Lightning in a Bottle

The Daily Dish (8/11/21)

Lightning eMotors Jumps 89% After $850 Million Agreement 

Shares of Lightning eMotors rose as much as 89% on Tuesday and hit the highest level since going public through its SPAC merger.

Shares rose as the company entered into a $850 million partnership deal with Berkshire Hathaway backed Forest River. 

Forest River is the largest shuttle bus maker in North America and plans to deliver up to 7,500 zero emission shuttle buses in the US and Canada between now and 2025.

The EV maker will build electric powertrains in the Colorado facility with final assembly in Forest River’s factory in Indiana. 

Vivendi Sells Stake of Universal Music Group to Pershing Square 

Vivendi, the parent company of Universal Music Group, has sold over 7.1% of the company’s share for $2.8 Billion to Pershing Square Capital, the investment firm which is managed by Billionaire Bill Ackman, with the possibility of selling another 2.9% by September 9th.

The deal values the company at $41 Billion. The announcement comes after news that Ackman decided not to use his SPAC to acquire a 10% stake in the company as the SEC voiced concerns about the complicated agreement, which would have been the biggest SPAC transaction to date.

Instead, Ackman used his hedge fund to buy the stake directly. Vivendi had previously announced that UMG would be spun off as an operate entity to trade after it distributes 60% of the company to existing shareholders. In a scenario where Ackman’s share is worth less than 10%, Vivendi plans to sell the shortfall to other investors. 

AppHarvest Falls over 35% After Revised Revenue Forecast

Shares of AppHarvest were down over 35% after the company adjusted its guidance for the year. AppHarvest projects that net sales will be in the range of $7 and $9 million from a prior range of $20 million to $25 million.

AppHarvest estimates that revenues will be lower as a result of operational headwinds associated with the full ramp up of the Morehead farm. 

The company has also updated its full year 2021 outlook for Adjusted EBITDA to be a loss of $75 million from the previous guidance of a $48 million loss.

Despite the bad news, the company has reaffirmed its long term outlook and projects $350 million in net sales by FY25 and $130 million in adjusted EBITDA. 

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