HCAC - Hennessy Capital Acquisition IV
HCAC / HCACW
- Currently 11.10 & 1.74
- Warrants are 1:1
- 9/5/2020 is liquidation date, so expect they'll file an extension - but probably announce a target has been identified/LOI'd
- 300M in bank - medium size SPAC
- 30M O/S
- Volume is steady, but price is moving up quickly, especially on warrants
- hennessycapllc.com
- "We are actively seeking to invest in, and introduce to the public markets, a compelling best-in-class industrial growth or industrial infrastructure company with an enterprise value of approximately $750 million or greater."
Some DD from Reddit: reddit.com/r/SPACs/comments/hj...
HCAC 1 = became BLBD (topped out at $27)
HCAC 2= became DSKE (went to $15), but totally boring
HCAC 3= became NRC (but this one confuses me, it's a Nordic company and I think it's now traded on Oslo? In any case, chart went way up..)
Only reservation I have about HCAC is Hennessy does boring SPACs, historically. They are industrial infrastructure stuff and lack sizzle that many of latest SPACs have. That said, the returns have been quite consistent and no doubt the reason he's doing it again. Plus, the SPAC space very different today compared to years ago.
Maybe they'll go with a 'green' infrastructure play here. ♻️
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Comments
Maverick - 3 years ago
Merger was approved, this changes to GOEV on Tuesday - December 22.
prnewswire.com/news-releases/e...
prnewswire.com/news-releases/e...
Maverick - 3 years ago
I am looking at similar stories to compare this to:
FMCI - sell off when target wasn't as expected - went from 3's to low 2's, then 3 days later was at 6
SPAQ - same industry, same rumor leak style (2.00 to 4.00 that day), DA came a few days later (5.00 to 7.50 that day)
DPHC - not the best comparison since I don't think this one was leaked at all, but similar industry. warrants were 2.40, definitive announced, went to 2.40 to 3.20. Next day it went over 5.00.
The wild card here is that the rumor came out over weekend and everybody was feverishly doing DD....so, I am not really sure. I'll probably hold for DA though.
FMCI - sell off when target wasn't as expected - went from 3's to low 2's, then 3 days later was at 6
SPAQ - same industry, same rumor leak style (2.00 to 4.00 that day), DA came a few days later (5.00 to 7.50 that day)
DPHC - not the best comparison since I don't think this one was leaked at all, but similar industry. warrants were 2.40, definitive announced, went to 2.40 to 3.20. Next day it went over 5.00.
The wild card here is that the rumor came out over weekend and everybody was feverishly doing DD....so, I am not really sure. I'll probably hold for DA though.
Maverick - 3 years ago
This one is going to be quite a ride this week. No pun intended. :)
Thoughts:
Thoughts:
- The current retail traders were expecting Proterra - as was I
- Had this rumor/leak come out during market hours, there would have been a big sell-off
- I saw others, including myself, do a total 180 on Canoo after troves of excellent research was posted over the weekend
- Reddit DD: reddit.com/r/SPACfeed/comments...
- Jay Leno DD: youtu.be/5FIViMSeigM
- I actually like this now
- The van things are ugly as hell, but there were photos posted of trucks and more information about the 'skateboard platform' which seems to be where the real play is here.
- Skateboard is an EV platform for really any vehicle to be put on top of it, not an actual skateboard
- I am only in the warrants, not the common
- I think warrants are going to move up in premarket over 2.00 to around 2.25
- Sell off at the open as those hoping for Proterra sell (they would sold either way on announcement) back below 2.00
- Roar back up to around 2.50 by EOD
- Trade sideways until an official announcement comes out from HCAC on a Definitive Agreement
- If Definitive Agreement on Canoo hits, I think the warrants could go to 4-5 that day or next
Maverick - 3 years ago
Big news from Bloomberg on HCAC/w on Friday night:
bloomberg.com/news/articles/20...
bloomberg.com/news/articles/20...
Maverick - 3 years ago
This one took off on rumors that then turned into near-confirmation with a PRE14 filing that said they have a letter of intent (not definitive agreement) with an EV company. All bets are on Proterra.
I took it off the table at 2.75 (from 1.53 average) last week.
I'll be looking to get back in if it dips below 2.00 prior to any definitive. Hennessy has delivered an acquisition (albeit boring) every time.
I took it off the table at 2.75 (from 1.53 average) last week.
I'll be looking to get back in if it dips below 2.00 prior to any definitive. Hennessy has delivered an acquisition (albeit boring) every time.
SPAC Central
| Created By: | Maverick |
| Created: | Jun 21, 2020 |
| Total Followers: | 7 |
| Follow | |
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.