BMRG - Clean Energy SPAC, Target Announced June 24 | SPAC Central

Maverick 21:50 PM - Jul 01 2020

BMRG - Clean Energy SPAC, Target Announced June 24

Currently 10.95 (moved up recently on announcement of target)
18M O/S
$175M raised on May 22, 2020
Warrants are 1:1 @ 11.50 - currently 1.76
Target: On June 24, 2020, the Company executed a letter of intent with privately held Eos Energy Storage LLC (“EOS”) for a business combination transaction which would result in privately held EOS becoming a publicly listed company. Founded in 2008, EOS is an established provider of long-duration energy storage focused on providing a domestic solution to a global need: low-cost, safe, and environmentally friendly energy storage. The transaction contemplates a valuation of EOS of approximately $290,000,000. The proposed transaction would provide EOS with approximately $225,000,000 of additional new equity financing, including $50,000,000 of proceeds from a fully backstopped private placement of private equity by B. Riley Financial, assuming no public shareholders of the Company exercise their redemption rights at closing. The proposed transaction is expected to be completed in the fourth quarter of 2020 ==> https://eosenergystorage.com/
The play: All this recent clean energy activity/movement in SPACs

Comments

TheCap - 3 years ago

Just sold these for over 350% gain. This was some good dd! Looking to renter equity under $25. Any thoughts on if we will see it get back that low?

Maverick - 3 years ago

@TheCap -- well done! I had forgotten about this one, frankly. Glad it worked out!

Maverick - 3 years ago

Reminder: This is expected to close in the 4Q of 2020 (October - December). I think this trends sideways until we're about 45 days out from the merger closing. Let's be optimistic and call the closing date October 15, so we're looking at a kickoff around September 1?

Ace6 - 3 years ago

Cool cool. Long hold

Maverick - 3 years ago

1.97 today, +20%. Not bad. I definitely got in too early at 1.90, but this should be a decent hold for a while. It's not as sexy as some of other SPACs, but it looks solid as a business.

Maverick - 3 years ago

Testing - to see if this moves this to top of main feed based on activity...

Maverick - 3 years ago

Worked! OK, done testing. :)

TheCap - 3 years ago

Not to mention the chairman’s resemblance to Elon. I’m in! https://eosenergystorage.com/leadership/russ-stidolph/

Maverick - 3 years ago

Haha! Did you see Elon trolling the shorts on Twitter today? It was epic.

ProfofPump - 3 years ago

This seems comparable to Solar Edge. If so, those warrants will make you extremely happy in 3-5yrs.

Maverick - 3 years ago

I like it, but it's not overly sexy.

Maverick - 3 years ago

Some useful DD:

https://www.reddit.com/r/wallstreetbets/comments/hf7p9q/new_spac_play_green_energy_storage_bmrg/

https://www.reddit.com/r/SPACs/comments/hfn8g7/eos_and_bmrg_had_an_investor_conference_call/

Maverick - 3 years ago

I added the warrants at 1.90 today. I guess I jumped too fast. I'm in small here for now.

Ace6 - 3 years ago

Gonna grab some warrants now that they are down. Just a few to diversify

Ace6 - 3 years ago

i lied when i said a few, i really like this one and the DD

Patrick M - 3 years ago

I'm gonna grab some warrants too. And HODL

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.