SUBSPAC

The Holiday Dish 🎄(12/24/20)

I want a 10x for Christmas…

Welcome 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).

Being that it’s Christmas – we’re giving everyone The Dish – but only if you share it. 🎅🏼

Here’s the first assist 👇

https://twitter.com/i/status/1341946230742548480

SPAC Veteran Eli Baker Launches $1.5 Billion IPO with a Special Twist

  • Spinning Eagle will raise $1.5 billion to be used toward a target acquisition in any industry. That marks the largest SPAC deal to date aside from the $4 billion raised by William Ackman’s Pershing Square Tontine Holdings $PSTH.

  • The company is led by CEO and Chairman Harry Sloan, who previously served as CEO of Metro-Goldwyn-Mayer $MGM, and CFO and President Eli Baker, who is a Partner at Eagle Equity Partners. SPAC veteran Jeff Sagansky is the company’s founding investor and a member of the sponsor.

  • The twist? Introducing a new innovation that would allow the vehicle to “rightsize” by spinning off part of itself if all of the capital is not needed for a single transaction – Creating a SPAC within a SPAC – SPACeption.

Inception' and the Therapeutic Nature of Dreams
  • Mr. Baker is well known for recent successful deals including gaming platforms DraftKings $DKNG and Skillz $SKLZ (see interview here), which have quintupled and doubled, respectively, since listing in 2020. 

XL Fleet Stock Soared 86% After Short Seller Citron Research Said It’s a Buy

XL fleet electrification systems reach 100 million milestone | American  Trucker
  • Citron Research, a firm known for its bearish calls and short-selling bets against stocks, tweeted out that XL Fleet ($XL) is a Buy and worth up to $60 a share. Citron also said in the tweet that it owns XL shares.

  • No analysts cover XL stock yet. Citron’s $60 price target, values the company at roughly $8.6 billion, based on about 144 million shares outstanding postmerger. That’s roughly 6 times projected 2024 sales of about $1.4 billion.

  • “Electrification as a Service will be massive…more than twice $QS and $LAZR combined,” Citron said, referencing former SPAC high flyers QuantumScape Corp and Luminar Technologies.

  • XL Fleet founder Tod Hynes joined CNBC Wednesday morning to discuss his company and its place in the fleet electrification market. The company also rang the bell at the Nasdaq.

Dyal Capital and Owl Rock agree $12.5bn SPAC tie-up

  • Investment firms Dyal Capital and Owl Rock have agreed to combine in a complex deal to take them public via a blank cheque vehicle, as they seek to rival large private capital providers such as Ares Management.

  • Altimar Acquisition Corporation $ATAC, a special purpose acquisition company set up by HPS Investment Partners, will merge with the combined entity, to be named Blue Owl Capital, thereby taking the asset managers public with a $12.5bn valuation.

  • Doug Ostrover, one of Owl Rock’s founders and part of the original trio that set up Blackstone’s powerhouse credit unit, GSO Capital, will lead Blue Owl. The businesses will manage a combined $45bn in assets.

  • “Blue Owl’s expertise, agility and scale, supported by a substantial permanent capital base, will enable us to offer a holistic platform of capital solutions to private equity firms and privately held businesses,” Mr Ostrover said on Wednesday in a statement announcing the deal.

  • Founded by former Lehman Brothers bankers in 2011, New York-based Dyal has become a big player in the business of buying up general partner stakes in alternative asset managers.

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

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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