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The Tontine is Coming…

The Daily Dish (1/11/21)

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 👇

SPAC with Biden Administration Ties Spits Into Warrants and Common Shares

https://twitter.com/SpacVet/status/1347282097392803840
  • Pine Island Acquisition Corp. $PIPP, a SPAC with close ties to the Biden administration is seeking to merge with a defense company. Secretary of State nominee Antony Blinken is an “adviser” to the firm. Defense Secretary nominee Lloyd Austin is also affiliated with the firm, as is Michèle Flournoy, who was also being considered for defense secretary.

  • Pine Island recently lowered its fundraising goal from an initial target of $300 million, to $200 million, a move that appears to have expedited its listing on the New York Stock Exchange. While that move will reduce its available capital, it appears to position the company’s shareholders to benefit from any positive news stemming from a potential nomination of any of its partners.

  • The Common Stock and Warrants received from the separated Units will trade on the New York Stock Exchange (“NYSE”) under the symbols “PIPP” and “$PIPPWS“, respectively. Units that are not separated will continue to trade on the NYSE under the “$PIPP.U” ticker symbol.

Electric vehicle startup Faraday said to be in talks to go public via SPAC merger

Faraday Future distances itself from LeEco,"Technically, there is no legal  relationship" says company exec
  • Faraday & Future Inc., an electric-vehicle startup, is in talks to go public through a merger with Property Solutions Acquisition Corp. $PSAC, a special-purpose acquisition company, according to people with knowledge with the matter.

    The special purpose acquisition company is seeking to raise more than $400 million in equity to support the transaction, which is slated to value the combined entity at around $3 billion, the people said. As with all deals that haven’t been finalized, it’s possible that terms change or talks fall apart.

  • The company’s shares surged almost 60 percent to above $16 as of 4:00 a.m. Monday in New York, before the start of regular trading, before dropping to around $11.60 before open.

    Los Angeles-based Faraday, led by CEO Carsten Breitfeld, was founded by Jia Yueting, an entrepreneur who in October 2019 filed for bankruptcy in the U.S. after running up billions of dollars in personal debt. His efforts to build a business empire in China spanning interests from streaming to TVs saw him borrowing against pledged shares, leaving him on the hook for $2.3 billion in claims, according to the filing. Be cautious with this one.

Pershing Square SPAC’s Unrequited Love Will Be Rewarded

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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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