SPAC targets getting more savvy to dilution. Two main ways to tackle dilution.
A) Come up with a nosebleed valuation so insane that it is a moot point (founder's shares and warrants crater upon merger).
B) Have a SPAC structured appropriately up front.
I try to own more of B.
In honor of $PAII merger with Sakuu, I will write a Haiku.
Pyrophyte dreams crumble
Warrants bleed red in the street
Bagholders weep now
$PAII 🤝✅ OFFICIAL DA:
Sakuu Corporation to Go Public via Business Combination With Pyrophyte Acquisition Corp. II
businesswire.com/news/home/2…
IR DECK:
sec.gov/ix?doc=/Archives/edg…
The creation of this video probably cost some heretofore undiscovered lizard species in West Texas its existence and consumed eight million gallons of water, but aside from that, it is quite remarkable what a few prompts can do
Of SPACs trading 1% or more above NAV; 6 have a target. 15 do not.
I'm not even sure what this tells us, but it is interesting.
Personally, I'm very heavily weighted in SPACs above NAV that don't have a target. We'll see if that is wise or not.
This is an excellent summary of one of my pet peeves; PIPEs that let the investor have their cake and eat it too. Substantial downside protection along with, usually, extra upside juice as well.
Definitely worth looking at PIPE terms whenever a merger agreement is announced.
For retail, make sure to understand what type of PIPE is attached to a SPAC deal. It can have a significant impact on outcome.
Convertible preferreds are linked below.
spacinsider.substack.com/p/c…
Really interesting insights here from some knowledgeable SPAC players; 45 minute podcast. Thanks @spac_insider for making this kind of info available.
Podcast: The State of the SPAC Market, from the Floor of the NYSE
For our first-ever video podcast episode, we headed to the floor of the @NYSE to speak with Allyson Satin, COO of the Ares SPACs, and Paul Wood, Co-Head of SPAC Investment Banking at BTIG.
2026 has already been a breakout year for SPAC issuance, and deals are moving through the pipeline faster than they have in years. We discuss what’s driving the rebound, why sponsor quality is rising to the top, and how SPACs are competing with a strong traditional IPO market.
Plus, we look ahead to the fall and Q4 for any positive or negative catalysts that could affect the SPAC market.
Give it a listen.
spacinsider.com/news/intel/p…
@RandianCapital and I disagree on WHY we like $EMPD, but we come to the same conclusion. Personally I'm a fan of the optionality of the data center partnership with Hunt, and see the stock being "cheap" as a bonus. Nice I'm not alone at least in owning the name!
I believe $empd is one of the most overlooked DAT’s in the market, with an upcoming catalyst next month. We built our own live estimate of NAV: empddiscount.com. The shareholder vote is less than a month away.
I've said it before, and I'll say it again - I trade actively. I'm currently substantially long the stock, but trade aggressively around the position to take advantage of the volatility - especially as it has correlation to bitcoin price moves, which will become increasingly less relevant over time.
$EMPD takes a lot of work to understand the dynamics at play; no quarterly conference calls doesn't help matters. That said, this podcast (7 min to 25 min mark) sheds a LOT of light on their datacenter "pivot". Worth a listen, if you care on the name.
blockspace.media/podcast/ion…
Also on $EMPD; nice to see the CEO, Ryan Lane, eating his own cooking; his investment firm (Empery Asset Management) bought 1.9 million shares in the open market (in excess of 6% of the shares OS) over the past 5 weeks. The last 500,000 was at an average of $3.58 earlier this month, 18% higher than current levels.
sec.gov/Archives/edgar/data/…
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I think this morning's press release is the first acknowledgement that the Hunt family owns $EMPD stock. Path forward is coming into focus with activist @ATG_Capital dialing back their proxy fight. Also interesting that the CEO of Cardinal Data Power had been CEO of $IOND
businesswire.com/news/home/2…
I continue to be long the name, but trade around it actively. Anytime I start to lose patience with it, I usually see something that sucks me back in. Still trading sharply below NAV ($4.67 per share today if we use $EMPD data from their August 25th press release and adjust bitcoin price)