Over to jolly old England, where UK autonomous vehicle interest Wayve has filed to sell shares on the London Stock Exchange’s new Private Securities Market. As the title implies, this is NOT the same as going public. The new venue allows for trading in private companies through a regulatory framework known as PISCES (Private Intermittent Securities and Capital Exchange System).
Basically, companies offer scheduled, occasional auction windows during which their shares can be traded. Investors go through an intermediary like a bank of broker, known as a Registered Auction Agent (RAA), that actually place trades on their behalf. Proceeds then go to pre-existing shareholders, not the companies themselves, as in any other secondary market.
Wayve is an “Embodied AI” company which developed a self-learning “AI driver” and foundation model, serving as a “brain” for self-driving vehicles. They’ll become the first major company to participate in the LSE’s Private Securities process, holding their first “closed auction” on July 8. The company was most recently valued at $8.6 billion, and will allow staffers to sell up to $85 million on the secondary market. #Auto Future
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