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$BWAC no deal. Dubai’s Averda Said to Plan IPO After Ditching SPAC Merger Talks
Dubai Waste Firm Averda Said in Better World Acquisition (BWAC) SPAC Merger Talks - Bloomberg
I went all in on BWAC warrants (BWACW) 106,410 @ .9973 average. 😢
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well, got the scraps i could for my BWAC warrants. fortunately it was a small position at this point
Looks like Better World Acquisition Corp ( BWAC BWACW ) might be liquidating, though they have not announced that yet. BWAC filed an 8-k today. BWAC received a delisting notice from NASDAQ on January 9, for failing to hold an annual meeting. NASDAQ gave them until June 29 to hold the meeting. BWAC held an *extension* meeting on February 8, and for no good reason, decided ***not*** to make that the missing annual meeting. Today NASDAQ sent another delisting notice: "As previously disclosed, on January 9, 2023, Better World Acquisition Corp. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Nasdaq Listing Rule 5620(a) (the “Rule”) for continued listing, due to the Company’s failure to hold an annual meeting of stockholders within twelve months of the end of the Company’s fiscal year ended December 31, 2021. In accordance with Nasdaq Listing Rule 5810 (c)(2)(G), the Company submitted a plan to regain compliance and was granted until June 29, 2023 to regain compliance. On June 30, 2023, the Company received a determination letter from the Staff of the Nasdaq stating that, as of June 29, 2023, the Company had failed to hold the above-referenced annual meeting and therefore was not in compliance with the Rule. As a result, the Staff has advised the Company that its securities would be subject to delisting unless the Company timely requests an appeal of this determination to a hearings panel. **The Company does not intend to appeal the Staff’s determination to a hearings panel**." BWAC said, "Ah, screw it". They could file an appeal, and stay listed, but don't feel like it. So looks like BWAC will be delisted. BWAC has 3 million shares and over $30 million in the trust. BWAC has until August 17 to complete a business combination, extend, or liquidate. After today's move, sure looks like they have given up.
absolutely. i’m trying to recall the warrant split on BWAC but it’s wasn’t very high
if BWAC doesn’t liquidate i’m gonna make out pretty damn well. if it does liquidate i just lost a 100 more bucks so who gives a shit. this might be a really good risk versus reward. if this recovers even to 5 cents or so i’ll profit and bail probably
BWAC warrants down to one cent…
Biased, but I'm hoping BWAC terminated because they found a better target. Given yesterday's termination, I'm confused about the filing on May 2. Why would BWAC make concessions if they were going to terminate a couple of weeks later.
Biased, but hoping that's because they found a better target. Also, I'm confused about the filing on May 2. Why would BWAC make concessions if they were going to terminate a couple of weeks later.
This smells like some 🐂💩 "On May 18, 2023, Better World notified Heritage that Better World was electing to terminate the Business Combination Agreement **pursuant to Section 8.1(b) thereof**, effective as of the date of such notice (the “Termination”)." Section 8.1(b) from the business combination says: "8.1 Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as follows. (b) by written notice by SPAC or the Company **if any of the conditions to the Closing set forth in Article VII have not been satisfied or waived by February 17, 2023** (the “Outside Date”) (provided, that (A) if SPAC seeks and obtains an Extension beyond SPAC’s current deadline to consummate a Business Combination of February 17, 2023, **SPAC shall have the right by providing written notice thereof to the Company to extend the Outside Date** for one or more an additional periods equal in the aggregate **to the shortest of (i) three (3) additional months,** (ii) the period ending on the last date for SPAC to consummate its Business Combination pursuant to such Extension (after giving effect to any automatic extension rights that SPAC may obtain in such Extension where it can extend its deadline to consummate a Business Combination without requiring an amendment to its Organizational Documents) and (iii) such period as determined by SPAC; provided, however, that the right to terminate this Agreement under this Section 8.1(b) shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;" The [business combination agreement](https://www.sec.gov/Archives/edgar/data/1821146/000121390022080170/ea170230ex2-1_betterworld.htm) was signed on **December 9, 2022**. That means the SPAC could terminate the agreement if all conditions necessary for **closing** were not completed ***within two months and eight days*** ( !! ). BWAC did file for an extension, which meant the SPAC could terminate the agreement any time after May 17, 2023 ( ***three (3) additional months*** ); which was yesterday. BWAC filed a [preliminary prospectus](https://www.sec.gov/Archives/edgar/data/1821146/000121390023011531/prem14a0223_betterworldacq.htm) for the business combination on February 14, 2023; which has not been update since. **So apparently this deal was terminated because it did not close in 5 months and one week**, not because of any failure on either party.
[https://www.sec.gov/ix?doc=/Archives/edgar/data/1821146/000121390023041203/ea178856-8k425\_better.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/1821146/000121390023041203/ea178856-8k425_better.htm) $BWAC and Heritage Distilling are NO LONGER FRIENDS! DA termination after hours today.
uhhhhh wtf is it called ugh BWAC and PRPC and CONX shit
If you are outside the Pacific Northwest, you can now get access to heritage distilling company beverages. BWAC supporters rejoice. https://www.globenewswire.com/news-release/2023/04/20/2650930/0/en/Heritage-Distilling-Company-Expands-Distribution-Network-to-34-States-with-Speakeasy-E-Commerce-Platform.html
BWAC I think https://www.myballard.com/2023/03/21/heritage-distilling-co-in-ballard-closes-permanently/
BWAC also got extended for the 100the time lol. They have until August https://www.reddit.com/r/Spacstocks/comments/111m2mt/better_world_acquisition_corp_shareholders/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
lol to BWAC ending up being a liquor company
To be fair, there was some decent money to be made with CCIV/LCID and GSAH/MIR, while still under $10, is fairing much better than a number of other de-SPACs. Gotta keep hope alive with BWAC, though. 😅
No investor presentation yet. That's been pretty common the past few months for DAs. If I'm reading this correctly, the market cap is $121M, but that includes $44M of potential cash from the SPAC, so the existing business is 77.5M? [https://www.globenewswire.com/news-release/2022/12/09/2570938/0/en/Better-World-Acquisition-Corp-Announces-Business-Combination-Transaction-With-Heritage-Distilling-Holding-Company-Inc.html](https://www.globenewswire.com/news-release/2022/12/09/2570938/0/en/Better-World-Acquisition-Corp-Announces-Business-Combination-Transaction-With-Heritage-Distilling-Holding-Company-Inc.html) I expect BWAC to get a pretty fair valuation based on current market conditions and experience in the industry.
They aren't safe, and never were. However, I think their risk is over-estimated by the market, and the risk -reward is way better than anything else. For example, right now you could buy an option for December 16th for Tesla for $0.10 at a strike of 233 which is 28% from today and higher than it's been since October. 28% in one week and that's after a 5% run up today, mid-day as I write this. Or you could buy a BWACW for $0.10 that gives you an $11.65 strike for BWAC up to 5 years after ticker change, and a decent chance to jump up if the deal closes and you want to get out sooner.
Anyone manage to buy BWAC warrants before the announcement?
Having just found out about the BWAC DA, I haven't had much time to think this through, but if the commons will have downside protection (a soft floor) , then the warrants are very underpriced. (If you figure high likelihood to close and $4-6 floor) I don't have much liquidity right now because of my other warrants or I might be buying more.
I meant when did you enter. Was there any notice given about this? See for example today's BWAC DA.
BWAC- Better world acquistion. ​ Merges with a booze company. you can't make this shit up.
$BWAC Better World Acquisition Corp. ("Better World") (NASDAQ:BWAC), an ESG-focused special purpose acquisition company, today announced it has entered into a Business Combination Agreement (the "Agreement") with Heritage Distilling Holding Company, Inc. ("Heritage" or the "Company"), a leading craft distiller of innovative premium brands.
hold up i swear there was some sort of extension talk or was that another one of my failure warrants im thinking of? BWAC has extended like 69 times at this point
wondering when the DHCA/GloryFi investor presentation drops. After labor day, but I don't trust SPACs timelines anymore after BWAC.
BWAC is gonna have a tiny float by the end of this also WOOOO MY WARRANTS LIVE TIL 2023
I know your posts have always been arb-centric, and the strategy presently has ample avenues for utilization, but I don't see the point anymore. Waiting 6-18 months to collect 5% (etc) may be extra safe, but may as well just buy some US bonds/bills at this point. Or I can lose no sleep flipping near no risk far far OTM weekly CSPs on ____ to better those returns in 75% (etc) less time. I'd say my cash on the sidelines is much better utilized than your BWAC holding lol (assuming you're still in it). We're still here for the community, and to potentially catch sight of can't miss DAs, however unlikely that is at this point.
Don't buy above NAV ($10.32) or you will force out all of the arbs and no one will redeem their shares when the vote happens and the float will not go down. That's what happened with BWAC and everyone holding shares that bought them above NAV got screwed.
[Better World Acquisition Corp Shareholders Approve Extension from May 17, 2022 to August 17, 2022; 5,586,910 shares redeemed, 7,031,690 public shares Remaining After Redemptions](https://www.sec.gov/ix?doc=/Archives/edgar/data/1821146/000121390022027943/ea160216-8k_betterworld.htm) \- BWAC BWACW
yeah it’s pretty illogical how low they went. not even 3/4ths the way through for context freaking BWAC warrants cost more
yup i think i might hold til merge, that’s usually when we get a good bump. 1:3 is atleast not too shabby COMPARED TO MY DAMN BWAC WARRANTS
>BWAC filing out, only 44% redeemed, not a low float sold my calls today lost 60 bucks. If I traded my stocks like my options I would not make money, neither would I lose.
BWAC filing out, only 44% redeemed, not a low float
BWAC doesn’t trade thin it all, I’ve been watching it…my guess is it’s float will end up on the higher end of the spectrum.
The reason OTRA sucks now is...if I had 10 shares at $15, assuming nav of 9.8 ish my risk per share is $5.2, so I have to sell 5 shares at 21 as a defensive hedge, now I can lose 26 dollars but I already have $30 of gains. Otherwise I was going to let my 75% run. I sold half for 21.xx minutes before close. So it will either moon or I break even. There is always BWAC... c'mon BWAC don't screw us.
For my money, BWAC is best risk reward to be had right now
I started buying BWAC calls hoping for an ESSC like run
BWAC Extension Vote passed (source: I called into the meeting). Be prepared for the pumper posts until redemption numbers come out. I have my entire portfolio in there since new NAV will be somewhere between $10.3x and $10.40 -- seemed like the best risk/return tradeoff at the moment.
Post on squeeze sub about BWAC...mentions potential low float and meeting tomorrow....did we miss this one? Or is he full of shit
I like this BWAC play, similar to SST with a super small float plus options.
BWAC has [scheduled a meeting](https://www.sec.gov/Archives/edgar/data/1821146/000121390022021043/def14a0422_betterworld.htm) on May 12 to vote to extend from May 17, 2022 to August 17, 2022. They will add up to 10 cents a share to the trust for every share not redeemed.
Mr. Parks is correct - BWAC is no longer middle eastern garbage. Just regular SPAC garbage now like all the rest. Vote today is to terminate or extend time to consummate.
wait BWAC didn’t actually get a DA though did they? i still got my pre da warrants
Public Service Announcement: Today is the last day on Fidelity to redeem BWAC for $10.30/share. I can handle being a garbage investor figuratively speaking, but I have to draw the line at being a literal garbage investor.
###BWAC DA #IMMINENT plz make my DAy
IGACW and LFTRW may be the worst financial decision i’ve ever made how BWAC and LFTR have the roughly the same price blows my mind
I’m intrigued lol BWAC commons can help make up for my BWAC warrant losses haha
BWAC current float after extension??? If they extend again this would create another low float. Could this be lower than AMAO?? Which is on record for lowest float with NAV
The initial filing is a *preliminary* filing, it indicates the intention to hold an extension meeting but does not have any date for the meeting or record date. BWAC ***may*** ( or *may not* ) still decide to add a contribution to the trust for every share not redeemed before the meeting, which would have to be held sometime before May 17, which is the current deadline. Some SPACs have filed the DEF14 proxy and then announced the contribution amounts in separate press releases and as an amendment to the proxy afterwards. In BWAC's latest 10-K, they stated: [However, we intend](https://www.sec.gov/Archives/edgar/data/1821146/000121390022016905/f10k2021_betterworldacq.htm) to extend the deadline by which we must consummate our initial business combination. Such an extension requires the approval from our public stockholders to amend our charter, and who will be provided the opportunity to at that time to redeem all or a portion of their shares (which would likely have a material adverse effect on the funds held in our trust account and may result in other adverse effects on us, such as our ability to maintain our listing on Nasdaq). **Our sponsor may also explore transactions under which it would sell its interest in us to another management team.**
$BWAC sent out a filing for an extension vote. They already did two 3-month extensions that were possible without vote, but came with depositing additional funds in the trust. What do you guys think? Would they extend again, with the hassle of a vote, if they have no target in sight or are they just gambling?
I have like BWAC ESG spac warrants at like 80 cents and now they're like 20 cents :(
All hail the emperor cause i’m still on BWAC island
yooooo i will SNAX level shit in my pants if BWAC has some absurd rescue like this
now part of AMAO gang suck it THCA gang also RIP COVA GANG and shout out to my fellow chicken heads still in BWAC BWAC gang. you’re the real heroes
Damn, bless your soul. Assumed the few remaining BWAC holders capitulated months back. You're like those WWII Japanese soldiers stationed on remote islands with no word about the war ending.
Dear Rosemary Ripley, Your ESG promise [got us excited](https://www.reddit.com/r/SPACs/comments/kvs1y7/the_new_overlooked_gem_trading_at_nav_bwac_strong/). You toyed with us by [hinting that your SPAC would move quickly](https://www.youtube.com/watch?v=CTkX0ThcHBo). Our little community is [littered](https://www.reddit.com/r/SPACs/comments/oib0a3/life_savings_of_106k_into_bwacw_to_the_moon/) with the [carcasses](https://www.reddit.com/r/SPACs/comments/orgdx1/i_went_all_in_on_bwac_warrants_bwacw_106410_9973/) of those who believed your sales pitch. (At least those fools had a decent \~$1 average. Remember the days of '[Warrants under $2 SpacsBot](https://www.reddit.com/r/SPACs/comments/ls4538/warrants_under_2_for_feb252021/), and BWAC wasn't even on it!). From the early promise of targets such as Oatly, it's been a long way down, you've fallen so far as to be the unfortunate butt of many jokes on the rumor of a [literal trash target](https://www.bloomberg.com/news/articles/2022-01-06/dubai-waste-firm-averda-said-in-better-world-spac-merger-talks). (Unlike everyone else, I didn't mock. I held, but still no DA!) I've got dozens of different warrant positions, and out of all of them, BWACW is my biggest loser to date, I've got -81% ROI to this point. You know how you can make it up to me? You know how you can really make the world a 'better place'? Bring OnlyFans public. Yours Truly, A $1+ BWACW Bagholder
$BWAC used to be my love child before it even found a target. Always like the "Better World" image. Such a shame they targeted a literal dump.
BWAC will make spacs great again! Maybe..
With you here and also still holding BWAC. I've lost so much on the warrants I still have, it's not worth selling for peanuts. May as well accept the L and if anything happens, that's a bonus.
Yeah, I think there's a good chance BWAC liquidates and agree with 30-50% off those ones out there. Basically all the first timers that came on late to try to get into the 2020-early 2021 Spac craze are going to be Out of luck.
I mean, some of these names of serious tiny market caps; I am pretty sure I can buy up every warrant for BWAC if I felt like it. Now, what I would do with it? Bigger question.
So even if BWAC get a DA tomorrow they still need to close the deal in 3 months or have an extension vote which would allow for redemptions right? That DA better have PIPE or no min cash condition
Hey BWAC didn’t screw us, they spent $1.3m to give us hope for 3 months before we get screwed
On the bright side, between BWAC last night and CND today, spacs are certainly keeping things interesting for us followers. Never a dull moment while we getting screwed from every direction
BWAC warrants continue to fall off a cliff...
Besides DWAC, cutting all ties with the "almost there" BWAC to load up on HOOD IPO shares for an 80% gain is my second best SPAC move of 2021. Are there any other _WAC SPACs I should be aware of? lol
As BWAC taught, good news soon can be corporate speak for years
noice. yeah i plan too/when my shitty warrants DA and i get jack shit (BWAC👀) i’ll probably average down on it with the cash from when i sell
Neat! That must mean my BWAC warrants are 2:1 as well, right? RIGHT!?!?
oh snap glad i bailed on that one when it was pricier…. ###SO I COULD BUY BWAC WARRANTS AT 60 CENTS
I’m sorry I had to be the one to tell you that BWAC at 0.25 is worth celebrating :(
Ha, I came here to see if there was any BWAC news because I was alerted of a large jump in warrant prices. Hope you got to sell in the mid .20s at least!
BWAC. The sponsor keeps chipping in money to extend, which is pretty good for returns. As a commons guy, I really don't care about liquidations or even the quality of the deal.
Pre-DA warrants... ALTU -21%, TACA -18%, BWAC -11% 😐
BWAC did file an amended 10Q on the 24th. If they wanted to just quit I am guessing they wouldn't have filed that? Just a thought. BTAQ did have any updated filings.
Any news on the BWAC Averda deal? 11 days till deadline and I'm still holding warrants!
Any news on the BWAC Averda deal? 11 days till deadline and I'm still holding warrants!
This may be the sign I needed to take the L on my 13,000 BWAC warrants
Yup - honestly was caught off guard here. Thought I knew my expirations roughly off top of my head, but did not. Need to spend some time this weekend and review all of mine and most likely continue consolidating. Unfortunately ones nearing deadline in the past had some decent pops since they were so beat down, but guessing like most other things that trend has changed. Some mentioned on here are upcoming. ETAC in July, GOAC in August (can't believe didn't sell 2 weeks ago on that spike), ERES in July, ENPC in September, AVAN in October, IGAC in September. And BWAC is on the 17th... either gets that DA done or is toast... They did file the 10Q/A on the 24th and spent $1.3m in November to extend. So another $1.3 is needed by the 17th. I think if they were giving up they wouldn't have filed on the 24th.
Now I feel like my BWAC warrants are in extreme danger...
Yep. Even if they get a DA it’s probably gonna be garbage. Looking at BWAC and CHPM.
lol yes if only i just went VOO INSTEAD OF FREAKING BWAC
BWAC. Estimated NAV is $10.21 right now and they have a soft deadline in two weeks. To extend they’ll have to deposit $0.10 per share into the trust. After that they’ll only have 3 months until hard deadline where shares can be redeemed. So if they extend, I expect the commons to trade pretty close to actual NAV (like it’s doing right now) which will be around $10.31. So ~$0.10 a share for a 2ish week hold. I’m personally going to wait another week or so and will try to get in around $10.18 if possible.
Halfway is definitely better than me! Lol I was too skiddish to buy the dips hard so I just bought commons below NAV lol not making much gains back but at least I feel safe from losing much more. Still bagholding PNTM and BWAC warrants tho lol. Hoping for a miracle haha
Haha BWAC I know well. And yes the name leaves something to be desired. I used to run around like a chicken without a head just gobbling up whatever rumor popped up or LOI. I wish I had been more judicial and picked a few even if I still put the same money in. I’m still waiting for the made for television move to be released, “Not Without My SPAC”
i mean, one of my holdings is named BWAC….and literally garbage…allegedly
May I interest you in the Dubai based waste firm Averda going public via the BWAC SPAC? 🤡
I am holding HUGS APSG ACTD PPGH KPLT CLBT BWAC AMPS and SPAQ warrants right now. Down a lot on these and anyone who did not pick these in the last 2 days will be down a lot anyhow. Some of these should do well.