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RMGC the latest dbags to pull the "we're liquidating .. psyche no we're not" dbaggery.
RMGC terminates deal with H2B2. [Have about 4 months left.](https://www.sec.gov/Archives/edgar/data/1838108/000114036124017772/ef20026030_425.htm)
$RMGC has an interesting sec filing, AFAIK it says the cash held in the trust account is worth 10.00 !!! Wow
RMGC just filed a DEF14A disclosing NAV as $10.40. Their trust size is $10,186,300.04 and there are 918,402 Class A Ordinary Shares. By my calculations NAV should be $11.09, what's going on here?
Following up on u/spac_time 's earlier comments. RMGC hopped up to 11 (catalyst was regaining compliance 6/1??). RMGCW down to .08. Sponsor has indicated they will make all 3 payments to extend (which I'm guessing you only do if you intend to close). Warrants will be tendered (pending holder approval) at .075 shares/W (about $.825 if it were today). Conversion at close, and immediately tradable. There's risk of deal failure, and of course the shares will likely crater (although 11 is a big number for SPACs these days, and it is a hot space). Your broker may take so long to figure this out that you miss the window to dump shares (an unintended consequence: cleaning up their books is going to doubly-suppress despac price, as float immediately increases and those who like warrants more than commons dump shares). But 10x seems like a decent risk/reward here.
For those who overlooked this in yesterday's DA announcement: [RMG III (RMGC) Intends to Do a Warrant Conversion](https://www.spacinsider.com/news/spacinsider/rmg-iii-intends-to-do-warrant-conversion) \- RMGC RMGCW "As for the specifics on RMG III’s conversion, they are proposing to convert each warrant at a ratio of 0.075x in common stock of the surviving corporation. If we assume a $10.00 price of the surviving company for easy math, that means warrant holders would receive $0.75 worth of the share. Furthermore, in order for this to be approved at the completion vote, 65% of warrant holders need to vote “yes”." RMGCW currently at 13 cents, so it seems between risk of deal not completing and likely stock price post merger by the time those warrants convert, folks aren't convinced. M3-Brigade Acquisition III, MBSC / MBSC.WS, has a similar offer on their warrants, for 50 cents cash if business combination closes. Those trade around 40 cents, or about 80% of the offer.
[H2B2 Electrolysis Technologies, Inc., a Global Green Hydrogen Platform Providing Bespoke Integrated Solutions Across the Hydrogen Value Chain, to Go Public on the NASDAQ via a Proposed Business Combination with RMG Acquisition Corp. III](https://www.businesswire.com/news/home/20230511005949/en/H2B2-Electrolysis-Technologies-Inc.-a-Global-Green-Hydrogen-Platform-Providing-Bespoke-Integrated-Solutions-Across-the-Hydrogen-Value-Chain-to-Go-Public-on-the-NASDAQ-via-a-Proposed-Business-Combination-with-RMG-Acquisition-Corp.-III/) \- RMGC RMGCW Press release issued today, after 8-K filing yesterday morning disclosed the DA.
[RMG Acquisition Corp. III entered into an Agreement and Plan of Merger with H2B2 Electrolysis Technologies, Inc., a vertically integrated provider of hydrogen energy systems, services, and equipment](https://www.sec.gov/Archives/edgar/data/1838108/000114036123023739/brhc20052707_8k.htm) \- RMGC RMGCW "On May 9, 2023, RMG Acquisition Corp. III, a Cayman Islands exempted company (“RMG III” or the “Company”) entered into an Agreement and Plan of Merger (“Merger Agreement”) by and between RMG III and H2B2 Electrolysis Technologies, Inc. (“H2B2”), a vertically integrated provider of hydrogen energy systems, services, and equipment. RMG III has also extended the date that it is required to consummate a business combination by one month to June 9, 2023, as the first of up to three one-month extensions, to August 9, 2023, permitted by RMG III’s governing documents. RMG III intends to exercise the right to use all of the remaining permitted extensions. " " The Company intends to file a Current Report on Form 8-K with a detailed description of the Merger Agreement, including the ancillary documents to the Merger Agreement, together with a copy of the Merger Agreement and the ancillary documents to the Merger Agreement, within four business days of entry into the Merger Agreement with the Securities and Exchange Commission (the “SEC”). " RMGCW up 122% today. RMGC [disclosed the LOI with H2B2 in January](https://www.businesswire.com/news/home/20230104005197/en/Letter-of-intent-for-H2B2-Electrolysis-Technologies-a-Leading-Developer-and-Operator-of-Green-Hydrogen-Production-Systems-for-Clean-Energy-Generation-to-Go-Public-on-the-NASDAQ-via-a-Business-Combination-with-RMG-Acquisition-Corporation-III).
On the heels of the announcement of NKLA buying Romeo Power ( RMO ) for 74 cents per share this morning, [RMG Acquisition Corp. IV](https://www.sec.gov/Archives/edgar/data/1847455/000119312522208298/d132544drw.htm) withdrew the registration for a proposed SPAC this afternoon. RMG Acquisition Corp. closed the acquisition of Romeo Power in December, 2020. Also might not be a good sign for RMG Acquisition Corp. III ( RMGC RMGCW ), currently seeking a target. RMGC IPO was February 2021, six months left before extension or liquidation. Probably not a strong selling point to prospective targets: Look at our first deal with Romeo Power.
I added some CANO warrants Friday, think I can get some mustard on them next few months. Thinking to add BARK again when it goes below 4 again (had to sell on that 30% jump lol.) I'm still in SNAX too. Maybe some more SLDP if it drops below 7. I thought about some warrants in RMGC or HPLT to see about a DA pop out of sheer luck.
Any of you folks know anything about RMGC? Was looking at it being below NAV with no target while reading up on some PLTR / Anduril collaborations and it's been pretty quiet since RMGB merged. Had a reminder to put it on watch list from last year and clearly I didn't miss out lol