Official Spac Thread

[Heaney]

On another note: since it seems like nobody wants to drop a DA at this point, what kind of market conditions are they waiting for exactly? Is it something quantifiable?

Likely waiting for yields to level out to gauge whether or not interest rates will go up. Entire market right now is pretty risk off which isn't really quantifiable but makes spacs unappealing.

[Heaney]

So let’s say things dont turn out well. If Chamath struck a deal with Plaid for example, is he just going to sit on it for a while or is there a time limit on the merger? Meaning, if the DA is ready, is there a time period in which it mist be made official?

If there is a DA I think they only have 5 days to announce. They could have an LOI though like CCIV/Lucid did for a while before they announced.

[Heaney]

Got 3729 AVAN warrants filled today at 0.98. Had an order for 5000 but they didn't all fill.

[RobParks2M]

Got 3729 AVAN warrants filled today at 0.98. Had an order for 5000 but they didn't all fill.

Nice! I made some big adjustments today and sold a fair amount of commons to convert into various warrants. Here is my 2021 thus far:

Equity value $78,355 Today

AVAN 700 (current market value)$9.98 (cost basis)10.17
AVAN+ 1,200 $0.99 1.00
BWAC 300 $10.01 10.52
BWACW 2000 $0.90 0.99
CRHC 1300 $10.06 10.42
CRHC+ 2,000 $1.24 1.40
DLCAU 200 $10.22 10.83
DLCAW 900 $0.90 0.86
ETAC 1400 $9.82 10.28
ETACW 1,000 $1.02 1.00
FTOC 1,400 $10.20 12.66
FTOC 8/20 $12.5 CC -5 $0.6 ($120 gain thus far)
FTOCW 600 $1.70 1.78
IPOF+ 900 $2.44 3.19
20 IPOF 4/16 12.5C expire worthless ($1,200)
12 IPOF 6/18 $10C @0.86 CB
7 IPOF 7/16 $10C @1.08 CB
PTICW 1,500 $0.72 0.85
TBCPU 500 $10.03 10.44

Overall current holdings -$6,711 -8% (brought up by TGA and WFC)
Adjusted gains for the year on settled trades $23,738

2021: $17,000
Warrant risk: $12,800
Call loss: $1,200
Call risk: $1,800
Total risk: $15,800

So I guess if my calls and all warrants drop to $0 I'd have $1,200 in gains for 2021 and since my commons are almost all at NAV at worst I have no added income tax ayy lmao

[adamsz]

https://www.bloomberg.com/news/artic...h-palihapitiya

fukin hit piece form bloomberg making IPOD go down even lower, fuuuu

[Heaney]

https://www.bloomberg.com/news/artic...h-palihapitiya

fukin hit piece form bloomberg making IPOD go down even lower, fuuuu

Funny because Bloomberg owns part of Hedosophia which is Chamath's partner in the SPAC industry. Me thinks there is some insider buying.

[RobParks2M]

Funny because Bloomberg owns part of Hedosophia which is Chamath's partner in the SPAC industry. Me thinks there is some insider buying.

Meh. Only thing I am fearful of is having both June AND July calls expire worthless which definitely can happen. That will chunk my account pretty good.

Looks like I'll be continuing to move into warrants again this week.

[Heaney]

Nice! I made some big adjustments today and sold a fair amount of commons to convert into various warrants. Here is my 2021 thus far:

Equity value $78,355 Today

AVAN 700 (current market value)$9.98 (cost basis)10.17
AVAN+ 1,200 $0.99 1.00
BWAC 300 $10.01 10.52
BWACW 2000 $0.90 0.99
CRHC 1300 $10.06 10.42
CRHC+ 2,000 $1.24 1.40
DLCAU 200 $10.22 10.83
DLCAW 900 $0.90 0.86
ETAC 1400 $9.82 10.28
ETACW 1,000 $1.02 1.00
FTOC 1,400 $10.20 12.66
FTOC 8/20 $12.5 CC -5 $0.6 ($120 gain thus far)
FTOCW 600 $1.70 1.78
IPOF+ 900 $2.44 3.19
20 IPOF 4/16 12.5C expire worthless ($1,200)
12 IPOF 6/18 $10C @0.86 CB
7 IPOF 7/16 $10C @1.08 CB
PTICW 1,500 $0.72 0.85
TBCPU 500 $10.03 10.44

Overall current holdings -$6,711 -8% (brought up by TGA and WFC)
Adjusted gains for the year on settled trades $23,738

2021: $17,000
Warrant risk: $12,800
Call loss: $1,200
Call risk: $1,800
Total risk: $15,800

So I guess if my calls and all warrants drop to $0 I'd have $1,200 in gains for 2021 and since my commons are almost all at NAV at worst I have no added income tax ayy lmao

Added 2K IPOF+ @ $2.30. Have 49,150 now. Pray 4 me.

[RobParks2M]

Added 2K IPOF+ @ $2.30. Have 49,150 now. Pray 4 me.

At least you have a few years lul. I'm now praying for something to occur between now and June


Also it sounds like crescent terms might be playing a bigger role in bringing in PIPE deals which would be an astronomical score for warrant holders. Something that could really boost your outlook in your 100% warrant portfolio heaney lmao

[RoyalRyy]

Added 2K IPOF+ @ $2.30. Have 49,150 now. Pray 4 me.

Sheesh talk about going all in lol. What's your avg at?

[Heaney]

Sheesh talk about going all in lol. What's your avg at?

4.60 lol. Down 50% let's go!

[RobParks2M]

4.60 lol. Down 50% let's go!

just saw DRDB is trying to find new ways to fuk over the SPAC market. Their PIPE deal is structured as a fukin loan with convertible notes structured at 7% and a conversion price of $11.50 at the end of their 5 year maturity... Such a bad deal for fuking retail as always.

[RoyalRyy]

4.60 lol. Down 50% let's go!

Oh fuk, didn't realize it was that high. Sending prayers your way for sure lol. At this rate, we'll be seeing all time lows in like another week or 2. Chamath just sitting there laughing. Kinda wish I dumped SRNGU when you did, I always suck at timing sells...

[Heaney]

Oh fuk, didn't realize it was that high. Sending prayers your way for sure lol. At this rate, we'll be seeing all time lows in like another week or 2. Chamath just sitting there laughing. Kinda wish I dumped SRNGU when you did, I always suck at timing sells...

Yeah I watched it sky rocket right after I bought to 7 like a plebiscite and now am bag holding the nosedive. Ah well

[Heaney]

just saw DRDB is trying to find new ways to fuk over the SPAC market. Their PIPE deal is structured as a fukin loan with convertible notes structured at 7% and a conversion price of $11.50 at the end of their 5 year maturity... Such a bad deal for fuking retail as always.

I was listening to Chammys podcast on Friday and they had homeboy from Altimeter (DA with GRAB) and they were both talking about how bad the deal structure is in some spacs. I think more than ever its time to hitch the horse to good management groups.

[RobParks2M]

I was listening to Chammys podcast on Friday and they had homeboy from Altimeter (DA with GRAB) and they were both talking about how bad the deal structure is in some spacs. I think more than ever its time to hitch the horse to good management groups.

I am trying to decide if I would buy more IPOF warrants and at what price. Initially I was thinking at $1.80 I would, but lordy at this rate I'll just wait for $1-1.20 :|

[Heaney]

I am trying to decide if I would buy more IPOF warrants and at what price. Initially I was thinking at $1.80 I would, but lordy at this rate I'll just wait for $1-1.20 :|

Watch your whore mouth

[Harry362]

Back to square one boyos. Lost all my 2021 gains. Still holding but im scared with all this talk of spacs being less ideal for retail and war with russia causing vix to spike followed my massive selloffs

lol a good amount of my 2021 gains are gone,


I was thinking of closing some stuff to pay off all my debt(28k)

[RobParks2M]

Rob - just fyi, closed all my positions. All 2021 gains gone, so decided I’ll just pay off my debts and come back once I have some cash that I dont need. Hopefully markets will be better by then.

Time to moon lmao. Bet we start seeing SPACs announce any day now

It started affecting my real job because I just couldnt take seeing so much of my account getting destroyed even after what seemed to be the bottom.

I guess I’m not too bummed because I still exited with a 55% gain on my initial investment. But at my all time high I was at 240% gain.

There is always more money to be made.

Lol it’s not even fun to meme about how everything is going to tha moon now that you sold cuz it probably isn’t. The exuberance is probably gone and hopefully at some point we will be back to realizing smaller gains from NAV for solid targets that have a good valuation. I’ve got all my 2021 gains risked in options and warrants so I guess I’m just going to hope for the best. I’ll probably move on and pay my debts if/when student loan interest gets turned back on in September. I’m hoping I’ll be able to just hold till close to my full year then capital gains will kick in and if we see an announcement and possibly profits it will be nice to only pay 15% in taxes

[Casser1242]

Well the SPAC mania was great whilst it lasted but it seems we wont be seeing moons like before.

What I dont get is some solid ex SPACS are also taking a beating for no reason.

Kinda wanna liquidate some dough.

[RobParks2M]

SPAC world is about to go nuclear lmfao. Can't decide how fuking stupid I am...I want to go full margin mode and scoop for a potential whipsaw back towards "normal".

What I am talking about is THCB aka Microvast is trying to get the votes for an extention, but so many people have gotten pist and sold that there might not be enough shareholders that were holding as of 3/17 to vote for the extension. If the extension fails the entire deal falls through and common hodlers get $10.22 per share and warrant/call holders get fukt. Meanwhile GIK is sitting at a balmy $7.75/share, FTOC just managed to break the sub$10 mark, IPOE broke under $15, CCIV under $18.5 APXT <$10.50, and Paysafe <$13. It baffles me how low all these can go meanwhile trash going IPO are still getting bid up.

[Heaney]

SPAC world is about to go nuclear lmfao. Can't decide how fuking stupid I am...I want to go full margin mode and scoop for a potential whipsaw back towards "normal".

What I am talking about is THCB aka Microvast is trying to get the votes for an extention, but so many people have gotten pist and sold that there might not be enough shareholders that were holding as of 3/17 to vote for the extension. If the extension fails the entire deal falls through and common hodlers get $10.22 per share and warrant/call holders get fukt. Meanwhile GIK is sitting at a balmy $7.75/share, FTOC just managed to break the sub$10 mark, IPOE broke under $15, CCIV under $18.5 APXT <$10.50, and Paysafe <$13. It baffles me how low all these can go meanwhile trash going IPO are still getting bid up.

They'd likely end up doing something to sweeten the pot, pretty sure this same thing happened to GPAQ before it became HOFV and was actually trading at a respectable dollar amount, they increased the warrant ratio so that people who had units would get extra shares if the extension passed. Obviously not a great spac example but just an example of what sponsors can do.

Having said that, from what I remember Microvast is a flaming bag of shiet that didn't even have an operational website until December so I could definitely see it flopping. The closest to not completing recently I think was OPES, they had like 3 or 4 extensions.

[RobParks2M]

They'd likely end up doing something to sweeten the pot, pretty sure this same thing happened to GPAQ before it became HOFV and was actually trading at a respectable dollar amount, they increased the warrant ratio so that people who had units would get extra shares if the extension passed. Obviously not a great spac example but just an example of what sponsors can do.

Having said that, from what I remember Microvast is a flaming bag of shiet that didn't even have an operational website until December so I could definitely see it flopping. The closest to not completing recently I think was OPES, they had like 3 or 4 extensions.

Yeah not sure how Microvast people decided that was their best shot. The team w/Microvast legitimately seems fuking retarded.

[Heaney]

Yeah not sure how Microvast people decided that was their best shot. The team w/Microvast legitimately seems fuking retarded.

THCB and GIK are the 2 spacs that I made decent money on but had absolutely no bullish energy towards. Those were the glory days, every trash DA sending warrants over 4/5 minimum.

Really need one of the big boys to drop the hammer here soon, I don't care if its Ackman, Chamath, Goldman Sachs or Harry Sloan. Some damn good companies have shown interest in going spac recently

Flipkart
Impossible Food
Rimac
Polestar

Would all be bangers.

[RobParks2M]

THCB and GIK are the 2 spacs that I made decent money on but had absolutely no bullish energy towards. Those were the glory days, every trash DA sending warrants over 4/5 minimum.

Seems so long ago lmao. I'm still holding out hope that CRHC is gonna get blockfi or one of the other Crypto companies and my warrants get a nice $6 valuation

[chino3]

Rob - just fyi, closed all my positions. All 2021 gains gone, so decided I’ll just pay off my debts and come back once I have some cash that I dont need. Hopefully markets will be better by then.

There is always more money to be made.

Wait, so you’re selling while down but will come back when prices are “better” meaning on an upswing aka already missed the boat?

[adamsz]

sold off some of my holdings the last week or two that within 1-2% of breaking even, and using the proceeds to average down on other holdings when they are down 4%+ on a given day.





“fearful when others are greedy, and greedy when others are fearful.” -Buffet. Hope that old ass crusty is right lulz.

[adamsz]

IPOD warrants just rocketed from 1.96 to 2.13 in a matter of minutes. Wonder what happened there??? Huge buy order?

[RobParks2M]

^Lmfao I think he placed an asterisk on that quote and said except when using options or warrants.

For real though I am getting nervous about viability of the structure of spac mergers in regards to the voting/redemption shenanigans. Gik shareholders got absolutely fukt and while I don't want to say they were forced into redemption they kinda were facing either redeem or hold a 10%+ loss.

First step to SPACs recovering is getting some of these garbage deals figured out. If Gik and THCB both are unable to get their mergers done I think it will crush the entire sector. Everyone will sell all their warrants and probably a significant # of people go the Tug route and say "fk it I'm done" and sell everything spac related. Assuming both management teams figure it out it should help restore a little confidence.

Next step will be figuring out how the SEC wants warrants classified so teams know if they need to move numbers around or not.

3rd is getting a couple of solid deals done and getting a few big names going SPAC route. At this point idgaf if it is Ackman or GSAH or literally ANYONE just SOMEONE MAKE A GOOD DEAL! lmfao.

We sort of need the revolving door to start churning again. Spacs were at their best when deals were getting done and merging so people would shift back into preDA spacs. Right now either people aren't shifting back to preDA cuz they are bagholding or there are so many pre-DA that return buyers are getting diluted out OR people keep buying companies that already have a deal that are still sitting low.


Overall I think the market is hungry for new deals, but the valuations have to be right otherwise if companies are going to show stupid valuations they'll just keep chasing mega caps with bad valuations instead.

[RobParks2M]

IV on anything SPAC related is so insanely low. I wish I had the intestinal fortitude to buy cheap $10 calls and hope for the best by the end of summer.


Looked at the volume on a bunch of spacs. Volume is literally almost nothing. Entire SPAC market is a dam ghost town rn LOL