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   Technology StocksBlank Check IPOs (SPACS)


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To: sense who wrote (3644)10/25/2021 4:54:25 AM
From: Glenn Petersen
   of 3800
 
Language, more than math. The numbers were always out there. Scorpion Capital went for "shock and awe," and it worked...for awhile. The stock closed at $11.98 on the day before the report and closed at $13.14 on Friday.

ARK upped its investment and a hedge fund (I can't find the article right now) stepped in with a billion dollar investment. I suspect that we have not heard the last from Scorpion.

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To: Glenn Petersen who wrote (3636)10/25/2021 11:20:39 AM
From: Glenn Petersen
3 Recommendations   of 3800
 
BKKT is up over 50% today:

Mastercard, Bakkt offer crypto-based credit, debit cards

Jennifer Schonberger
Senior Reporter
Yahoo Finance
Mon, October 25, 2021, 8:37 AM

Cryptocurrency exchange Bakkt is partnering with Mastercard ( MA) to offer crypto debit and credit cards, making it easier for consumers to pay using digital coins.

Via Mastercard and Bakkt (BKKT), businesses and banks will be able to issue their own branded crypto debit and credit cards to consumers who want them. Holders can use bitcoin purchased through Bakkt with the card, or link to a fiat-based funding source, and receive bitcoin rewards.

Bakkt’s stock, which publicly listed on the NYSE on October 18, skyrocketed by over 30% at Monday's opening bell, adding to Friday's advance of over 13%.

With the Mastercard partnership, companies will also be able to offer crypto as part of their loyalty reward programs backed by Bakkt. For instance, hotels or restaurants who offer points for freebies or other perks could also offer customers the option to convert the points into cryptocurrency of their choosing.

The partnership comes as more Americans become interested in transacting in digital assets, with businesses and service providers making incremental steps toward making it easier to transact in crypto.

Nearly half of respondents purchased crypto in the first half of 2021, according to a Bakkt survey of 2000 consumers. And, according to the Mastercard New Payments Index, 77% of millennials stated that they are interested in learning more about cryptocurrency, with 75% saying that they would use cryptocurrency if they understood it better.

The partnership with Mastercard comes after Bakkt partnered with Google to allow its users to purchase goods and services using Bitcoin and other cryptocurrencies through the Google Pay wallet and payment system.

Bakkt, which started as a cryptocurrency exchange for institutional investors, has moved into the consumer space with an app aimed at being a tool to let people manage their digital assets — including cryptocurrencies – similar to Venmo. Bakkt projects the app will amass more than 30 million users in five years.

BKKT 15.51 6.36 69.51% : Bakkt Holdings, Inc. - Yahoo Finance

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To: Glenn Petersen who wrote (3646)10/25/2021 1:34:44 PM
From: Lou Weed
1 Recommendation   of 3800
 
Over 100% now!! I picked some up at $8.39 last week :-)

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To: Lou Weed who wrote (3647)10/25/2021 3:17:28 PM
From: Glenn Petersen
1 Recommendation   of 3800
 
Up 175% now.

BKKT was spun out of the Intercontinental Exchange. Something big was bound to happen.

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To: DinoNavarre who wrote (3633)10/27/2021 6:06:59 AM
From: Glenn Petersen
3 Recommendations   of 3800
 
Dino,

While I admire your resolve, the reality is that very few people manage to recover from their gambling - sorry, I meant to say SPAC - addiction. They may take a periodic break when the SPAC market turns sour (as it has this year), but eventually a deal pops up that lures them back in.

A bit of cynicism helps. The majority of SPAC deals eventually disappoint, but there are the occasional gems that would not have been able to go public through a traditional IPO. There are also trading opportunities. As SI's Wayne Rumball once said, "I don't own stocks, I tent them.'

The sector is cyclical. The most recent round - featuring what have traditionally been venture capital deals - was particularly exciting until reality and the SEC, particularly the SEC, put a stop to the party.

I am looking forward to the new SEC regulations. Hopefully, will address the excessive compensation doled out to the sponsors. I suspect that they may also tighten up the rules on the shareholder approval process. Right now, it is almost impossible for the shareholders to kill a deal.

Once the SEC, the slowest moving group of bureaucrats on the face of the earth, finishes its work, the SPACs will adapt and the party will begin anew.

In the meantime, you should continue to go to your meetings and work your way through the steps.

Regards,

Glenn

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To: Glenn Petersen who wrote (3639)10/27/2021 10:29:45 AM
From: kidl
2 Recommendations   of 3800
 
Trump could get big 'bonus' shares in new social media firm


NEW YORK (AP) — Donald Trump's social media company will get tens of millions in special bonus shares in a new publicly traded entity if it performs well, handing the former president possibly billions of dollars in paper wealth based on current stock prices, according to a prospectus filed with security regulators Tuesday.

© Provided by The Canadian Press
The filing says Trump’s social media company that aims to challenge Twitter and Facebook will be able to exercise warrants convertible to as many as 40 million shares of the new publicly traded company over three years. The exact number will depend on how high the stock in the company trades during that time, with the maximum number granted only if it trades at least at $30 a share or higher for a sustained period.

The bonus shares for his company would come on top of nearly 90 million shares worth possibly billions more.

“Trump and his fellow shareholders could walk away with a really big payday,” said Jay Ritter, a professor at the University of Florida who specializes in initial public offerings, though he cautioned the stock could plunge. “At some point the company needs to produce profits and given the competitive nature of the media industry, that could be a stretch.”

Trump launched his new company, Trump Media & Technology Group, last week as he unveiled plans for a new messaging app called “Truth Social" to rival Twitter and other social media that banned him following the Jan. 6 insurrection at the U.S. Capitol.

TMTG’s plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp., a special purpose acquisition company, or SPAC, whose sole purpose is to acquire a private company and take it public.

Digital World's stock plunged 30% Tuesday to close at $59.07. It had traded above $100 last week when Trump’s social media company announced it would merge with it.

Still, the closing price implies Trump's bonus “earnout” shares, if granted in full, would be worth $2.4 billion, though that valuation is far from certain. Ritter warned that if Trump's bonus shares are issued, they would dilute existing shareholders, weighing on the stock price.

The bonus shares are in addition to roughly 87 million shares that TMTG will also receive, based on Ritter's calculation from the merger announcement last week. At current prices, that stake would be worth another $5.1 billion.

The big drop Tuesday in Digital World's stock is a reminder to investors of the risks of investing in SPACs, companies whose stocks have a record of soaring and plunging.

Even with the prospectus, investors are still largely in the dark about Trump's new company. It gave few details on who exactly will be running the day-to-day operations and no financial figures.

IPO expert Ritter said the Trump company valuation is remarkable given the company has divulged so little and has virtually no assets.

"But it’s obviously got a big brand name that is potentially worth billions of dollars,” he said.

Whatever Trump's stake in the new company, he wouldn't be able sell his shares right away. A “lock-up" provision outlined in the prospectus says he wouldn't be allowed to sell until at least five months after the merger.

Trump is listed as chairman of TMTG.

The prospectus acknowledges the “controversial nature” of a business being associated with Trump and his family.

And it says it is taking steps in case Trump should run for president again. It said the new company is structuring Trump’s “ownership and position” in a way that eliminates the need for disruptive changes should Trump decide to run for public office or be convicted of a felony criminal offense.

Bernard Condon And Alex Veiga, The Associated Press

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From: Glenn Petersen10/28/2021 12:01:12 PM
1 Recommendation   of 3800
 
I recently took a position in ACEL, a company that went public in 2019 via a SPAC deal. Not the most exciting company in the world, but one that features an excellent management team, a proven, profitable business model, solid growth, a dominant position in its core market (Illinois) and national ambitions. Long term, an excellent acquisition candidate for a casino company. The stock is selling at $11,86 this morning.

On November 20, 2019, TPG Pace Holdings Corp, a SPAC that raised $450 million when it went public in June 30, 2017, closed on its merger with Accel Entertainment, Inc. (stock symbol: ACEL), "...the largest terminal operator of slot machines and amusement equipment in the Illinois video gaming market." When the transaction was originally announced in June 13, 2019, it was valued at $884 million. The market cap has subsequently grown to $1.15 billion (per Yahoo).

ACEL operates in the low end of the gaming industry. In its SEC filings, the company describes itself as a '`distributed gaming company." When the transaction was announced in 2019, the press release described their business as follows :

Operating more than 8,000 live slot machines in over 1,700 locations, Accel is the largest video gaming terminal operator in the United States on an EBITDA basis, offering a full suite of state-of-the-art products and games from top manufacturers to bars, restaurants, gaming cafes, convenience stores and truck stops. With Accel’s turnkey gaming-as-a-service solution, local business partners can drive higher in-store foot traffic and maximize their sales per square footage, resulting in increased operating margins, earnings and local employment. Accel enters into long-term contracts with location owners and takes a partnership approach to helping its partners grow their businesses. TPG Pace expects Accel to generate more than $100 million of Adjusted EBITDA in 2020.

Distributed gaming is currently legal in Illinois, Louisiana, Montana, Nevada, Oregon, Pennsylvania, South Dakota and West Virginia. Other states such as Georgia have a similar but separately regulated coin-operated amusement machine market. ACEL recently reached an agreement to acquire Century Gaming, which will give them a presence in Nevada and Montana.

2021 estimates (per the company)

Revenue: $700 to $725 million
Adjusted EBITDA: $133 to $135 million

PowerPoint Presentation (q4cdn.com)

SEC filings: EDGAR Entity Landing Page (sec.gov)

Investor Relations: Accel Entertainment, Inc. - Investor Relations

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To: Triffin who wrote (3532)10/29/2021 7:42:40 AM
From: Glenn Petersen
2 Recommendations   of 3800
 
Re: DCRC / Solid Power

Shark Bites: A SPAC Play on Solid-State Batteries for Electric Vehicles

Ford and BMW led another funding round of $130 million in 2021, while SK Innovation of South Korea has announced it is investing $30 million.

By JAMES "REV SHARK" DEPORRE
TheStreet.com
Oct 28, 2021 | 02:00 PM EDT

Decarbonization Plus Acquisition Corporation III ( DCRC) is a SPAC that has entered into an agreement to merge with Solid Power, which is a manufacturer of solid-state batteries.

Solid-state batteries do not use the liquid electrolyte that is found in conventional lithium-ion batteries. The batteries are lighter, have a greater energy density, and allow an electric vehicle to travel further. Ford ( F) representatives have stated that they believe that the industry will start to transition over the next decade.

Ford invested in Solid Power in 2019. In 2021 Ford and BMW led another funding round of $130 million. Thursday morning SK Innovation of South Korea announced it is investing $30 million in Solid Power for the manufacturing of all-solid-state batteries.

Also, this morning, DA Davidson initiated coverage of DCRC with a $13 price target. The analyst noted that Solid Power's "go-public valuation is more reasonable than less-flexible peers."

One of Solid Power's main competitors is QuantumScape ( QS) , which has a market cap substantially higher than that of DCRC, although Solid Power may actually be further advanced in the development of its battery.

An issue with this stock is that it is a SPAC and has not yet set a date for the vote to approve the merger. It should occur before the end of the year, but in the meantime, there will be arbitrage pressure due to the SPAC mechanism, which often keeps SPACs close to the $10 redemption level. SPACs have to deal with issues other than valuation, but that can also create good entry opportunities.

I hold a position in DCRC and will be trading it aggressively as it develops



Please note that due to factors including low market capitalization and/or insufficient public float, we consider DCRC to be small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

Shark Bites: A SPAC Play on Solid-State Batteries for Electric Vehicles - RealMoney (thestreet.com)

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To: Glenn Petersen who wrote (3652)10/29/2021 8:09:58 AM
From: Triffin
1 Recommendation   of 3800
 
re Solid Power ..

If they can get it to work with acceptable specs they're probably looking at
more applications than just EVs as addressable markets ..

They are taking their time to close the deal though ..

Triff ..

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From: Glenn Petersen11/4/2021 12:17:20 PM
1 Recommendation   of 3800
 
Quantum Fintech Acquisition Corporation (stock symbol: QFTA), a SPAC that raised $201,250,000 when it went public in February 2021, has agreed to merge with TradeStation Group, an online trading and brokerage company.

Investor presentation: sec.gov

QFTA is trading at $10.00 this morning, up $.17 from yesterday's close.

Online Broker TradeStation Going Public Via $1.43B SPAC Merger

The combination with Quantum FinTech is expected to close in the first half of 2022.

By Brandy Betz
CoinDesk
Nov 4, 2021 at 10:34 a.m. CDT
Updated Nov 4, 2021 at 10:44 a.m. CDT

Online trading and brokerage company TradeStation Group said Thursday it will become a publicly traded company through a combination with Quantum FinTech Acquisition Corporation (NYSE: QFTA), a special purpose acquisition company (SPAC).

TradeStation began offering crypto trading to its customers in May 2019, and last year partnered with exchange ErisX to integrate ErisX’s order book into its subsidiary, TradeStation Crypto.

The SPAC transaction is expected to close in the first half of 2022. TradeStation will list on the New York Stock Exchange under the ticker “TRDE.”

The transaction values the combined company at an implied pro forma enterprise value of approximately $1.43 billion. After the deal closes, TradeStation parent company Monex will own approximately 80% of the combined company. TradeStation’s existing management team will remain in place.
The deal will provide $316 million of cash before paying expenses, assuming there’s no redemption of any public shares of Quantum FinTech. The total includes $201 million in cash held in Quantum FinTech’s trust account and $115 million through a private investment in public equity (PIPE), or a private sale of Quantum stock. The PIPE includes $50 million from Monex and $50 million from Galaxy Digital, plus investments from XBTO Ventures, LLC and Appian Way Asset Management.

The combination structure involves a merger between a new subsidiary of TradeStation and Quantum Fintech, with Quantum becoming a wholly owned subsidiary of TradeStation. Each Quantum FinTech share held by the PIPE investors and sponsors will be exchanged for one common share of TradeStation. Quantum shareholders who don’t redeem the public shares will receive more than one TradeStation share.

“There are numerous reasons why TradeStation is, in our judgment, the most attractive company we looked at in the fintech/financial services sector, and we looked at quite a few,” said John Schaible, chairman and CEO of Quantum FinTech, in a press release. “TradeStation owns its core trading platform technology, and it executes and clears its customer trades across all of the major asset classes it offers. This high level of control over both its technology and operations gives TradeStation valuable agility and flexibility in how it runs and grows its business, as well as the ability to scale efficiently.”

Online Broker TradeStation Going Public Via $1.43B SPAC Merger (coindesk.com)

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