SpaceX internet satellites approved; WeRecover gains $2 million; Snap complies with request for IPO details
Space Exploration Technologies Corp. wants to make Chief Executive Elon Musk’s vision of a global broadband high-speed internet a reality, and a recent approval from the Federal Communications Commission to launch more satellites is a step in that direction. SpaceX was granted permission in March to launch 4,409 satellites and aims to put the additional satellites at an extremely low orbit in order to reduce latency. However, orbiting at a lower altitude means the satellites will need to be replaced faster, roughly every two years, which could be costly for the Hawthorne-based aerospace firm.
Reuters reports Snap Inc. has been issued a subpoena by the U.S. Justice Department as well as the Securities and Exchange Commission for information about its March 2017 IPO. Venice-based Snap’s IPO was worth $3.4 billion, and the federal inquiries follow a shareholder lawsuit alleging Snap misled investors regarding how competition from Facebook Inc.’s Instagram would affect business. The firm reports it has responded to the requests for information, which it believes are “investigating issues related to the previously disclosed allegations asserted in the class action about our IPO disclosures,” allegations it deems “meritless.”
Santa Monica-based WeRecover, which operates an online platform matching addicts to addiction treatment centers, announced Nov. 14 it raised $2 million in a venture round led by San Francisco investor Crosslink Capital. Socaltech reports WeRecover utilizes a proprietary search algorithm to match candidates with accredited rehab centers on the basis of specified budgetary, insurance and clinical needs.
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