive review of 205 PIPEs and RDOs by U.S. technology and life sciences firms for 2024. Following several years of low capital market activity, 2024 saw a significant increase compared to 2022 and 2023. However, ongoing volatility may lead companies to seek alternatives to traditional underwritten offerings for their financing needs.
Press Releases
11.15.24
Wilson Sonsini Goodrich & Rosati Elects 16 New Partners
Contact:
Kimberly Brooks
Wilson Sonsini
+1 212.453.2881
kbrooks@wsgr.com
Kimberly Brooks
Wilson Sonsini
+1 212.453.2881
kbrooks@wsgr.com
Client Highlights
3.11.24
Wilson Sonsini Advises Bakkt on Concurrent Registered Direct Offerings
On February 29, 2024, Bakkt Holdings, Inc. (Bakkt), a leading crypto services platform, announced its entry into two securities purchase agreements relating to the purchase and sale of up to 57,670,127 shares of the company’s Class A common stock (or pre-funded warrants in lieu of Class A common stock) and accompanying warrants to purchase up to an equal number of shares of the company’s Class A common stock in concurrent registered direct offerings. The purchase price of each share of Class A common stock and accompanying warrant is $0.8670, resulting in aggregate expected gross proceeds of $50 million. Bakkt issued approximately $42.4 million of such securities on March 4, 2024, and will close on the issuance of the incremental approximately $7.6 million of such securities after the company obtains stockholder approval, subject to the satisfaction of other customary closing conditions. Wilson Sonsini Goodrich & Rosati advised Bakkt on the transaction.
Alerts
10.12.23
SPARCs: An Attractive Alternative to Traditional SPACs?
On September 29, 2023, the U.S. Securities and Exchange Commission (SEC) declared effective a registration statement for Pershing Square SPARC Holdings, Ltd., which is contemplating a unique variation on the traditional special purpose acquisition company (SPAC) structure. This variation, called a SPARC—or special purpose acquisition rights company—was spearheaded by billionaire investor Bill Ackman through his investment fund, Pershing Square Capital Management, L.P., and was designed to address several pain points for SPACs, which have lost popularity after frenzied activities in 2020 and 2021.
Client Highlights
11.04.22
Firm Advises Bakkt on Acquisition of Apex Crypto
On November 3, 2022, digital asset platform Bakkt Holdings Inc. announced the acquisition of Apex Crypto LLC from Apex Fintech Solutions Inc. in a move that will bolster Bakkt’s cryptocurrency product offering and expand its footprint into new client verticals. Wilson Sonsini Goodrich & Rosati advised Bakkt on the deal.
Client Highlights
9.19.22
Wilson Sonsini Represents Amprius Technologies in SPAC Transaction
On September 14, 2022, Amprius Technologies, Inc., a lithium-ion batteries manufacturer, announced the completion of its business combination with Kensington Capital Acquisition Corp IV, a special purpose acquisition company. The company has begun trading on the New York Stock Exchange under the ticker symbol “AMPX.” The transaction will provide Amprius with approximately $87 million of gross proceeds, which will be used to support the company through the construction of its gigawatt hour-scale manufacturing facility.
Client Highlights
12.16.21
Wilson Sonsini Client Solid Power Goes Public, Raising $542 Million After Merging with DCRC
On December 8, 2021, Solid Power, an industry-leading developer of all-solid-state battery cells for electric vehicles, announced the completion of its previously announced business combination following a special meeting of Decarbonization Plus Acquisition Corporation III’s (DCRC) stockholders on December 7, 2021. The combined company retained the Solid Power name and its common stock and warrants began trading on the Nasdaq Global Select Market under the ticker symbols "SLDP" and "SLDPW," respectively, on December 9, 2021. Wilson Sonsini Goodrich & Rosati represented Solid Power in the transaction.