Super League Gaming finalizes IPO; future uncertain for Boring Co.’s Chicago project; $3.5 million for Lakewood logistics firm.
Last June, Elon Musk promised the city of Chicago that his Boring Co. would dig two 18-mile tunnels between the city’s Loop downtown neighborhood and O’Hare International Airport, but Chicago Aldermen say the Hawthorne-based company has yet to deliver. Alderman Carlos Ramirez-Rosa told The Verge he thinks the venture “a pipe dream,” noting there is no formal contract between the Chicago Infrastructure Trust and the Boring Co., and that members of the Chicago Metropolitan Agency of Planning feel the tunnel plans lack enough details to approve.
On-demand, short-haul container delivery startup Dray Alliance Inc. announced Feb. 25 it raised $3.5 million in a seed round led by San Francisco-based Craft Ventures. According to Socaltech, Lakewood-based Dray Alliance has raised $4.9 million for its A.I. logistics management system since being incorporated in July 2018.
Santa Monica-based social gaming platform Super League Gaming Inc. finalized a $25 million initial public offering Feb. 26, but its shares dropped 23 percent following the IPO debut. Initial shares were projected to trade between $10 and $12, but the stock closed at $8.50 Tuesday. The Business Journal reports Super League Gaming was founded in 2014 and in 2018, it lost $20.6 million on revenue of just over $1 million. Super League initially filed for its IPO Jan. 4.
Tech reporter Samson Amore can be reached at email@example.com or (323) 556-8335. Follow him on Twitter @samsonamore.
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