SPAQ - Spartan Energy Acquisition Corp
SPAQ - currently 10.40 / SPAQ.WS currently 0.93
- Raised $550M
- 69M O/S (I think)
- spartanenergyspac.com
- They have until August 14, 2020 to complete an acquisition
- Obviously they won’t complete one, they’ll need an extension
- But we’ve seen them announce targets just prior to that so they’ll get the extension instead of shareholders redeeming
- On Friday, they filed an 8-K switching out the CEO: sec.gov/Archives/edgar/data/17...
- Also on Friday, they changed their website from an oil & gas theme to green energy theme - credit to Reddit: reddit.com/r/SPACs/comments/hg...
- Sounds like something is finally moving here...
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Comments
Maverick - 3 years ago
This is going to be an exciting week, on way or another, on this one. I think they'll stay quiet until end of week and then announce the target by Friday (similar to GRAF).
If it dips, I'll be very tempted to get back in, especially anywhere under 4.00 on the warrants.
If it dips, I'll be very tempted to get back in, especially anywhere under 4.00 on the warrants.
Maverick - 3 years ago
As I said, volume was telling the story. For those living under a rock, several news orgs picked up that they 'heard from sources' that Fisker Automotive (electic cars) is the target. Not confirmed by company yet.
I immediately regretted selling at 3.50 as it went to 5.50 in after hours. 🤦♀️
If they confirm Fisker as target quick, it'll rocket. If they stay silent (what I expect), it'll pull back just like GRAF did on its rumor news and there'll be an opportunity to load up again (hopefully around 3.50...).
We'll see. 🍿
I immediately regretted selling at 3.50 as it went to 5.50 in after hours. 🤦♀️
If they confirm Fisker as target quick, it'll rocket. If they stay silent (what I expect), it'll pull back just like GRAF did on its rumor news and there'll be an opportunity to load up again (hopefully around 3.50...).
We'll see. 🍿
Maverick - 3 years ago
Maverick - 3 years ago
SPAQ+ (warrants) got to 2.48 in after hours. 🔥
The extension noted below is an abnormal 6 month one (normally 3 months), but I think it's just due to the size of the target. Bigger target (they have $500M in cash, so it's going to need to be big), the longer the paperwork takes.
We'll probably see a dip on Tuesday for people freaking out about the 6 month ordeal, but I don't see it staying down there long. I wouldn't want to get caught with no position when the news does hit.
The extension noted below is an abnormal 6 month one (normally 3 months), but I think it's just due to the size of the target. Bigger target (they have $500M in cash, so it's going to need to be big), the longer the paperwork takes.
We'll probably see a dip on Tuesday for people freaking out about the 6 month ordeal, but I don't see it staying down there long. I wouldn't want to get caught with no position when the news does hit.
Maverick - 3 years ago
We might have something here, guys. 🕵️♀️
Filing out for the extension (expected), but buried in there is this nugget (unexpected):
While we have signed a non-binding letter of intent to acquire a prospective target, our board of directors (the “Board”) currently believes that there will not be sufficient time before the Current Termination Date to complete a business combination.
https://secfilings.nasdaq.com/filingFrameset.asp?FilingID=14260093&RcvdDate=7/6/2020&CoName=SPARTAN%20ENERGY%20ACQUISITION%20CORP.&FormType=PRE%2014A&View=html
Filing out for the extension (expected), but buried in there is this nugget (unexpected):
While we have signed a non-binding letter of intent to acquire a prospective target, our board of directors (the “Board”) currently believes that there will not be sufficient time before the Current Termination Date to complete a business combination.
https://secfilings.nasdaq.com/filingFrameset.asp?FilingID=14260093&RcvdDate=7/6/2020&CoName=SPARTAN%20ENERGY%20ACQUISITION%20CORP.&FormType=PRE%2014A&View=html
SPAC Central
| Created By: | Maverick |
| Created: | Jun 21, 2020 |
| Total Followers: | 7 |
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SPACs ("Special Purpose Acquisition Companies") are blank check companies that have cash in them and are seeing a target to acquire. These can be fun because it's a 🕵️♀️ game of who they're going to acquire. It can be profitable if the target company ends up being something in a hot space.
Make sure to do your DD on management behind the SPAC, cash position, and target sector.
Make sure to do your DD on management behind the SPAC, cash position, and target sector.