"A SPAC—What the Hell Is That?"

The Daily Dish (2/18/21)

Welcome to the Daily Dish. Every morning in your inbox subscribers receive some Dishes that we find interesting and we think that you should know more about.

We’ll try to lob ‘em up to you in a simple, clean format that you can read in 5 minutes before the market opens. (Trust me, we know what it’s like to wake up at 9:23am).

Here’s the first assist 👇

Quantum-Si, a Pioneer in Semiconductor Chip-Based Proteomics, to Combine with HighCape Capital Acquisition Corp.
  • Founded by Dr. Jonathan Rothberg in 2013, Quantum-Si is focused on revolutionizing the growing field of proteomics. The Company’s suite of technologies are powered by a first-of-its-kind semiconductor chip designed to sequence proteins, and digitize proteomic research in order to advance drug discovery and ultimately diagnostics beyond what has been possible with DNA sequencing. Rothberg has also taken one of his other healthcare companies public via SPAC recently, Butterfly Network $BFLY.

  • Quantum-Si has created the first next-generation protein sequencing platform with the goal of revolutionizing the growing field of proteomics. Our unique semiconductor chip has the power to decode the molecules of life, starting with proteins, and holds the potential to expand the scale of the genomics and proteomics market beyond that of next-generation DNA sequencing.

    QSi’s end-to-end solution, including Carbon and Platinum, which is on track to launch commercially in 2022 for research use, has the potential to significantly disrupt an existing addressable $21 billion market of pharmaceutical, academic research and drug discovery. The platform also may enable new diagnostic applications in healthcare.

  • The transaction with HighCape Capital Acquisition Corp. $CAPA is expected to deliver up to $540 million of gross proceeds, including up to $115 million of cash held in HighCape’s trust account (assuming no redemptions are effected). The transaction is further supported by a $425 million PIPE at $10.00 per share, led by Foresite Capital Management, LLC, Eldridge, accounts advised by ARK Invest, Glenview Capital Management, LLC, and Redmile Group, LLC. The combined company is projected to have approximately $514 million in cash on the balance sheet after closing.

Satellite imagery specialist BlackSky is going public in latest space SPAC

Image result for BlackSky
  • Seattle-based satellite imagery specialist BlackSky is the latest space venture that will soon begin trading publicly, with the company on Thursday announcing a SPAC deal.

    BlackSky is merging with special purpose acquisition company Osprey Technology $SFTW. BlackSky will list on the New York Stock Exchange under the ticker BKSY when the deal closes, which is expected in July.

    “This transaction fully funds our growth plans and accelerates our vision of providing our customers with a ‘first-to-know’ advantage. This is an important inflection point for our industry as commercial and government users demand access to real time information about the changes that matter most to them,” BlackSky CEO Brian O’Toole said in a statement.

  • BlackSky expects to raise about $450 million in cash proceeds through the deal, including $180 million in a PIPE round with investors including Tiger Global, Mithril Capital (the investment firm of Ajay Royan and Peter Thiel), Hedosophia (the venture fund of U.K. investor Ian Osborne), and Senator Investment Group.

    The merger’s value is expected to be $1.5 billion based on the value of the PIPE, according to the release.

  • The company plans to use the funds to further progress toward its goal of a network of 30 imaging satellites, to capture imagery of anywhere on the planet every 30 minutes. To date BlackSky has five satellites in operation, an plans add nine more satellites in orbit later this year. The company’s vertically integrated joint venture LeoStella, with French-Italian manufacturer Thales Alenia Space, builds the BlackSky satellites.

Rapper Cassius Cuvee Explains Hot Finance Trend to WSJ

The flashiest trend in finance has Wall Street tycoons, professional athletes and celebrities.

Now it also has a rap song.

Oakland, Calif., recording artist Cassius Cuvée released a music video about his experience investing in special-purpose acquisition companies, or SPACs, on YouTube earlier this month. Called “SPAC Dream,” it has more than 80,000 views. One Twitter booster: hedge-fund manager William Ackman, who last year created the largest SPAC ever and recently tweeted a link to the video, saying “Watch this.”

“I don’t know how many rappers with less than 500 followers have had their music videos shared by billionaires,” Mr. Cuvée said.

Check out the music video 🎶

If you enjoyed today’s dish please gift it to a friend (or a rapper) 👇

There’s No I In Trade

My goal is to create a community where people can educate themselves through the world of investing. I can’t do that alone, we need to build this community together. So tell me what you’re loving, tell me what you want to see more of tomorrow.

Disclaimer: This is not financial advice and should not be interpreted as such. I am not a financial advisor. I may currently own or have owned many of the SPACs mentioned above – but that does not mean I am invested now. My investing method is highly risky swing trading which means I am constantly in and out of positions. Please do your own research or hit up the #SPACsquad on Twitter to learn more about SPACs.


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