MUDS

StarmanRick

To my knowledge only Sportsradar, now Flexjet. The SPAC MUDS had a lot of bad luck too.

Walrus_Watcher

Divide the trust by the number of (non-Sponsor) shares outstanding. SEC filings should have both numbers. SPACTrack has the Trust size as well but you still need to do the division. NAV for MUDS is around $10.15 I believe.

_sillycibin_

is there a resource for finding a SPACs current nav? just curious what MUDS nav is actually?

moonlava

They are merging with Infinite World. The first pure nft play. Remember what MUDS did on nft news alone? Infinite World designed nfts for mclaren and they sold out quickly. I believe this will be a big hitter once crypto returns. Also has meme potential with $JPG ticker. I’m holding 176k warrants for the long haul (or squeeze if it comes)

buggysoftware

Agreed: this will ultimately be up to the courts. But: MUDS LLC is free to say at any time where the money goes (and like PSTH, is free to say "we *could* keep the money associated with costs but won't"). And: not to kick a dead horse, but none of the costs in any other circumstance are paid by the trusts, so saying "this is **equal** to expenses" isn't the same as "it's **for** expenses" (in which case I would say it "should" go to the trust, but YMMV). I do think this is a space to keep an eye open. Let me know if you hear any news, and I'll do the same. Thanks for the chat! Good luck out there.

SPAC_Time

Sounds like that is to the SPAC, to reimburse expenses: "pays MUDS a termination fee in cash **in an amount equal to MUDS’s expenses** (up to $10 million)". Those expenses did not come from the trust, so they were paid by the sponsors, usually in arrangements like these: "[On November 22, 2021, Mudrick Capital Acquisition Corporation II](https://www.sec.gov/Archives/edgar/data/1820727/000119312521340470/d117227d8k.htm) (the “Company”) issued an unsecured promissory note (the “Note”) in the amount of up to $2,000,000 to Mudrick Capital Acquisition Holdings II LLC (the “Sponsor”). The Note bears no interest and is repayable in full upon the earlier to occur of (i) the consummation of the Company’s initial business combination and (ii) the winding up of the Company. " So, the money wasn't taken from the trust, should the reimbursement of expenses go into the trust, or to the folks who paid the expenses? That may be for a court to decide.

buggysoftware

Wow. Thanks for doing the heavy lifting. I wasn't even aware of the $13.5M amount, but it's clear I can't get a piece of that. However, I still don't know (in the legal or colloquial senses) what it means to "pay MUDS" $10M. Is that "MUDS, the pile of cash" or "MUDS, a combination of owners including sponsors" or "the guys that built MUDS"? I fully admit to being out of my legal depth here. But I do think what happens with FST can swing trust values a few percent, or roughly double the gains that some people were hoping for when parking their money in SPACs for a couple of years. And for SPACs running out of time, like MUDS, this could result in a huge annualized yield.

SPAC_Time

You might want to read the MUDS filings. They are specific about what would happen to the break up fee in the event Blue Nile decides to go with a third party ( sounds like it was discussed before the agreements were signed). It involves convertible preferred stock that the MUDS sponsors bought when they signed the agreements ( I think ). Filings are pretty dense, but looks like a $10 million and a $13.57 million fee will be due, but only when the Signet and Blue Nile deal consummates, ***which could be*** long after MUDS liquidates. [The Merger Agreement may be terminated at any time, but not later than the closing of the Transactions, as follows:](https://www.sec.gov/ix?doc=/Archives/edgar/data/1820727/000119312522172449/d324094d8k.htm) (vii) by the Company, in order for the Company to enter into, immediately following such termination, a binding and definitive agreement with the Specified Third Party; provided, that the Company has materially complied with certain of its covenants under the Merger Agreement and (a) **pays MUDS a termination fee in cash in an amount equal to MUDS’s expenses (up to $10 million), payable upon the earlier of (i) the consummation of a business combination involving the Company and the Specified Third Party or (ii) the termination of the applicable definitive transaction agreement with the Specified Third Party** (b) pays an affiliate of Mudrick Capital Acquisition Holdings II LLC (the “Sponsor”), the Subscriber under the Subscription and Backstop Agreement, the **Subscriber Termination Adjustment** (described below) and (c) upon (and subject to) the consummation of the closing of the transactions contemplated by the applicable definitive transaction agreement with the Specified Third Party, **the Company shall consummate the “Mandatory Preferred Call” in respect of the Company Convertible Preferred Stock.** "In the event the Company terminates the Merger Agreement in order to enter into a definitive agreement in respect of a change of control transaction with the Specified Third Party, **the Subscription and Backstop Agreement provides for a “Subscriber Termination Adjustment” in the amount of $13,575,000**, payable to the Subscriber, at the Company’s option, in cash or shares of the Company’s convertible preferred stock, upon the earlier of (i) the consummation of the closing of the transactions contemplated by the applicable definitive agreement with the Specified Third Party or (ii) the termination of the applicable definitive transaction agreement with the Specified Third Party (the “Subscriber Termination Adjustment”)."

buggysoftware

So you think MUDS won't keep the money for themselves? That adds 3% to the trust, which with the short window to redemption (they're on their 3rd attempt to merge) seems like a big deal. There's already 10.15/unit in the trust.

buggysoftware

Does anyone have any data on what happened to prior breakup fees? MUDS kept the Blue Nile money, on the basis of it being equal to their expenses, even though I thought SPACs ate expenses and distributed income on liquidation. It all comes down to lawyers and filings, but seems to me founders should get no more than 20% of any income generated by the big pile of cash the market handed to them.

SPAC_Time

MUDS hasn't decided to liquidate (yet) though. AFAIK, FST is the first with a break-up fee to announce a liquidation, so again this might set a precedent others might attempt to follow. FST [announced late yesterday](https://www.globenewswire.com/news-release/2022/08/10/2496289/0/en/FAST-Acquisition-Corp-Announces-Additional-Information-Concerning-the-Redemption-of-its-Public-Shares.html) that they plan to fight the lawsuit and attempt to keep the entire $26 million for themselves.

lee1026

The SPAC deal valued them at $341 million. Not bad MUDS team, not bad at all.

ALL_IN_HAYSTACK

Impact is posting updates, a Ryan Cohen stock is going crazy, and MUDS is terminating a merger. Did someone accidentally hit ‘Repeat All’?

ImpactExtreme

$MUDS/Blue Nile [Signet Jewelers Announces Strategic Acquisition of Blue Nile, Inc. and Updates FY23 Guidance $SIG the world's leading retailer of diamond jewelry, today announced it has signed a definitive agreement to acquire Blue Nile, Inc. for $360 million in an all cash transaction](https://twitter.com/Sentieo/status/1556957118326095872?t=M_Xys3SxO6xLkdki6Epdyg&s=19) I presume $MUDS deal is terminated although no word from them yet..

randomredditor767

$MUDS - Interesting development for those following the $MUDS/Blue Nile DA that was announced a couple of weeks ago: Signet Jewelers Announces Strategic Acquisition of Blue Nile, Inc. and Updates FY23 Guidance $SIG the world's leading retailer of diamond jewelry, today announced it has signed a definitive agreement to acquire Blue Nile, Inc. for $360 million in an all cash transaction.[Signet Jewelers Announces Strategic Acquisition of Blue Nile, Inc. and Updates FY23 Guidance $SIG the world's leading retailer of diamond jewelry, today announced it has signed a definitive agreement to acquire Blue Nile, Inc. for $360 million in an all cash transaction.](https://twitter.com/Sentieo/status/1556957118326095872?t=sPc5wxsolkX-fuiaovBXKg&s=19) No word from $MUDS team but we can infer that the DA with Blue Nile is terminated ..

gobbles28202

They're in the MUDS deal. I bet that does sneaky well.

Rush_Is_Right

> I know there have been others that got a second DA. MUDS as well. Originally was Topps and now it's Blue Nile.

nivag666x

$MUDS 🤝✅ Official DA: Blue Nile, Leading Fine Jewelry Online Retailer, to Become a Public Company

hookisacrankycrook

Fanatics and Topps just got a deal with 200 universities under NIL for college trading cards. Ah MUDS, bummer for you guys!

equityorasset

I know I just bring it up because besides Nikola IMO, the MUDS/Topps Spac was the most disgraceful thing to come out of the financial world. And yes I am obviously biased because I had a decent sized position and didnt sell at ATH because the merger was "guarenteed" to go through.

Asian_Spartan

MUDS/w may awake

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OMG2Reddit

SPACS are all fucking poison and the only fucking reason they dont want to traditionally go public is because they are hiding something. MUDS was the biggest fucking scam and TOPPS baseball can literally fucking die with Eisner and Mudrick Capital. Bunch of scum bag POS. Yes.

NoKarmaForYou2

Topps whose revenue contained issuing NFT. They were going public via spac $MUDS

spacgod1233

My sleeper pick is MUDS to get OF.

gwcommentthrow

Let's go MUDS! Still got some overpriced warrants to shift

Harlaxt0n

Really hope it's MUDS - need some redemption after that Topps bullshit.

Few-End-9736

MUDS...

thedailymoo23

I’m pretty sure this happened with me and MUDS

thedailymoo23

That would be me in the backseat getting reamed by BODY and PSFE while MVST and a ton of crap warrants watch and hoot and holler. MUDS would be looking through the window jerking off while PSTH videos it all.

4quila

Usually I only buy 15 or 12.5p if I see an opportunity on SPACs that are trading at what I think is too high of a premium or pumped for no reason way before merger but yes almost never on SPACs, never 10p. You are right about deals falling thru- I was burned on MUDS puts. deSPACs I try to research when the S1 will go in effect (and even with that, if you know then the market probably knows) or something like FATH which just seemed obvious to me. I have a similar story to lots of others here- 2020 I traded options only when the market was on EZ mode, on all stocks, and then since I was always missing out on "the pops" decided to waste a bunch of time learning about all these companies and move all that option money to start what's now become my SPACfolio. Now, typically options make up 2-3% of my SPACfolio and if I hit big then I transfer that excess into commons or warrants. Trading options *is* fun so you have to factor that in and hopefully we're learning along the way.

Rasputincello

Investing is hard. Topps was acquired by two firms for $385m in 2007. They wanted to pass it on to $MUDS at a valuation of $1.3B, but they got caught with their pants down. Instead Topps is getting acquired by Fanatics at an estimated value of $500m. They’re not acquiring the whole company, only the sports and entertainment division. SPY went from $150 to >$475 in that timeframe, to put things into perspective.

Rasputincello

Investing is hard. Topps was acquired by two firm for $385m in 2007. They wanted to pass it on to $MUDS at a valuation of $1.3B, but they got caught with their pants down. Instead Topps is getting acquired by Fanatics at an estimated value of $500m. They’re not acquiring the whole company, only the sports and entertainment division. SPY went from $150 to >$475 in that timeframe.

redditobserver777

MUDS bailed on them…

cgfn

Buying it for 50% the valuation that MUDS had made the deal for (1 billion vs 500 million). Very scummy deal as MLB has a stake in Fanatics and ended Topps' contract and gave it to Fanatics.

hookisacrankycrook

I totally get why the deal fell through and it was the right choice. But people were excited about getting Topps. It is absolute stone cold that Fanatics then buys Topps to handle the MLB deal and MUDS folks get nothing.

imunfair

MUDS fell through because they were losing a big franchise deal, it would have completely changed the valuation of the deal and I would imagine it was a nightmare for the spac runner so they just decided to part ways.

bonghits96

> Lol Fanatics acquiring Topps. What a kick in the nuts to MUDS holders. Maybe, maybe not. MUDS was going to pay $1.3b. Fanatics is rumored to get it at around $500MM. If the Topps deal went through MUDS might've been the next OWLT, SNAX, or whatever.

hookisacrankycrook

Lol Fanatics acquiring Topps. What a kick in the nuts to MUDS holders. More stone cold than what Ackman did to PSTH holders.

Sand_Accomplished

Happy new years everyone. Grateful for CCIV (best) MUDS DCRC GGPI and CFVI. Here's to an equally good 2022.

MoneyRepeat7967

yep, $PSTH was the biggest loser as well, also $MUDS was a total rug pull, and both of these happened within days of each other. And naively I thought those were the worst times of spacs! until the November...the last 7 weeks of the year has been just non-stop selling, whether it's deleveraging or tax loss, doesn't matter, all tech and small caps were wrecked. Now I think some of these names have some support at $0.

SPAC-ey-McSpacface

I hear MUDS is targeting Upper Deck. ​ /s

Dick_Wiener

MUDS and CHRC will DA next week.

vaingloriousthings

I just got rid of MUDS. That one hurt.

4quila

Ditched my MCMJ for CND this morning. I still like Leafly but I'll probably pick it up after unlock probably in March or April. I don't like vote extensions and who knows how long CND will stay in the 10s... Although I was in a similar position with MUDS when I patiently waited all year for it to dip into the 11s and the boom, dis- aah- pointedd!!

City_Standard

Does MUDS count?

hitzelsperger

Warrants become exercisable based on certain conditions - all those conditions happen AFTER the merger. those conditions can be above $10 for so and so time or above $18 for 20 out of 30 days etc. Warrants go to .5-.6 if the deal is pulled off the table - this happens within seconds, we have seen MUDS / AUS / Sports Radar HZON deals get cancelled and warrants dropped to pre DA levels very soon. For SPACs nearing end of life - the warrants might go closer to 0. When the time comes to exercise warrants, there is usually a window and if you miss it- Ws go to .01 $ in value. You have 3 options - sell it in open market (price might fluctuate based on what redemption clause is). Option 2 : You can do cashless - your warrant now becomes fraction of the common share - this fraction can be found in the S1 filed under SPAQ IF THEY have cashless, for e.x. if you have 100 warrants and the SPAC does cashless for .25, you end up with 25 commons and not have to pay any CASH hence the name cashless. Third option is to pay 11.50 strike price per warrant and exchange your warrant for a share. You can also do a hybrid where you sell some to raise cash and use that to buy commons at 11.50. Please understand that warrants have the risk of sudden death when deal is cancelled - we have seen members lose a ton of money - see charts for PSTH and MUDS warrants to understand risks. OTOH - the returns can be good.

equityorasset

I went from MUDS to BODY lmao wtf is wrong with me

FliesInVasoline

MUDS looked so promising too. Makes you wonder if Topps knew they weren’t going to renew the MLB contract and that’s why they agreed to such a low valuation. Then the news came out right before they could merge and they were forced to cancel the agreement. It looked so promising but I think they were trying to pull a fast one on investors.

equityorasset

i invested in this and MUDS, literally have the worst luck.

InverseHashFunction

It's the closest you can get without going to the private marketplace. The deal could fall through, but it's not likely to given that at the current price there will be few (<1%) redemptions and there isn't some negative event on the part of Polestar (for an example of this, look at Topps losing the MLB deal leading to the cancellation of their merger with MUDS).

prz3124

I'm finding warrants to be quite predictable. 5-7 weeks after DA they usually pop some. I usually sell and close but GGPI feels different almost like CCIV. Is it going to go flying I don't know but I'm going to hold at least half of what i have. I nailed PSFE at the peak pre-merger also hit hit on MUDS. Had some only go up 20% but still a win. Currently have my first warrant that did not follow the 5-7 week rule in PACX.

AluminiumCaffeine

So, it can go under $10 in the open market due to heavy selling. However worst case scenario you can always redeem for exactly nav if arb funds dont keep it up high enough when the spac dissolves. You can check commons on ALTU or MUDS to see what you could expect if the deal dies.

ropingonthemoon

>the risk of pre-DA warrants The risk of DA warrants. We've already seen it with HCIC, VELO, MUDS, XPOA, SV, MLAC etc

bhoffma9

Makes sense. With some reinvigoration recently, I expected it could be done on BRPM, FPAC, etc. As you mentioned, in a crap environment, it would have to be done opportunistically on certain SPACs (GGPI, DCRC, MUDS, etc).. but they also need to have options already available too. Worth asking to see if anyone has been able to do it successfully this year anyway, so thanks. As you mentioned, hard to find a free lunch

DFYgloves

Still got a single MUDS Jan22 10c sitting in my portfolio to remind me of that day.

vladanHS

HCIC, don't fall into arb trap, they purposefully keep the price low today knowing that everyone will bail asap. Look at MUDS for example, the deal is off and the commons price is 9.95-9.97. I'm personally waiting for it to be around 9.90

kurzalevski

Well MLAC and MUDS even after they got cancelled, they traded roughly around 9.90, even more. You can now buy HCIC for 9.80. Seems like free money, no ?

BapoRothstein

What I was trying say was that the market doesn’t seem willing to price-in a spac target’s fundamentals, no matter how good, prior to merger. That is likely because of deals falling apart right before merger, like MUDS and others, and the supply glut of mostly low quality offerings, among other things. Whatever the reason, it does appear as though pre merger spacs have gone back to trading like they always have prior to last year’s bubbalicious price-action. I see that as a good thing because it allows for a lengthy, favorable on-ramp to the few standout, high quality opportunities.

MetaphoricalMouse

lol anything that seems antiquated moons. crazy. how’s MUDS doing post topps? no chatter anymore about that one

hitzelsperger

I think the risk then and now is not the same. Not sure which risk was higher, but the risk from buying Ws is definitely something we all remember after MUDS. 2.60 to 55 cents in the blink of an eye. wooof. not something I want to touch. This could be greedy retail.

Mrgiangian

any nws for businees combination date for MUDS?

apan-man

It’s a trade - depends on price action. I think it can run like $MUDS did. Will see!

OMG2Reddit

The thing about SPACs though is that they can collapse/cancel - not ipo - I invested in MUDS and thats what happened and I lost almost everything...... I dont know if its guaranteed for DWAC and this whole resurgence of SPACs is .... odd

freehouse_throwaway

Man hopefully this evens out that MUDS shit fest a bit for you bro?

spacgod1233

I had the same thought. Also had 30k BENER at .40 that I flipped for .75. (Could have gotten $1.1 if I’d waited). Buying cheap warrants on suspect rumors is seriously a good way to make money. LEGO and MUDS come to mind. I am sure I have done it in others too. .60 warrants with a target are really no brainers in my mind.

4quila

Unless the deal falls thru last minute like MUDS, my calls went to shit

spacgod1233

SPAC commons at any time sort of suck. Not much risk, but very little reward. The ones that go over NAV did so right on DA. (RICE, MUDS, LEGO, etc). If they don’t jump on DA, they don’t move until the merge. And then it’s generally down.

spacgod1233

So not true. I got burned bad on ACEVW and MLAC. And a few other bad buys. But did well on MUDS, LEGO, LATN and a few other names. If I “pump” something, I try to clearly indicate why I think it’s going up. Read back thru my posts. I will say “this seems like crap but has a lot of interest behind it”. Or I try to give my reasons why I think it will do well. I got burnt trying to play the silly squeeze plays. Luckily I got a big win on GWAC early on to offset those. The only stock I have “pumped” shamelessly on here was LATN/PROC. And I made it clear that I had a large position. I also pumped it hard when it was in the .60-85 cent range. Anyone that joined me did well.

TheLastJewmurai

Oh sorry, this one went awful. My worst pick ever. In my defense there was an unforeseen event. MLB ended an 80 year partnership with Topps trading cards, and the SPAC deal was cancelled, so $MUDS is no longer tied to topps. I havent checked in a while, but I think they are back to a blank check company looking for someone new to take public. Sorry anyone who got caught.

Corpsebean

idk how to do bullet points Bought 3000 shares of CCIV @ 13, took absolutely no profits anywhere preDA Had 3000 shares of NPA @ 11, took no profits when it ran to 20, even bought back 25 CCs at a loss if I remember right Bought 20,000 shares of DMYI/CRHC/PRPB on margin, up a combined 20k or so on DMYI DA, had to eventually sell all at a loss to avoid margin call Average down on Dog Toy Subscription Box 5 times Had 2000 shares of MUDS in my wife's Roth IRA since "Topps is an established, safe company" Bought PSTH @ 29 Assigned puts on HYLN @ 25, thankfully jumped ship quickly. Lit 2k on fire joining ML gang Many more I'm sure, just off the top of my head for this year. Still up like 40% YTD though!

Blue_Ninja38

Still waiting on MUDS. Any further info?

Blue_Ninja38

Whar is MUDS? Thanks

GatorsILike

What am I missing on MUDS?, it’s climbed a few cents a week now since the deal fell through.

DivineRobot

Very interesting play here. Only risk here is if the deal doesn't go through then both your rights and options will be worthless. I don't remember any SPACs recently that actually went past deadline and failed. MUDS and PSTH both had their deals blown up but they are still looking. Even though it's probably Chinese scam, the chance of it going through should be pretty good. Do you know if brokers charge fees to exercise rights or do they just automatically 10:1 convert to the new ticker after merge?

spacgod1233

I have a ton of small positions and then I go big on ones that I get a gut feel on. I am quick to jump out if I guess wrong. Like ASTS… I bought 20k warrants in the PM the second I heard the announcement. Rode those up to $5 or $6 very fast and dumped them. Bought 100k of LEGOW at .50 when no one wanted it because “the management was bad”. I post a few times back then saying “yep. They pick terrible targets, but they PICK TARGETS”. Within days of buying, they had a target and it has done well. I bought PSTH calls very early. Sold a bunch near the high. Kept the rest and my commons too long. MUDS… I liked the target. Rode it to $7 and dumped. I don’t like holding warrants past $6.50. Too scary. Got lucky there that I wasn’t holding when that deal fell apart. I have had some serious dogs. Did well on CURI, so went heavy in MLAC. Sold for a loss before that deal collapsed. So… long story short… lots of small positions. But my wins were when I dove in big. Currently up $120k on my LATNW position. Crossing my fingers that nothing funky happens with the meeting tomorrow AM. That would SUCK for me if that deal didn’t go thru as planned.

mazrim00

Do you spread out or go in on a few big ones? LEGO/MUDS we’re during the SPAC crash so good on you for still being able to make plays during that time. I had my big bets on PSTH/THCB (after I made a lot on CCIV) but missed badly on those. Could’ve sold for profit on both but reminiscing about video game mode had me holding, though PSTH was just a disaster in general.

spacgod1233

I’m no genius. Just made a few big plays early. CURI, MP, GOEV, RMO, QS. Sold out early so missed truly epic gains, but sold out early so missed some of the huge sell offs too. Made some big money on MUDS, LEGO, and now hopefully LATN. Completely missed CCIV. Thought it was overvalued. There was free money to be made last year. It’s a heck of a lot harder now. Unless you get lucky on one of these crazy squeeze plays.

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I_Drink_Piss

Take profits - learn from those that had MUDS puts and were wiped.

Corpsebean

I had some in my wife's IRA and decided to rejigger things around to put something less risky in there...like MUDS.

BenRobNU

NGCA, ISOS, IVAN, MUDS, LATN all good candidates.

Slow_Depth4729

I made this mistake buying XPOA after their deal was cancelled. MUDS is about 15% higher than the average pre DA 1/2 split. HZON is about 11% higher than the average pre DA 1/3 split. There are better deals out there that have not had restart their search for a target

hitzelsperger

>there’s some solid discounts in warrants right now i think if you’re willing to take the risk. i won’t shill but shit all my positions are in the daily thread. i recommend against COVA and Eres from personal experience in losing my ass so far lol but at the same time they don’t have much farther down to go unless they dissolve I have very 2 pre DA warrants and COVA is one of them. I think that deals falling through have been painful - HZON MUDS PSTH and few others. I am not adding any pre DA warrants right now.

TheLifeandTimesofTim

It's a reflection of two things I believe: 1. rock bottom SPAC sentiment / the disappearance of bidders and the reality that retail SPAC traders have never had an interest in ad tech to start with. 2. the recent re-evaluation of 'deal risk' from deals like MUDS XPOA canceling + massive redemptions resulting in mergers failing due to minimum cash requirements not being met IACA has like \~4% redemptions and IACB has a $150M PIPE and $220M trust. So I think the deal risk is low. With all of that said, I like CBAH/WS more. With an $11 strike price, they are effectively trading at $1 currently. And there is virtually 0 deal risk, given the the PIPE is sizable and the sponsor is backstopping up to $175M of redemptions. They also have the SAIL structure so interests are maximally aligned.

redpillbluepill4

Not rare these days. MUDS and many others.

Slow_Depth4729

Maybe if they had a DA like MUDS and PSTH but it was just a rumor. Don't see how it's relevant for post DA spacs

staunch_character

It’s not great for SPACs in general. MUDS, PSTH & now BTWN…all very different situations, but for the average person just skimming headlines it’s another black eye.

bigtimetimmyjim22

Na, they’ve been rare but they exist. RICE, MUDS, FWAA

devilmaskrascal

I don't know what your deal is with continually tagging me as if I care about your opinion on my portfolio or strategy. It's like I live rent-free in your head. "In shambles"? I'm still up 45% YTD thanks mostly to SPAC warrants without YOLOing anything, and am more confident than ever about my current holdings and cost bases going forward. Just today flipped my AGILW for 163% gain for TBCPW (1/5 W in units, same team that did RPAY and INDI) at ATL, and mostly I have been rotating stuff around my cost basis and consolidating positions into top flight teams like Klein, Chu, Cohen, Gores, Foley and CPAR at ATLs. I'm not sure what "schadenfreude" you are taking away from me since I never owned MUDS or PSTH, never claimed DAs couldn't get cancelled (which is exactly why I am focused on getting entries at rock bottom values *before* DA) and none of my SPACs are anywhere close to liquidating. So yeah, to answer your question, it's condescension.

LossStunning239

I met my wife at the ivy league college we both graduated from. I didn't move anywhere; I live in the northeast but am currently traveling abroad. I take to the loudmouths here who think they have a clue and, by virtue of their confidence, convince others that they know what they're talking about and those people end up losing money. There are a lot of clowns online who make misstatements about things. Some of them are egregious. Just as one example, the warrant gang was warned repeatedly that holding on to warrants is a bad idea in a SPAC bear market that had no visible light at the end of the tunnel. I called out u/devilmaskrascal quite publicly in his warrant post from July and another post stickied on here; have a read through the July thread tell me who ended up being correct regarding taking profits on warrants. Foreshadowed deals dying at the last minute -- i.e. MUDS / PST -- and SPACs not being able to do DAs. Warrant gang was screaming at the top of their lungs in June how smart they are. Now mostly in shambles. I derive pleasure from watching overconfident buffoons trip over their own feet. Is that condescention or schadenfreude? Whatever makes you sleep at night, I guess.

thetrny

Eris = goddess of strife and discord, which perfectly describes the state MUDS and SLAM were left in

devilmaskrascal

SPACs are at a point where PIPE is a must to get deals to go through and PIPE is more tightfisted than ever because of the post-merger price turbulence. Allowing PIPE to short their shares to box in their risk further hurts the price action. We're at the point where retail and much of Wall Street are openly repulsed by SPACs no matter how good the deals are and how high the post-merger price targets are. PSTH and MUDS were the last straws for many. I also think sponsors want retail and strategic investors to buy as many shares as they can so they can reduce the amount of redemptions. Right now given the pitch black sentiment, if you announce, clearing the arb selling pressure is very, very unlikely because the price might not even approach the NAV given lack of demand. The higher the % are arbs, the less money the target company gets, the harder it is for the SPACs to meet their long-term targets. The thing is we're going to need a few good DAs to get the sentiment turned around and to return things to more stable footing. NGCA (Virgin Orbit) and OPA (Forbes) aren't enough at this point. So it's a chicken and egg problem at this moment. Hopefully some of the big name sponsors can pull some fat rabbits out of their hats. A Polestar DA would be a lifesaver.

ImpactExtreme

The lack of DA's the past week and especially any decent ones is concerning and I feel like the only way it will turn around is with a massive DA in the near future. So here is some hopium I just found on twitter: "My guess chamath going for the money shot by grabbing Fanatics and then we find out how he was the man behind the scenes blowing up $MUDS and $SLAM with this ruthless takeover of the sports card mkt $IPOF" https://twitter.com/pennycheck/status/1433218789840199681?s=20

spacgod1233

I’m not convinced that matters. LEGO and MUDS were 1:1. And they had some of the best gains. Before MUDS imploded of course. Not sure what RICE was. But I don’t buy info that “warrants per unit” thing making much difference in the end. The change in float eventually is marginal.

PeanutButtaRari

Paging TWND, PSTH, MUDS Edit: at some point these extensions won’t work anymore

hitzelsperger

If bringing in 11.50 per warrant is not needed desperately - a lot of de SPACS (PAYO PSFE) can call warrants after trading above 10. The earlier they call warrants the less dilution there will be as these warrants would be worth a lot less. As I hold some de-SPAC warrants this scares me as it would be similar to what a PSTH / MUDS style event was for pre-DA warrants. Many pre-DA warrants lost 30% or more and are at ATLs whereas we see some rotation back in growth. If PAYO / PSFE calls their warrants early - this completely erodes warrant earning potential and would tank warrants as their time component was shortened all of a sudden. To get warrant liabilities off their books makes sense but this would kill a great earning potential - warrants in a big big way.

hitzelsperger

At market open, I think a lot of stop losses on Lucid will get triggered. Brutal for warrant holders, Romeo Skillz PSTH MUDS and now Lucid.

RollandTrade

I can see 2 scenarios. Merger fails, but Spac continues on because it has more time. For example MUDS as someone pointed out. In this case, things continue on and nothing changes. If the merger fails and the Spac liquidates (ie. has to return all cash to investors), this is new. Has never happened on a Spac with options. My guess is that Spac would go to $10, and all options would use that price to exercise once the stock de-lists. IV goes to zero, warrants go to zero and settlement of all positions using the $10 price (or whatever Trust is). If you are long options, then you lose all time value and they settle at intrinsic.

hunter994

IV crush. Besides that I'm not sure what you fear would happen. You can look at MUDS, they called off their vote 3 days before it was set to take place. Not having followed it, I'm guessing only short sellers made any money.