BLADE TO GO PUBLIC IN
2021: Urban helicopter taxi company Blade will become publicly traded after a merger with Nasdaq-listed Experience Investment Corp., the companies announced Tuesday. The deal, expected to close in the first half of 2021, will give the company an equity value of $825 million. Proceeds from the deal total $400 million, which includes cash from Experience and $125 million from private investment. Other investors include entertainment moguls Barry Diller and David Geffen. Upon closing, Experience will change its name to Blade Urban Air Mobility. Its stock trading symbol will also change from “EXPC” to “BLDE.”
HONDA RECALLS 1.4M
U.S. VEHICLES: Honda is recalling over 1.4 million vehicles in the U.S. for three issues. A software recall includes 737,000 Accords from 2018 to 2020 and Insights from 2019 and 2020. A programming flaw in a control computer can cause the rear camera, turn signals and windshield wipers to malfunction. Owners will be notified in late January about when they should take their vehicles to a dealer for repairs. Two drive shaft recalls cover 430,000 Honda Civic Hybrids from 2012, the 2007 through 2014 Honda Fit, the 2013 through 2015 Acura ILX and the 2013 through 2015 Honda Accord. They’re in 22 states where salt is used to clear roads in the winter. The drive shafts can break due to corrosion. Owners will get an initial notification in February. About 268,000 CR-Vs from 2002 through 2006 are included in a power window switch recall. Water can get into an open driver’s window and cause an electrical short. It’s the second recall for the same issue. Honda says owners should take the SUVs in for repairs as soon as they get a recall notice.
BUFFETT URGES PPP
EXTENSION: Warren Buffett urged Congress to extend the Paycheck Protection Program to help the millions of small businesses that have become “collateral damage” in the fight against COVID-19. “We need another injection to complete the job,” Buffett, chairman and chief executive officer of Berkshire Hathaway said in a CNBC interview Tuesday. “Congress is debating that right now, and I hope very much that they extend the PPP.”