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The Daily Dish (1/14/21)

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 👇

Cathie Wood’s ARK Invest plans ‘ARKX’ space exploration ETF to tap the growing industry

TSLA's biggest bull is beating Wall St just as hard as Tesla is beating  legacy automakers

Ledecky Rolls Out Fresh SPAC, Joined by Tennis Vet Adams

Getting to Know Isles New Co-Owner Jon Ledecky - MSGNetworks.com
  • Stop if you’ve heard this one before: Jon Ledecky has a new SPAC.

    The Islanders co-owner has filed to launch Pivotal Investment Corp III, a blank check firm seeking $200 million to acquire a business in “logistics technology and ‘last mile’ delivery services, business technology services, on-line cyber security and off-line physical security services, media and entertainment services and franchise businesses,” according to the prospectus filed this morning with the Securities and Exchange Commission.

  • The blank check business is Ledecky’s second new SPAC filing of the past week and the executive’s 12th effort overall, according to information contained in the prospectus. His prior Pivotal-named SPAC, Pivotal II, brought truck-electrification firm XL Fleet public on December 22. XL’s stock is up 20% since its debut. A few days prior to XL’s listing, another SPAC from the New York City native—Northern Star—struck a deal to acquire pet subscriptions service BarkBox.

  • The Pivotal SPAC proposed today features participation by Katrina Adams, former chairman of the board and president of the U.S. Tennis Association. At the USTA she forged a trifecta of milestones: being the first African-American, first former tennis pro and youngest person to serve as president of the USTA in its 135-year history. Adams also was involved in the XL Fleet SPAC with Ledecky. Tech entrepreneur and MIT Media Lab researcher Sarah Sclarsic is also part of the SPAC.

Why SPACs are booming in New York but not in London

  • Xavier Rolet, the former CEO of London Stock Exchange Group, has jumped into the boom in “blank check” companies. But instead of going public in London at his old employer, the special purpose acquisition company (SPAC) he joined raised money in New York. The special purpose acquisition company, named Golden Falcon Acquisition Corp $GFX, will be listed on the New York Stock Exchange with a fundraising goal of $250 million (187 million pounds), a filing to the U.S. Securities and Exchange Commission (SEC) showed.

  • While Rolet thinks SPACs will remain popular in the US, he says there will have to be some changes in Europe before tech investing catches up with the other side of the Atlantic. The US had more than 190 SPAC offerings last year, according to Refinitiv data. Europe had three. Golden Falcon will focus primarily on companies in Europe providing a wide spectrum of technology expertise.

     

     

  • “While we may pursue an initial business combination with any target business and in any sector or geographical location, we intend to focus our search on companies operating in the technology, media, telecommunications and fintech sectors,” the filing said. “Europe simply does not have the equity capital markets that understand and price innovation appropriately,” Rolet said. “And therefore it continues to suffer substantially in terms of the retention of tech businesses, because they find it easier to scale up in the United States.” Rolet, who led the London Stock Exchange Group for nearly a decade, and he has a lot of good things to say about entrepreneurship in Europe—”targets in Europe, clearly, are abundant.”

     

Here’s the last assist 👇

https://twitter.com/Ballislife/status/1349699517332008961

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

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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