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Navigating the SPAC warrant minefield: Dos and Don’ts
Burgundy Technology Acquisition Corporation Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination - BTAQ BTAQW
Burgundy Technology Acquisition Corporation (BTAQ) Will Redeem Its Public Shares And Will Not Consummate An Initial Business Combination ($10.05 Redemption)
$IMPX - DD Extension Part 2 - This management has done over 500+ deals!
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I think there's a good shot too. but like you said they could already be closing in on a different target. I think Steve huffman and Justin Kan could be very critical pieces in helping onlyfans go public without ruining their platform. I think you'll be okay with the warrants. I really really doubt a team with investors like vy capital will whiff on this one. they're not incompetent losers like the BTAQ team.
BTAQ recently decided to liquidate instead of extend when they got close to the deadline...not sure i'd consider anything near the deadline until we see what a few others do.
Kenn Ricci and ZNTE will land a spectacular target in the aviation industry. Also check out BTAQ. Israeli tech.
CFFE just got vote to extend 6 months yesterday with only 11% redemptions, But sponsor added $.2 to trust. I think many of us are wondering the same thing you are and don’t think we really know. Never been this many SPACs. I was planning on exiting some of mine after BTAQ but they all got slammed so hard maybe not worth it. I am in TACA as well so we shall see
After what happened with BTAQ, I'm out on pre-DA warrants. Still traumatized from that.
I have some almost forgotten BTAQ commons in a different account, and JUST read about dissolution! It doesn't seem I missed any deadlines, there is no due date in the announcement? In terms of the process, do I just call the broker to get the money back? Is there a specific phrase I should use? This trading account is with one of the banks and some agents don't have much experience with SPACs so I want to make sure I'm using the correct terminology when making my request.
BTAQ was one of the ones with a shorter deadline.
$BTAQ liquidation....good night, sweet prince. you were a popular pick back in the Golden Age. I held you so tightly, so sweetly, with so many hopes and dreams.... 😢
ipod, vygg, dcrd, igac, and kcgi on top of my will find a deal list I think every few will liquidate still, even after the BTAQ fiasco. I wouldn't even know for to go about making that list. most of the shitty spacs will find shitty companies to take public instead of dissolving.
Yea…. I think it is almost 100% over :( Crazy to me they could not get anything done I feel like an idiot for thinking they could make something work - it wasnt radio silence like BTAQ. I would have expected another extension at the minimum, glad I trimmed a bit but damn
Does anyone with an accounting background know what exactly can be filed under "general and administrative expenses"? There was the hypothesis floating around here that high expenses could signal an impending DA, but BTAQ also reported high expenses and then liquidated.
If you were following BTAQ this week you know that's not truw
I’ve been tuned out for a bit so someone help me catch up. I’ve got some ESSC commons and got a notification about tendering soon - are we just getting extended again? BRPMW… seem super duper low… like deal termination low… any reason to believe it won’t go through? Still sitting on LFTR / IGAC / TACA warrants. Let me know if I might get BTAQ’d soon
That is somewhat odd. Makes one wonder if the rumors of BTAQ's demise are greatly exaggerated.
Biltong lol bark woof BTAQ so much bullshit
I think I'm permanently scarred from that Friday AH BTAQ liquidation. Hopefully no news like that today...
Trimmed vast majority of my BWACW. Was feeling good about a $0.34 cost basis, but I’m weary of a Friday AH news dump a la BTAQ. Hope they announce extension instead, but didn’t want to eat an even bigger L. Have a good weekend friends.
Well, BTAQ was a bust. Let's see if I also get BTFO by AVAN and LEAP.
all in BTAQ warrants....can't lose at this price!
Xpoa warrants up 100% should wipe away any memory of BTAQ warrants down 100% right?
Someone knows something about the redemption being cancelled? If I were someone who is trying to start a new SPAC, I might reach out to the BTAQ sponsors about taking over BTAQ instead of paying the money to start a new SPAC.
I've just got the data I've published here since the start of the year, which will surely show a decline. At some point I may try to chart the split changes. I'm hopeful the rumored institutional sellers are finally done dumping, the BTAQ panic will be short lived (if you're in warrants at deadline or in too deep in any one position...or buying warrants from a guy who notoriously lost HP $30B \[40% stock drop\] with a bunch of terrible decisions like the Autonomy acquisition...caveat emptor) and well start getting a few exciting DAs that can turn the tide.
I woke up early hoping retail idiots would sell. It made absolutely no sense to sell because of BTAQ, but you never know when FUD's involved.
I woke up early hoping for it as illogical as it would be, but doesn't seem like anything's happening. BTAQ was a very specific situation with a crappy sponsor right up against its termination deadline, and with unusually punishing financial conditions to extend (\~$1 Million for only 30 days).
Me either but I feel like warrant holders may look at other tickers for warrants they have to cut their losses or possibly help offset some of the huge losses they just took in BTAQ. The point is people know now they can definitely lose it all in warrants.
I wouldn't expect all SPACs simply to dissolve now just because BTAQ did, but the ones that have a deadline and can't extend easily may. Should be easy enough to avoid those.
I'm gonna guess all warrants (though already on sale)May take more of a hit because of BTAQ dissolving and the warrants ending up worthless with a shitload of people on this sub losing around 90% on them in deep positions.
Not really seeing any fear on Twitter. Only place I see this is proposed is here on Reddit, but pretty much everyone posting it also knows it would be dumb given BTAQ was up against its deadline. So, net/net, sure you might get a few idiot retail peeps selling a few names, but I dont think you're going to see a selloff given how illogical the whole thing is.
I'm personally gonna target ETAC and CFFE. ETAC deadline is 5 months away but someone was already selling it at 15% discount post market hours on Friday at $0.32 after BTAQ news. It's already the lowest 1/3 split warrant out there so another discount would be hella stupid. CFFE has deadline in a month. But they've already filed for extension and meeting is set for March 8th. Redemptions will also be very very low since they're adding $0.20 per share to trust. They also mentioned in filing that they're talking to various companies already. I'd like to believe they'd announce before the meeting. This is the same team as CFVI-Rumble so they can pull off a meme/conservative target. It's already the lowest 1/4th split warrant out there at $0.44.
A few hours away from a POSSIBLE "black Monday" for warrants. I hope not bc I'm way too underwater on ALL of them but still trying to focus my game plan on what to pick up if the fire sale happens. BTAQ might not scare anyone off after all but there might be a pre-market/opening hour selloff and I'd love to pick up cheapies if it happens. Anyone got any targets and limit prices of their own? Also if it happens will it affect only preDA warrants or all warrants regardless of pre or post DA/merge. So many variables and so much micro volatility within the scope of the much larger market and macro volatility. Wheels within wheels!
Plan this week is to gobble up CFFE warrants (CFFEW) if there is any negative sell off spilling over from BTAQ. Already filed for extension and mentioned in their filings that they are talking to various companies. Certainly capable of bringing a meme target public after CFVI - Rumble.
I am back, IPOF DA On Monday! Tbf, there were people here warning not to buy BTAQ because of their dodgy track record. But the hopioid was too dam high. Thoughts and prayers to warrant holders
Dang glad you are back in true form and hopefully recovery is going well. Don’t watch weirdo scammers though, not good for your health. 😁👍😉try some nature docs. We’re holding down the fort in your absence, Sir. But BTAQ warrant holders got thrown overboard on Friday and the troops morale is still shaken
>*I imagine we’ll see a bit of selling pressure tomorrow on pre-DA warrants due to panic brought about by BTAQ.* That would be completely illogical & a buying opportunity if it happens. Nobody should be surprised that a SPAC which had it's termination deadline just literally a few days away, decided to terminate. Anyone selling a SPAC's warrants that still has 20 months left to search because BTAQ terminated, frankly (and brutally) shouldn't be investing their own money & should just let Fidelity handle it for them.
I'm actually taking an entry in ENPC tomorrow. They're close to deadline but it's not like 1 month away. So if there's any negative sell off from BTAQ news, I'm ready to pounce on it. I've flipped it numerous times from $0.40s to $0.50s.
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.
I imagine we’ll see a bit of selling pressure tomorrow on pre-DA warrants due to panic brought about by BTAQ. Thankfully I’m mostly NAV gang but mildly concerned about my PNTM warrants, at least in the short term cuz as we saw on Friday people were dumping them after hours for 4 cents lower than closing price lol. I think once the panic dies a bit we’ll be okay tho as clearly the teams are vastly different. Still a bummer watching everything get beat down tho lol
My HOFV and BODY warrants bought near ATHs would like your warrants to hold their beer. But yeah the BTAQ one hurts for you...sucks. As long as no more spacs or only a handful more only liquidate then eventually warrants will still be fine at these price levels.
Just SPACtacular. I went from owning ZERO warrants all of 2021 right up until the last week of December and bought recklessly thinking I was buying into fear... and somehow accumulated 128,000 warrants spread between 22 SPACs. Of course wipe BTAQ and 8k warrants off those totals now. In just over a month I am down $30,300 and I bought most of those warrants at or very near all time lows. And that would explain why my entire portfolio is down $35k YTD... I knew we were headed for choppy waters, didn't know this choppy, which is why I moved most of my portfolio into conservative stuff. Thought warrants at ATLs, while volatile, but spread across 22 SPACs, would be safer than options when trying to go for big risk/reward plays. I might be eating ramen out of my honda I'll be living in parked behind Wendy's soon.
not trying to beat a dead horse but BTAQ is liquidating so who is buying warrants? someone banking it’s going to somehow be reversed? like 0.02 a warrant is still money.
Oh, I stopped reading stocktwits after CCIV. Way too many stupid people and even more FUD for my liking. In general SPACs must get/are getting a change or else absolutely no one will invest in deSPACs. BTAQ warrants case is nothing unusual. It's like people rambling about betting in casino and losing. I just don't get it. Still I'm not saying you're wrong, as I think currently those people are majority of SPAC "investors". The sooner they fuck off the sooner decent investors will get back to legit deSPACs.
Some at no cost, some at a one-time cost, or some like this one at a pretty large cost. These details matter. BTAQ's covenant only allows it to extend for ONE month, not a 6 month bite all at once, and it isn't free, it costs them $1 Million dollars to do so. If they still don't have a deal at the end of the 30 days they literally bought, it will cost them another $1 Million dollars to extend another month!
Yea bro there are quite a few people shocked here. How many other SPACs do you know that have liquidated? Last year, most that were approaching their deadlines extended. That being said, now that BTAQ got the ball rolling I'm sure we'll be seeing a whole bunch of liquidations this year.
we are in desperate need of crazy meme style DA Monday morning from a junk spac sponsor to wash off the BTAQ stink.
>*I’m hoping by Monday people kinda cool down some of their panic* Or just not be idiots. It's mind-boggling to me the number of people I'm seeing comparing a crappy SPAC like BTAQ with only a few weeks left to search before termination, with a SPAC from a decent team that IPO'd just a few weeks ago & has 2 years to search, and acts like their risk is literally the same. It's frightening these people "invest" their own money. My 2¢.
BTAQ is a pre-DA warrant facing termination in 24 days, and from a terrible management team to boot. It is completely illogical to draw a risk-based comparison from BTAQ to a pre-DA warrant with 12 more months or more to search from a management team that isnt a total disaster.
A little copium for pre DA gang after the BTAQ debacle today: Using the latest table that u/devilmaskrascal posted 4 days ago, average de-SPAC warrant price for ~175 de-SPACs with warrants still trading was roughly $1.10. To be conservative I’ll use $1.00 since I don’t have the actual data. So we’re assigning an average de-SPAC warrant value of $1.00. Per arcticstocks today on Twitter, of 491 pre DA warrants, average price is $0.45. Based on these two averages, right now the market is pricing in an average of 55% liquidation rate going forward (expected value calc here is 55% x $0.00 + 45% x $1.00 = $0.45). This is similar to a tweet from Julian Klymochko on 12/6/21 that states “Cantor estimates that front-end SPAC warrants are currently pricing in above 50% liquidation assumptions”
fuck fuck fuck SPACs. BTAQ warrant punch in the balls. And the drag that's going to put on all the other warrants I was praying would drift back up eventually. fuck.
Yes I remember I literally made a post addressing the BTAQ nonsensical pump https://www.reddit.com/r/SPACs/comments/lj6t6j/btaq_was_a_pump_and_the_word_rumor_needs_to_be/
>*Don't you mean 12, incidentally?* No, most SPACs have 24 months to find a target (BTAQ had 18 months).
> *there will be sooo many warrants going down another 30%+ on these news.* Frankly, if the warrant is only a few weeks from termination like BTAQ was, it should go down. I'm kind of surprised these were still at 36¢.
Looks like there's some retail who doesn't understand the specific danger of the BTAQ situation, and are selling other pre-DA warrants here in the afterhours. Might be some opportunity to pick some various pre-DA warrants up on illogical panic selling. For instance, someone is trying to unload 2,000 PNTM warrants at 4¢ below today's close in the thinly traded afterhours. A fool and his money are soon parted.
Same here. I am definitely rebalancing on Monday and simplifying my portfolio going forward. And I bought in to BTAQ a month or two ago because they had reported high expenses last quarter which was thought to be a signal for a DA upcoming soon. Apparently they were spending money to liquidate?
I just flushed a weeks wages down the toilet off fucking BTAQ, I can't even remember the logic behind buying them a couple months ago. Gonna simplify my holdings moving forward. Feel like a complete dipshit
Should have listened to Impact Extreme and sold my pre-DA warrants when he did. Just got massively fucked by BTAQ. Feels bad.
They’re definitely in danger. However, they’re a little different than BTAQ imo. Sponsor already paid over $1M three months ago to extend once. So if they didn’t think they could get a deal they would have liquidated then. Also, you have the in talks rumor in early January. So there’s at least something being worked on. However, it’s still highly risky that nothing gets done.
BTAQ was one of those SPACs that had been discussed recently because they had high expenses last quarter (I think like $1.5 million or something). There was all that talk about high-expenses signalling an upcoming DA. The warrants were cheap, and I bought in thinking there might be a DA announcement coming up soon. Apparently the opposite was true.
Exactly. Both have significant time left without needing an extension, which is not the circumstance BTAQ was in.
"Word is, BTAQ is going to make an announcement after hours."
BTAQ guy didn’t have stamina like SCVX CFO, still swinging in the 99999999th inning
How many people show up 1 week to a month from now and ask where their BTAQ warrants went? Lmao
I dont understand why people had money in a warrant like BTAQ that was literally about to expire in the first place. Alternatively, and I'm going to sound like a broken record on this point, why own a non-impressive SPAC team like that? There's nothing special about that management team that would lead you think they'd achieve success. https://www.sec.gov/Archives/edgar/data/0001815526/000119312520229907/d942786ds1a.htm#toc942786\_12
The BTAQ team was not "high profile", or even remotely impressive. They were one of the hundreds of me too also-ran SPACs.
True. That's what led to much of the warrant apocalypse in the first place. Total retail capitulation, but also combined with really novice traders who have no idea how to exit a position. Still, this BTAQ news really shouldn't result in anyone panicking.
Hey man PACX and OCA have plenty of time, can’t pool them together with BTAQ
Fml been busy all day, just saw BTAQ news. This SPAC has created more warrant bagholders than any other I can think of, so many rumors linked to it. This is scary stuff, I’m balls deep in a very few pre/post warrants 😢
Thursday: FB has largest market cap drop in history Friday: AMZN has largest market cap jump in history Perfectly balanced as things should be Also, RIP BTAQ warrant holders. I will pour some out for you tonight
Yes, but BTAQ can only extend 1 month at a time, and they hadn't done so yet. Moreover, each 1 month extension costs the sponsor $1 Million dollars. To each his/her own, but these warrants were, in this very specific situation, extremely risky. I'm kind of surprised they were 36¢ frankly.
RIP my 7.5k BTAQ warrants. Why is someone buying these for $0.015?
BTAQ!!! *It begins....* they are first, but they will not be last...
I doubt it, BTAQ was literally about to expire in about 3 weeks without an extension as they were up against their 18 month deadline. In that context, this isnt terribly shocking.
F Praying for my r/SPACs homies who have fallen to warrants. Wall of Shame now includes: PACX, OCA, BTAQ. Which one will be next?
I dont understand why people had money in a warrant like BTAQ that was literally about to expire in the first place. Alternatively, and I'm going to sound like a broken record on this point, why own a non-impressive SPAC team like that? There's nothing special about that management team that would lead you think they'd achieve success. https://www.sec.gov/Archives/edgar/data/0001815526/000119312520229907/d942786ds1a.htm#toc942786\_12
let’s really dive into the circumstances with BTAQ. it was old as shit and what was its most recent news? is this a terrible sign? yeah it sucks ass. but let’s not go overboard. that being said i would definitely rethink what i hold and god damn it i might have to look at my spacfolio now
F I had forgotten about that. Lol Fintech? BTAQ. Defense? BTAQ. Medical Devices? BTAQ.
Literally every Israeli company out there was rumored to merge with BTAQ. RIP to one of the oldest SPAC memes.
Soooo for those of us that are holding tons of pre-DA warrants, how do we avoid another BTAQ situation
BTAQ back near $1 would just be great... haha
Gain: $14 to $72 DWAC day 1 Losses currently: ALTU -57%, NVSA -56%, EQD -54%, BTAQ -52%,
Did not know BTAQ was so soon. My bad for not looking. Hopefully they pull something out.
Just sold my remaining BTAQ warrants for a 15-60% loss (bought at two points). You guys are welcome, maybe their spend in Q3 will finally be revealed in form of a DA soon. Held for 9 months or so, quite sad stuff regarding everything from opportunity cost to the actual loss. Thank god it wasn't a huge position, still hate it. BTAQ has until Feb. 28 to find a deal, and can extend for 6 months, but not worth it for me. There has been zero interest in the latest SPAC DAs regarding warrants, some have even lost value on their DA day. Sure there will be deals that people are interested in, but all things regarded it's a stupid gamble at the moment. For many r/spacs favourites this year will be quite interesting, here some deadlines for liquidation: * ETAC: 04.08.2022 * VYGG: 06.10.2022 * IPOD: 14.10.2022 * IPOF: 14.10.2022 * LFTR: 23.10.2022 * BOAC: 27.10.2022 * CRHC: 11.09.2022 * PIPP: 19.11.2022 * PACX: 12.01.2023
I sold my BTAQ and ALTU warrants today. Slightly inspired by ImpactExtreme.
BTAQ for the recent quarter of big spending and low price
Been in spacs since mid 2020 and have always stuck in them, but having some serious doubts now. Between regs, massive redemptions, chronic oversupply which keep coming, poor deals, just not enough interest, and doubt over many companies wanting to go spac route, and etc. May be time to start walking away... going to see how January plays out and see if we can get some life back with some deals (IGAC, LFTR, PNTM, AVAN, BTAQ), but post DA warrants trading $.5-$.8 doesn't leave much upside. Along with many bag holders just bailing and no buyers. BWAC appears to be that with people just giving up? Any other thoughts here? I will still use common shares instead of a savings account as there is optional upside and easy to make at least .5% that a savings act offers.
[Leclanché E-Mobility launched: the company announces a spin-off for transport batteries](https://www.sustainable-bus.com/news/leclanche-e-mobility-spin-off/) "The Swiss company has also confirmed that it has signed a mutually exclusive letter of intent with a U.S.-listed Special Purpose Acquisition Company (SPAC) for merging with Leclanché E-Mobility S.A." PNTM? Would explain the $3m in expenses as spin-offs are complex (much like IMPX + APSG which both had $3m+ expenses and were spin-offs) and they are targeting European companies. Otherwise, AVAN or BTAQ are my next choices (I hold a position in all of these)
Put my previous employers 401k accounts into a rollover IRA in June and started trading out of that instead of my taxable account. Went up 15% over the first two months then dwindled it back down to the starting amount by October or so. Went up 30% with the huge BTTX squeeze. Some of the other plays were ok gains (sold IONQ and DNA too early but for a nice profit), and ended up the year up around 40% with the PRPB warrant mini-pop and sold half of my CRHC warrants on the Northvolt rumor for a nice gain, while baghilding the rest now that it dropped. Now I'm sitting on a stockpile of PNTM, KAHC, and BTAQ warrants that I bought over the last few trading days this week. Had a good time on this sub with everyone in the dailies, learned a lot, and made more than I would have on my own because people are happy to share information about their plays. Good luck to everyone this year
DMS and ORGN for deSPACs. ALTU, BREZ, BTAQ, & TACA for pre-DA warrants. Added a ton to these positions the last 2 weeks, nearly all were close or setting all time lows. I haven't had any luck for a while on commons nor options in any category for 9 months, all my success has come from pre-DA warrant pops & holding quality deSPAC warrants
My current pre-DA warrants I've been adding to or opening positions this week all close to all-time lows BWAC, & ALTU, BTAQ, DMS, TACA, & BREZ Looking for 1 more lottery ticket with a decent team close to all-time lows that won't make me wait 6 months for a DA or get too close to the deadline and make the warrants worthless
BTAQ is currently at 0.56 and they are long overdue for a DA. Volume + last quarterly expenses indicate they could be close...
Same here … BTAQ… ERES… you will see .. a 10.01 DA-pop after 1yr holding
ZNTE is a recent example of this. They didn't make a deal in their original time frame, then they filed for extension and they just made the deal with Eve today. Not sure how this will play out for the hundreds of SPACs that IPOd this year during the SPAC-mania, but I imagine some of the SPACs that have been around for a long time (like BTAQ) are pretty far along and will probably find a deal.
The ANZU forward purchase agreement, increased spending, plus ever increasing warrant volume makes me think ANZU is coming soon. This is my highest conviction warrant right now. Any other indicators for some others that I can look into, I don't know much about BTAQ and PNTM. You seem to have your ear to the ground with regards to quarterly spending, etc.