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Message
re: Special Purpose Acquisition Company (SPAC) Discussion
Posted on 9/16/20 at 10:45 pm to igoringa
Posted on 9/16/20 at 10:45 pm to igoringa
Too many to name them all lol. Off the top of my head: IPOC, CCX, SOAC, JWS, PIC, RMG, OAK, JIH, WFP, GSAH, APXT, GIX etc. etc.. I have core warrant holdings and I also swing some b/c volatility is quite high on low volume any given day. Most core holdings have already 2-4x. Too many new speculative players getting in the game driving them way up now making it risky if target is undesirable.
This is correct. Just know, floor is gone after merger completion. I've made so much that I'm not willing to risk it all on high warrants and a dud of an announcement so I've changed strategies a bit. I'll buy commons near NAV if I like the SPAC/team/target industry/success history and let it sit v/s putting it into a .05% savings account. I'm fine waiting for rumor/merger pop then decided to sell or keep at that point. No worries about virus, election, economy headwinds tanking market while floor is there.
Folks are starting to catch on to this driving some popular commons up way over NAV for no reason (WTF). Now I'm resorting to buying Units of new SPACS on first day of IPO before it's driven up higher. I bought $50k each: SNPRU @ $10.5, RBACU $10.2, AACQU $10, DGNRU $10.5, LEAP, SVAC etc..
- I bought 5400 shares of PSTH.U @ $20.9, units split last week. Ended up with 5400 PSTH commons @ $21.5 and 600 warrants @ $6.5 (so basically 600 free warrants). That's hard to beat. I'm hoping daddy Ackman delivers.
quote:
like an article you posted earlier inferred, with the ability to put shares for NAV.... if you get in ground for I do not see the downside outside opportunity cost
This is correct. Just know, floor is gone after merger completion. I've made so much that I'm not willing to risk it all on high warrants and a dud of an announcement so I've changed strategies a bit. I'll buy commons near NAV if I like the SPAC/team/target industry/success history and let it sit v/s putting it into a .05% savings account. I'm fine waiting for rumor/merger pop then decided to sell or keep at that point. No worries about virus, election, economy headwinds tanking market while floor is there.
Folks are starting to catch on to this driving some popular commons up way over NAV for no reason (WTF). Now I'm resorting to buying Units of new SPACS on first day of IPO before it's driven up higher. I bought $50k each: SNPRU @ $10.5, RBACU $10.2, AACQU $10, DGNRU $10.5, LEAP, SVAC etc..
- I bought 5400 shares of PSTH.U @ $20.9, units split last week. Ended up with 5400 PSTH commons @ $21.5 and 600 warrants @ $6.5 (so basically 600 free warrants). That's hard to beat. I'm hoping daddy Ackman delivers.
This post was edited on 9/16/20 at 10:50 pm
3
Posted on 9/17/20 at 12:26 am to LSUregit
And the units split automatically after x days correct?
Some serious returns there my good man - good on you!
Some serious returns there my good man - good on you!
Posted on 9/17/20 at 12:56 pm to LSUregit
What's the anticipated price movement for SBE when the rumor is confirmed?
Posted on 9/17/20 at 2:13 pm to castorinho
In this age who knows..
Lol
Lol
Posted on 9/17/20 at 2:56 pm to castorinho
I’m expecting it to follow IPOB. Was trading at $13 after the rumor was released, news confirmed morning of 9/15, and it hit right under $18 before closing bell.
Posted on 9/17/20 at 3:38 pm to Crescent Connection
Damn just realized this thread was here. Been eyeing SPACs a lot lately
SPAQ is my biggest one, waiting for Fisker merger supposedly in October
IPOC next biggest one
Have an eye on
iPOB
HCAC
FEAC
KCAC
SPAQ is my biggest one, waiting for Fisker merger supposedly in October
IPOC next biggest one
Have an eye on
iPOB
HCAC
FEAC
KCAC
Posted on 9/17/20 at 6:23 pm to Brettesaurus Rex
Posted on 9/17/20 at 6:45 pm to LSUregit
Although I paid richly for the warrants yesterday of SBE after hours ($4.95), I cant believe how fast the warrants move on these pre announcements.
With PIC, just bought a few hundred shares at $12 for a quick turn (hopefully)
With PIC, just bought a few hundred shares at $12 for a quick turn (hopefully)
Posted on 9/17/20 at 8:01 pm to igoringa
You're fine if SBE announces CP next week. It will be near $10. If no news, it will have a slow bleed. If talks fail/false report, it will tank.
I've 5x SBE warrants already but loaded up more on the commons and warrants yesterday after the Reuters report. Just for reference, I'm over $150k deep in it. That's the risk I'm willing to take for CP.
SPAC announcements are all about hype at this point. PIC, I sold half my warrants AH at $3.99 will hang on to commons for awhile.
PSTHU is the only spac that I'm aware of that automatically split after 52 days. Others you'll have to contact your broker to split or wait till ticker change if you're willing to hold through.
I've 5x SBE warrants already but loaded up more on the commons and warrants yesterday after the Reuters report. Just for reference, I'm over $150k deep in it. That's the risk I'm willing to take for CP.
SPAC announcements are all about hype at this point. PIC, I sold half my warrants AH at $3.99 will hang on to commons for awhile.
PSTHU is the only spac that I'm aware of that automatically split after 52 days. Others you'll have to contact your broker to split or wait till ticker change if you're willing to hold through.
Posted on 9/18/20 at 8:32 am to LSUregit
Posted on 9/21/20 at 11:39 am to igoringa
SPAC Pros,
How often do you see what happenned to LGC warrants today? Apparently the deal changed the terms to warrant whereas instead of being able to exercise into 1/2 of a share at $5.75, instead the warrant holders will get a combination of cash and shares depending on the amount of cash in the entity once financing has occurred. For example, if gross cash is over $60 million in the fund, then the warrant holder gets $0.35 in cash and .065 shares. If the cash is less then $44 million then $.18 in cash and .082 in shares, etc...
On one hand, clearly neuters the upside appreciation. I bought at $0.85 upon the announcement and did not see this term.
On the flip side, seems like the warrant would have a floor fair value of $1 unless you think that the underlying shares of the SPAC will drop below $10 which I would think is not highly likely.
Am I reading this right?
Press Release - merger
How often do you see what happenned to LGC warrants today? Apparently the deal changed the terms to warrant whereas instead of being able to exercise into 1/2 of a share at $5.75, instead the warrant holders will get a combination of cash and shares depending on the amount of cash in the entity once financing has occurred. For example, if gross cash is over $60 million in the fund, then the warrant holder gets $0.35 in cash and .065 shares. If the cash is less then $44 million then $.18 in cash and .082 in shares, etc...
On one hand, clearly neuters the upside appreciation. I bought at $0.85 upon the announcement and did not see this term.
On the flip side, seems like the warrant would have a floor fair value of $1 unless you think that the underlying shares of the SPAC will drop below $10 which I would think is not highly likely.
Am I reading this right?
Press Release - merger
Posted on 9/21/20 at 12:03 pm to igoringa
Posted on 9/21/20 at 12:04 pm to LSUregit
Good find - surprised the discount to $1 is so high
Posted on 9/22/20 at 7:16 am to Brettesaurus Rex
quote:
IPOC next biggest one
Whats your average for this one?
Posted on 9/22/20 at 7:17 am to reds on reds on reds
I want to add some PIC when the price comes down in next 2 weeks or so.
Posted on 9/22/20 at 10:15 am to reds on reds on reds
I am still trying to determine what I am missing on LGC warrants. Trading in low 60’s but pretty much guaranteed at least $1 if they close the announcement and lgc trades at nav ($10) at close.
Posted on 9/23/20 at 3:00 pm to igoringa
Been a tough few days lol
Posted on 9/24/20 at 7:47 am to igoringa
quote:
ChargePoint, Switchback Energy Acquisition Enter Business Combination Agreement
Posted on 9/24/20 at 7:51 am to DawgCountry
Now what
Posted on 9/24/20 at 8:12 am to DawgCountry
Announcement in, pre market is yawning.... all big name SPACs getting crushed.
I feel like I arrived at the bus stop a few minutes too late.
I feel like I arrived at the bus stop a few minutes too late.
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