Just one for the radar; full disclosure, my track record investing in pure rights is poor.
That said, if $KFII converts LOI to a DA with David's Bridal to bring Pearl public, and if financials aren't a complete fiction - this thing looks pretty credible, and 11 cents for 1/15th right $KFIIR could be compelling.
Investor deck link; sec.gov/Archives/edgar/data/…
Interesting dynamic at play. $AMAN was my largest holding coming into today, and even bigger now. SPACs so out of favor that a $300 million common equity PIPE above $10 (this one is at redemption price) pins it at NAV. Similar to $TCGX reaction.
May not work, but certainly might.
$AMAN 🤝✅ OFFICIAL DA:
Corxel US and Amanat Acquisition Corp Announce Definitive Business Combination Agreement to Create Publicly Listed Obesity-Focused Biopharmaceutical Company
globenewswire.com/news-relea…
SPAC targets getting more savvy to dilution. Two main ways to tackle dilution.
A) Come up with a nosebleed valuation so insane that it is a moot point (founder's shares and warrants crater upon merger).
B) Have a SPAC structured appropriately up front.
I try to own more of B.
In honor of $PAII merger with Sakuu, I will write a Haiku.
Pyrophyte dreams crumble
Warrants bleed red in the street
Bagholders weep now
$PAII 🤝✅ OFFICIAL DA:
Sakuu Corporation to Go Public via Business Combination With Pyrophyte Acquisition Corp. II
businesswire.com/news/home/2…
IR DECK:
sec.gov/ix?doc=/Archives/edg…
The creation of this video probably cost some heretofore undiscovered lizard species in West Texas its existence and consumed eight million gallons of water, but aside from that, it is quite remarkable what a few prompts can do
Of SPACs trading 1% or more above NAV; 6 have a target. 15 do not.
I'm not even sure what this tells us, but it is interesting.
Personally, I'm very heavily weighted in SPACs above NAV that don't have a target. We'll see if that is wise or not.
This is an excellent summary of one of my pet peeves; PIPEs that let the investor have their cake and eat it too. Substantial downside protection along with, usually, extra upside juice as well.
Definitely worth looking at PIPE terms whenever a merger agreement is announced.
For retail, make sure to understand what type of PIPE is attached to a SPAC deal. It can have a significant impact on outcome.
Convertible preferreds are linked below.
spacinsider.substack.com/p/c…
Really interesting insights here from some knowledgeable SPAC players; 45 minute podcast. Thanks @spac_insider for making this kind of info available.
Podcast: The State of the SPAC Market, from the Floor of the NYSE
For our first-ever video podcast episode, we headed to the floor of the @NYSE to speak with Allyson Satin, COO of the Ares SPACs, and Paul Wood, Co-Head of SPAC Investment Banking at BTIG.
2026 has already been a breakout year for SPAC issuance, and deals are moving through the pipeline faster than they have in years. We discuss what’s driving the rebound, why sponsor quality is rising to the top, and how SPACs are competing with a strong traditional IPO market.
Plus, we look ahead to the fall and Q4 for any positive or negative catalysts that could affect the SPAC market.
Give it a listen.
spacinsider.com/news/intel/p…
