Reddit Posts
I scraped r/SPACs for the top ticker mentions in the last 24H. Here are the results (Monday April 18, 2022)
$FMAC symbol change tomorrow!!!! 500k shares shorted and no shares out there! 6000k to $16!!! Moon soon!!!
$FMAC symbol change next week to STRY! DESPAC with SHORT AND GAMMA Squeeze potential! 1100 share to $18 on ask!!!!
$FMAC! Next DESPAC 🚀!! 6k shares to $16!!! Last time I saw this was with $bkkt!!! Buy the ASK and CRUSH THE SHORTS AND NAKED CALL SELLERS
This thing can moon shot!!!! $FMAC!! Only 5500 shares to $15!!!! Buy the ask and blow out the 400k shorted shares!!!! Plus options!!!
$FMAC!! DESPAC PLAY! Only 4,200 shares to $15!!! 400k shares shorted and looks like this thing was redeemed highly before vote!
OpenSea/Firstmark Horizon merger announcement coming soon
FirstMark Horizon ($FMAC) unusual volume today: over 1.2m shares traded so far. Any ideas why?
FirstMark Holdings ($FMAC) unusual volume today: over 1.2m shares traded. Any reason for that?
DD on $FMAC (spac) and possible acquisition (discord research) - DD on discord as the acquisition target. Excellent risk/reward setup.
Mentions
That was my thought process buying FMAC a while ago haha. If it's not OnlyFans you're guaranteed a bag.
The tortine feature meant that 100 old FMAC shares became 124 STRY shares. So those old options now need to deliver more shares to make up for that. If you own a call at $10 (old), each call is a right to buy 124 new shares for $1000 (100*$10(strike price)). With puts at $10, it is an right to sell 124 new shares for $1000 (100*$10).
I remember when VYGG target was 100%, guaranteed, to be Reddit. And FMAC was 100%, guaranteed, to be Discord (turned out to be Starry Internet). I recall someone putting their entire portfolio in VYGG warrants at like $2 because it was Reddit I actually can't recall a big DD speculation thread on r/SPACs that has ever played out. PNTM, FMAC, VYGG, IPOF/D, etc. That said, good job on the research. At least we know OnlyFans is discussing a SPAC, which I don't think was the case for many of the previous rumored DD targets.
FMAC puts became basket derivatives due to the tontine structure. Works the same as a stock dividend. If you bought puts without understanding how the deliverables would change on merger close that’s on you, you should have known about this long in advance. It’s completely fair and straight out of the OCC rules on deliverables.
Wait FMAC/STRY situation is wild. Could anyone help me understand what's going on? The stock is at $7.15 but the 10 puts are only worth $2 and the 7.5 puts are still OTM. The memo from OCC says "New Deliverable Per Contract: 124 insteand of 100". So the "Real" stock price that is being used to calculate opton pricing is $7.15 \* 1.24 = $8.86 so that's why 10puts are only worth 2 dollars and 7.5 puts are OTM. And when I sell 1 contract it's still bid price \* 100, instead of bid price \* 124. But shouldn't they adjust the strike price too in this situation ?? It's basically outright screwing put owners. the stock basically rose 24% without actually rising 24%. That's wild.
Ok, just checked my broker account - looks like I received those tontine shares of FMAC/STRY for holding through merger! Amazing!
FMAC -> STRY gonna be make or break tomorrow
The question would be the details of the merger. FMAC holders could just be getting a small sliver of the new company, and the stock price could plummet. I know nothing about the company.c or even who they are merging with, but something to think about
[Starry Announces Intention to Close Business Combination With FirstMark Horizon Acquisition Corp. and List on the New York Stock Exchange](https://www.businesswire.com/news/home/20220328005557/en/Starry-Announces-Intention-to-Close-Business-Combination-With-FirstMark-Horizon-Acquisition-Corp.-and-List-on-the-New-York-Stock-Exchange) \- FMAC FMAC.WS
$FMAC symbol change tomorrow
From spactrack on twitter $FMAC / Starry (deal already approved by shareholders) amend agreements to, among other things, waive the minimum cash condition, reduce PIPE from $10/share to $7.50/share, and Tiger Global subscribes for an additional $10M at $7.50
Starry Group Holdings, Inc. [filed a form 425](https://www.sec.gov/Archives/edgar/data/0001884697/000119312522083988/d477706d425.htm) today with the SEC, which is the *exact* same 8-K report with vote totals that FMAC filed on March 18. [https://www.sec.gov/edgar/browse/?CIK=0001884697](https://www.sec.gov/edgar/browse/?CIK=0001884697) So there is still no update on the status of the business combination between FMAC and Starry.
So you did it after all! Since I was the lone dissenter in that daily thread where you asked if you should write this let me poke a few holes: ​ >Michael Burry opened a position in commons and warrants (though I now believe he no longer holds that position. Like most things Burry does, he early. And well, he was too early and gave up. We can be better than Burry—-we can be just on time. Not everything Michael Burry does it right or smart, it just so happens that his wins waaayyy overshadow his losses. Also, if he thought that this SPAC would take ANY of those companies public why would he back out? ​ >I woke up to see that 840k warrants were purchased in the premarket. Go open up your brokerage app and look at the beautiful green candle. That was on no news whatsoever, and it drove the price up almost 20 percent. That was worth what, less than half a million dollars? It could have just been a big bulk buy and nothing of substance. ​ >Neuralink was the third Elon company that VY invested in, and importantly, they led this round. Yeah see I used to do this as well. You see that a SPAC sponsor leads funding rounds and automatically think "wow they will choose them as a target"! It just doesn't happen. Same thing was said in a post that I actually wrote about $FMAC and how they led funding for Discord and were searching in the TMT space. Would have been a perfect fit, but they merged with Starry instead. ​ >The cofounder of Neuralink Max Hodak and the head neurosurgeon of Neuralink Matthew MacDougall follow John Hering on Twitter. This seriously means nothing. The tech and medical industry is tight and everyone knows everyone else. They could have went out for drinks and then one guys says "Oh look he has a Twitter, I'll follow" and it ends just like that. I can followthe lead singer of Blink-182 and he can follow me back but it doesn't mean we know each other or have business arrangements. ​ Overall, I just don't see this happening. Elon doesn't need any funding from anyone, especially not if the money he'll get from the funding will be 95% redeemed anyway. If anything all of his companies will just go public through direct listing. Makes way more sense. I hope you don't get too excited about this SPAC because I'm sure it'll be just another foreign bitcoin miner that will have "$3 billion" in revenue by 2035, we just have to wait! Good luck.
Any news on FMAC/Starry? Are they still trying to negotiate something? P.S. Fuck putin.
Starry issued [this press release](https://www.businesswire.com/news/home/20220323005208/en/Starry-and-Caritas-Communities-Partner-to-Expand-Affordable-Broadband-Access-in-Boston) this morning, no mention of FMAC or the status of the merger, though.
Anyone been watching FMAC? Options premiums look ridiculous and IV isn’t even jacked very much
It is funny hot tortines are even through the first SPAC with a tortine, FMAC, is currently facing mass redemptions.
the originating lender gets their money out of it via closing costs and points. then sell your mortgage plus others' mortgages as a bundle to Fannie Mae or Freddie Mac so FNMA/FMAC are left holding the bag. originating lender still talk to you for customer service, monthly collection, paperwork. FNMA/FMAC then bundles up a lot of mortgages and sells them as Mortgage Backed Securities and make money off that. as for inflation... FNMA/FMAC eats that... and if they eat too much (and lose too much money or cash reserves) then the american taxpayers bail them out. https://www.rocketmortgage.com/learn/fannie-mae
FMAC is tortine, I guess we will see how that one goes first.
You have FMAC warrants? The warrants starting to price in deal going through imo.
Wow the FOMO is real? Ridiculously green premarket. Chinese stocks taking off, any news regarding those in particular? Have a good one everyone. If FMAC is passed today I‘ll be a happy (and very alive) man.
Anyone have a good estimate of where Starry stock’s price will be after the merger is final with FMAC?
People buying FMAC here for a 'squeeze' are going to be obliterated if the deal goes through.
I think FMAC will probably go through since they set up some incentives for non redemption. Anyone holding commons would be better off if it didn’t, but guessing you have warrants.
Good mourning. So.. this week will be interesting. FOMC meeting on Wednesday. Also, FMAC vote on Wednesday. Please pleeeease don‘t get called off
After selling my FMAC puts I was checking spactrack to see what the next merger to buy puts on would be and there isnt much. I wasnt sure if he had been updating it or not.
AMC, SOL, SPIR, FMAC, Selling TATA before the rip to 30, diamond handing YANG and HSBC puts through the market drop in September because China is fukt only to meet my old friends Theta Decay and IV Crush. I’ve always been a visual learner and a bit of a clown so for your viewing pleasure I’ve ensured my financial dependence on continued military service. 
DCRB. I held on to hope for so long. Along with FMAC, IPOD, IPOE, IPOF, NGAC, GIK, SFTW, PIPP, TWCT… Ah well.
Well, looks like FMAC April 10Ps was in fact the right move. Just sold them for a 40% gain 🙏
In theory, it doesn't. In practice, it suggests that many investors don't have faith in FMAC's valuation.
I'm confused by this FMAC deal. Can someone who understands stocks better than me explain how changing the cost basis of those 2.4 million shares of FMAC would impact the stock price?
FMAC ain't going to squeeze, it have a pretty high minimum cash with a clause that lets PIPE flee if too much of the commons redeem. Suspect deal gets cancelled if things get that far.
FirstMark Horizon Acquisition Corp FMAC FMAC.WS [signed non-redemption agreements](https://www.sec.gov/Archives/edgar/data/1822219/000121390022011363/ea156617-8k425_firstmark.htm) with "certain accredited investors", in essence lowering the cost basis for those investors' 2.4 million shares to about $8.50 per share, in exchange for them not redeem at next week's meeting. That was likely done to make sure the minimum cash condition would be met and the deal could go through. Tim Horton's China SLCR SLCRW did something similar this morning. They signed [new subscription agreements](https://www.sec.gov/Archives/edgar/data/0001826553/000110465922031790/tm2125996d19_8k.htm) for 9,450,000 ordinary shares of THIL (the “PIPE Shares”) at a price of $10.00 per PIPE Share; however SLCR also "will issue to certain PIPE Investors in the aggregate, an additional 600,000 ordinary shares of THIL and 1,200,000 warrants to purchase ordinary shares of THIL at an exercise price of $11.50 per share" to those subscribers. That lowers the effective price of the PIPE shares to $9.40, ***not counting*** the value of the warrants. The deal gets better for Shaolin Capital Management LLC, who are purchasing up to 5 million of those PIPE shares. According to the [Equity Support Agreement](https://www.sec.gov/Archives/edgar/data/0001826553/000110465922031790/tm2125996d19_ex99-2.htm) , Shaolin gets 10 cents per share returned at closing; 40 cents per share returned for the first 1/3 of the total shares returned 85 calendar days plus 25 trading days after the closing; 60 cents per share returned for the second 1/3 of the total shares returned 145 calendar days plus 25 trading days after the closing; and 90 cents per share returned for the final 1/3 of the total shares returned 235 calendar days plus 25 trading days after the closing. ( That's if I'm reading the Equity Support Agreement correctly, it's a pretty dense agreement, but think that's correct ). Plus: "Tims China has executed a letter of intent for a $100 million committed share facility (“CSF”) with a global financial services firm (“Investor”). The facility will be governed by an Ordinary Share Purchase Agreement, under which the Company will have, in its discretion, the option to sell up to $100 million of its ordinary shares to Investor over a 36-month period". Notice it doesn't specify the *price per share* for those $100 million committed shares. Nothing in the 8-K filing outlining the terms of the letter of intent, other than it exists for a $100 million equity sale over 36 months, at Tim Horton China's discretion. At least in the case of SLCR, the sponsors are forfeiting 50% of the Sponsor’s shares and warrants, and the pre-transaction equity value of THIL was reduced from $1,688,000,000 to $1,400,000,000. TL/DR: SPACs are being forced to find creative ways to finance the deals and get them completed.
FirstMark Horizon Acquisition Corp FMAC FMAC.WS signed non-redemption agreements with "certain accredited investors". In exchange for not redeeming 2.4 million shares for next week's business combination vote, the investors will receive not less than 422,108 bonus shares, or about 17.5 shares for every 100 not redeemed. https://www.sec.gov/Archives/edgar/data/1822219/000121390022011363/ea156617-8k425\_firstmark.htm
I‘m expecting a blood red day next Wednesday. Also, FMAC vote which will potentially cripple me. 60% cash, will try to catch some knives though!
Is anyone following FMAC and can tell whether their proxy supplement filed today can be interpreted as bullish? Kinda having mixed feelings here. On the one hand, they anticipate that convertible notes investors will not waive their conditions if minimum cash is waived, i.e. will pull out of the deal. Bad. On the other hand, if they do pull out and if PIPE stays, then they will postpone the repayment of a credit tied to the merger. Good.
Tortines are becoming common... even before they are proven to work. FMAC is the first to test the concept, and it is rocky so far. Interesting concept.
FMAC have minimum cash conditions that require some percent of commons to hold through, so I see it failing as being semi-plausible.
Looks like arbs are starting to price in last-minute deal failures, otherwise FMAC shouldn’t be trading this low with less than a month until the vote
Did anyone purchase FMAC April puts before merge date was announced? Did they increase in value at all or was the contract too illiquid prior
Yes, FMAC has been funding starry, they're basically part owner. I think they will waive it. The majority of spacs not meeting min cash recently got it waived.
FMAC vote on March 16 In April puts 😈 Deal won't get terminated imo, the sponsor funded from seed to Series E, and read the Starry CEO's interview script, they want to go public. Piece of shit company
Scooped a few FMAC April 10Ps. See you at $5 gang
u/fastlapp, regarding FMAC, you said sponsor has been in every round from seed to Series E so it will likely pass? 👀
FMAC warrants still 0.36 only? Vote is March 16 and it has options. Gonna dump hard?
\*FMAC\* (Starry) just announced vote date in March this morning. April 10P still pretty cheap, all other spacs months out 10p went up to 2.5\~ even before vote. Just a normal internet service provider with exponential growth... Warrants at 0.4 telling us it is going to crater
Starry (FMAC) just announced their merger vote meeting will take place on March 16th.
Anyone still buying or holding FMAC warrants?
Haha exactly. I’m hoping that todays volume may be getting close to final flush. Over 700k FMAC, 165k on RCLF and 180k on SCLE. Volume had been anemic before today.
From XPOA PR: “ The transaction also includes an innovative incentive structure, whereby a bonus pool of 5 million shares will be allocated pro rata to non-redeeming public stockholders of DPCM Capital, effectively reducing their cost basis.” Nice to see the sponsors at least trying to reduce redemptions. No idea if it will work, but better than nothing. I believe FMAC and CRHC have similar structures.
Doesn’t look like Daniel Johnson tweeted out the deal progress spreadsheet this weekend, but it is updated on Spactrack. Some notable new revisions this past week were SPAQ, MOTV, GGPI, FMAC
I haven’t dug into the details yet, but I believe FMAC and CRHC structured their deals to reward non redeemers with extra shares. I’ll try and review details this weekend.
FMAC - my biggest position. Star of new podcast - https://twitter.com/spac_insider/status/1481247997124038659?s=21 “New Podcast! This week, we spoke w/Chet Kanojia, co-founder of @StarryInternet, about the economic advantages of deploying home internet with wireless broadband, and @AmishJani, Pres. & Chairman of FirstMark Horizon. Give it a listen! $FMAC $SPAC”
I truly can't believe how low the new lows for SPACs with DAs has gotten. OACB and FMAC are both post-DA SPACs from respectable sponsors with decent sized PIPEs (for this market at least) - yet warrants for both are around $.8. Is the assumption that the deals will get terminated? I just don't see how you don't make 50% minimum if the merger is completed... For instance EQRx is a comparable company to Alvotech (OACB's target): commons are \~$7 and warrants are $1.3.
FMAC has a minimum cash condition, and I don't see any SEC filings to the effect of anyone being bribed to not redeem ala MCMJ or ESSC. FMAC is priced like mass redemptions are just a fact, so I would not be willing to count on the deal going through.
I was suggesting FMAC/GSQD as the warrants have fallen a lot and the deals are very likely to close based on how they were structured. I think they will rebound as the merger approaches. Don't intend on holding long term.
Starry is going to get squashed like a bug by starlink. FMAC to zero after the floor is gone. The entire business model is basically invalidated by the combination of traditional telecom in the urban areas, 5G in semi-urban, and Starlink in rural areas.
You like the FMAC deal? Starry Internet? Seemed kinda meh
I am a bot. You submitted a picture of a banned ticker, FMAC. This check will fire if you included unnecessary pictures that have bad phrases or a bad crop with news about cryptocoins, for example. Repost with the useless pictures omitted if you did that. Yell at /u/zjz if it's above 1.5 billion-ish market cap and not related to crypto/pennies/OTC/SPACs.
FMAC common shares - biggest position in my portfolio.
Look at FMAC, could end up being a disappointment, they had a good team and it was an older spac
FMAC, CCV, & ESSC...I believe in you...plus my horoscope told me today's the day...,
I used to have multiple threads up regarding that topic but deleted my old acc since then. To keep it concised, I factor in the following indicators: * Next SPAC registered/filed * Cash burn in their latest 10-Q report * How deep the SPAC is into the deadline * Previous SPAC IPO to DA timeline * Bonus indicator; e.g: \-FMAC CEO Rick Heitzmann mentioned on CNBC that "we can expect more premium companies to take the direct listing/SPAC route in H2 2021" (this was a few months ago) \-SCLE had an open job position as "Executive Assistant/Investor Relations" contracted until October 2021 (this was also a few months ago)
Update on BSGA: pretty strong volume today with 323k shares traded, esp. considering the float (5.75M shares). I'll note that Post-DA commons that recently merged typically don't get much action. For example, FMAC, which is fairly well-known, had 81k shares traded today with a 41.4M share float. More importantly, the total amount of shares traded since DA now stands out 5.17M shares, so theoretically, about 0.6M shares to go before the arbs are out as all the buys have been above NAV. I'm pretty sure it's arbs selling, as the price/ask has basically been flat no matter what the bids are. The hope is that the price starts to appreciate gradually (or violently) after that.
Anyone in FMAC? I'm looking for advice on getting in it?
I plan on going big in AGC then taking profits to PTPI PIPP FMAC and KIRK. putting profits from those is safe longs
FMAC/Starry: Rick Heitzmann, Amish Jani, Chet Kanojia.
> most mergers will take anywhere from 18-24 months to be finalized No, normally take 3-4 months. I sold FMAC days after DA because it's an underwhelming target imo
Hey brothers and sisters, so nice to see so many new players. Laughed out loud on so many Lucid/CCIV memories recollected past few days. Frankly both happy and shocked to see her run again. What a ticker! Elsewhere, I'm back in the warrant game. DNA didn't tank on earnings, so that's good. ;D Would like to pick up some SNIIWs, but that opportunity may have passed me by. Sold the last of my IONQWs, wanted it for a long a hold, but she ran so hard I took the profits- did same with Polestar and Gogoro--can't hold everything longterm with my heavy DNA position, sadly. Really was fun to see those PIPPWs run up early this week, I bought back in on a whim at .96 like two weeks ago. Have to smile. I saw the Sargeant Major popped back in and never sold from back in the day, good for him. He had conviction. I hope those PIPPS print. Lester's MIL has heralded the Rivian madness might be peak, that was fun. On a serious note, as a somewhat veteran warrant player, I just have one piece of advice for new comers: *pay very close attention to volume.* If you are new, try to only buy warrants with 30-50k daily volume at least until you get the hang of it, otherwise it is really hard to back out. 80k volume should allow you run fast if they tank no matter what. LOL. That being said, I'm holding the following extravaganza of warrants at these cost basis entry points. Wish me luck! I still think there is hope for me to hit my goal of 100K from my original 4K by December 31st. GLTA! ...Hoping for 13k more gains by EOY! * SABSW 1.34 * TUGCW .80 * CNDW 2.59 * CNDAW .94 * DMYQW 3.08 * DNAW 2.27 * PIPPW .96 * FMAC 1.22
If anyone is in $FMAC , here’s a thread I composed, I think this company has some great potential for a Q1 play and given the infrastructure bill dedicating 65B to broadband, starry should benefit https://twitter.com/anthony_einhorn/status/1460783921092771842?s=21
Waiting for some hype to come to FMAC. Starry has such a small market cap, compared to the funds about to flow in through the broadband space.
Wasn’t FMAC also a similar team (social media experience members, I think they had discord executives) and the DA was pretty disappointing? Do you think the VYGG team is much better?
Yeah, like ST for some tickers but FMAC has limited engagement, trying Reddit and Discord servers. In fairly deep with warrants. I am hoping that FMAC, warrants specifically, go the way of CND, QELL, and others... non-sexy pick that ends up "popping" as transaction date speicfics are release, seems like some flounder a in this dead space between DA and Transaction date... then rises up to $2.25 - $2.50, or more if there are partnerships or deals announced.
Thanks for the write up! I think you are active on ST board of FMAC, read some of your posts. I’m holding since last autumn, this is the largest position in my portfolio. Big believer in Firstmark. I’m determined to see this movie until the end.
Does anyone know the redemption date of FMAC / Starry? my broker doesn't know and the Investore relations of FMAC didn't reply.
Because of this comment, dropping 20k on FMAC. This fits the infrastructure bill like a god damn puzzle. 65 billion going towards this section.
$FMAC should get decent price action with for Starry and the new $65 billion Infrastructure bill passing… NYC is a major recipient, and Starry is positioned well to add affordable broadband.
FMAC is Starry? They're absolutely fantastic!
What are the chances with the bill now passed that people see FMAC/Starry as an interesting opportunity to hop on the broadband train?
I like FMAC, the SPAC taking Starry public. Nothing set in stone for the timeline as the SEC filings only show the merger prospectus. Starry is basically a Delaware Internet Service Provider that uses [5G Towers](https://www.cnet.com/google-amp/news/starry-internet-review/#aoh=16360917564995&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s) to get faster internet to customers for a lower price. Basically potential to expand quicker than the titan ISPs they will be competing with and with a mind to do it with consumers as a priority. Definitely long term hold. NFA.
One of the first SPACs I purchased was IPOF. Still waiting! (I have 4 pre-DA spacs left, IPOF, HERA, FMAC, and ZNTE)
Bought some FMAC commons yesterday after doing some DD on Starry. But I must be losing it because I’m seriously about to buy WISH if it dips into the $4.75 range.
You are barely down on those and none of them have particularly good targets, I would just sell now. Who knows how long you have to wait until you can redeem, especially for FMAC which just announced. Might be months.
I think he was on the board of FMAC/Starry.
Anyone have any insight into what the timeline on this looks like? I see on Oct 8th FMAC filed a 425 which is basically a Merger FAQ by Starry which promises to post updates in the coming weeks and months. However, yahoo finance has a linked article which ill post a link to that at claims the "fairness of the merger" is under investigation. [Shareholder Alert](https://finance.yahoo.com/news/shareholder-alert-levi-korinsky-llp-200900794.html)
Well that makes this deal less interesting, FMAC has an incentive to give an excessive valuation to inflate the earlier investment
I’ll repost it so people would be aware of the new structures: “$FMAC holders that do not elect to redeem their shares in connection with the transaction will share in a pool of one million additional shares based on an exchange ratio between 1.0242 and 1.2415, to be determined based on the number of unredeemed shares. “ “At the mid-point its 13% kicker. The value of your share will be $10.24 to $12.42 - $11.33 mid point” https://twitter.com/valwithcatalyst/status/1446077417404174338?s=20
“$FMAC holders that do not elect to redeem their shares in connection with the transaction will share in a pool of one million additional shares based on an exchange ratio between 1.0242 and 1.2415, to be determined based on the number of unredeemed shares. “ “At the mid-point its 13% kicker. The value of your share will be $10.24 to $12.42 - $11.33 mid point” https://twitter.com/valwithcatalyst/status/1446077417404174338?s=20
thought FMAC was going for discord ..