Frank Yeary on SPACs
From Intel chairman on his new health technology company is going public through a SPAC · · CNBCTelevision
“The model where corporations use SPACs, find people they've had relationships with and almost leverage the SPAC as a form of venture capital or opportunity to invest in companies they might not otherwise invest in — I think that is right. The model has to be proven out, but it's actually a potential benefit.”
On , Frank Yeary, Interim Executive Chair at Intel, spoke about SPACs during Intel chairman on his new health technology company is going public through a SPAC on CNBCTelevision.
About Frank Yeary
Frank Yeary, then chairman of Intel, appeared on CNBC's "Squawk Box" on February 5, 2021, to discuss a new health technology company he was taking public through a SPAC. Yeary described the SPAC as "a means to an end" and said the goal was "to impact healthcare." He stated that the de-SPACing process was "the start of our journey, not our end" and expressed a desire to "make a difference in healthcare" by applying computational technology to the field. Yeary noted that Medtronic, where he previously served as chairman and CEO, was an investor in the SPAC and that he expected to receive assistance from Medtronic's M&A department and back office. Yeary explained that the idea for the SPAC originated from his connections made through Medtronic's acquisition of Digital Surgery, an AI company. He said the model of corporations using SPACs to invest in companies they might not otherwise back was "a potential benefit" but added that "the model has to be proven out." Yeary characterized the SPAC as "a long-term investment" that would allow him to "take a scaled opportunity and attack it quickly."