Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
TSLA hits $1700+ per share.
unreal. Just when you think it can't go higher
I'll hang on to my NKLA SPAQ shares for a while.
Nice
Wonder who?
Yes it is.
I bought this way back in spring as a trade but after looking into I'm keeping a bunch for sure. America has some catching up to do. and we're a big wide country. This one will go to $5 or $500. It feels like his timing is right, PLUG BLDP NEL did so much of the preliminary work. If he can execute in a timely manner......
That will work.
Looking squeezy this AM
Good stuff. Thanks
I want some, I want some
I did too. huge short position out there.
Doesn't really matter if it's justified, it's where it's trading,
If you like the merger and plan on holding thru exercise then it's a good buy.
Warrants tend to trade at a discount until it comes time to exercise,
then they trade pretty much exactly where they should.
Not sure why, you would think they would trade, like options, at a premium due to the leverage they give.
Barrons, SPACs Are Booming. These 21 May Be About to Announce Deals.
https://www.barrons.com/articles/spacs-are-booming-these-21-may-be-about-to-announce-deals-51594029600
good morning
ORSN ORSNW
announces merger
Ucommune and Orisun Acquisition Corp. Combine to Bring to the Public Markets the Most Recognized and Largest Agile Office Space Manager and Co-Working Community Operator in China
Combined Company Expected to Trade on the NASDAQ Post-close under a New Ticker Symbol
https://www.prnewswire.com/news-releases/ucommune-and-orisun-acquisition-corp-combine-to-bring-to-the-public-markets-the-most-recognized-and-largest-agile-office-space-manager-and-co-working-community-operator-in-china-301088267.html
ORSN ORSNW
Ucommune and Orisun Acquisition Corp. Combine to Bring to the Public Markets the Most Recognized and Largest Agile Office Space Manager and Co-Working Community Operator in China
Combined Company Expected to Trade on the NASDAQ Post-close under a New Ticker Symbol
NEWS PROVIDED BY
Orisun Acquisition Corp.
Jul 06, 2020, 08:00 ET
SHARE THIS ARTICLE
Ucommune was founded in 2015, with early investors including Sequoia Capital China, Matrix Partners China, Sinovation Ventures, and Zhenfund. Ucommune has become the largest agile office space manager and co-working community operator in China with more than 700,000 members across 211 office spaces in Greater China and Singapore.[1]
Ucommune generated revenues of 1,179 million RMB (approximately $170 million in USD) in 2019 (unaudited), and revenues grew over 160% from 2018 to 2019.[2] Management estimates the Company will generate revenues of 1,350 million RMB (approximately $190 million in USD) and 2,100 million RMB (approximately $295 million in USD) in 2021 and 2022 respectively.
The combined company will have a pro forma firm value of approximately $769 million at closing or 2.58x 2022 net revenue, assuming no shareholder redemption and the Company receives $44.8 million cash[3] from Orisun's trust account.
NEW YORK, July 6, 2020 /PRNewswire/ -- Orisun Acquisition Corp. ("Orisun") (NASDAQ: ORSN, ORSNU, ORSNW, ORSNR), a special purpose acquisition company, announced today that it has entered into a definitive merger agreement (the "Merger Agreement") for a business combination with Ucommune Group Holdings Limited ("Ucommune" or the "Company"), a leading agile office space manager and provider in China. Upon consummation of the transaction contemplated by the Merger Agreement, (i) Orisun will reincorporate to Cayman Islands by merging with and into Ucommune International Ltd, a Cayman Islands exempted company and wholly owned subsidiary of Orisun ("Ucommune International"), and (ii) concurrently with the reincorporation merger, Everstone International Ltd ("Merger Sub"), a Cayman Islands exempted company and wholly owned subsidiary of Ucommune International, will be merged with and into Ucommune, resulting Ucommune being a wholly owned subsidiary of Ucommune International. Upon the closing of the transactions, the parties plan to remain NASDAQ-listed under a new ticker symbol.
Founded in 2015, Ucommune currently has more than 700,000 members and more than 94,000 work stations across 211 office spaces in Greater China and Singapore with an aggregate managed area of 686,000 square meters (approximately 7.38 million square feet) as of December 31, 2019. Since its inception, Ucommune has been developing an asset-light model under which Ucommune provides space design, renovation, and management services to develop and manage agile office spaces for landlords who contribute most of the capital investments needed to build out and launch new spaces. In addition to agile office space services, Ucommune cooperates with over 700 business partners to offer its members additional revenue generating services including advertising and branding services, catering, fitness, healthcare, training and entertainment as well as general corporate services, such as corporate secretary, human resources, legal, finance, IT support and tax services. Ucommune's existing investor base includes Sequoia Capital China, Matrix Partners China, Sinovation Ventures, ZhenFund, and Gopher Asset Management.
The Company's revenues grew over 160% from 2018 to 2019. In 2020, the Company expects to experience modest revenue decline due to the COVID-19 pandemic. Ucommune has already seen improved revenues in recent weeks . Management forecasts an approximately 66% CAGR of revenues between 2017 and 2022.
According to Frost & Sullivan, the addressable Agile Office Space Industry in China is 132 billion RMB (approximately $19 billion in USD).[1] The market grew at a compound annual growth rate, or CAGR, of 72% from 2013 to 2018, and is estimated to grow at a CAGR of 50% from 2018 to 1.03 trillion RMB (approximately $146 billion in USD) by 2023.
Ucommune's current management team will continue running the Company after the transaction.
"We are excited to combine Orisun with Ucommune and admire the Company that Mr. Daqing Mao and the Ucommune management team have built" said Wei Chen, Chairwoman of Orisun. "I look forward to working with Ucommune's dynamic management team to help them thrive as a public company while they continue to grow."
Daqing Mao, Founder of Ucommune, commented, "We are thrilled to enter into the Merger Agreement with Orisun, and today's announcement marks a key milestone for Ucommune. This transaction directly aligns with our strategic objectives, and will unleash the exciting potential of our new growth initiatives, including the expansion of our asset-light model. As a publicly listed company, we look forward to strengthening our market leading position and to expanding our footprint in China. With smart technology and efficient business operations, we will continue to empower more members in communities across China, unleashing their potential and creating maximum value for society."
[1] According to Frost & Sullivan's report on November 9, 2019, in terms of the number of agile office spaces, aggregate managed area and number of cities covered in China as of September 30, 2019.
[2] According to the unaudited financial statements of Ucommune.
[3] According to the number as of 03/31/2020.
Key Transaction Terms
Under the terms of the Merger Agreement, Orisun's wholly owned subsidiary Ucommune International will acquire Ucommune, resulting in Ucommune International being a listed company on the Nasdaq Capital Market. At the effective time of the transactions, Ucommune's shareholders and management will receive 70 million ordinary shares of Ucommune International. In addition, Ucommune shareholders will be entitled to receive earn-out consideration of up to an additional four million ordinary shares of Ucommune International, subject to Ucommune exceeding certain net revenue targets in 2020, 2021 and 2022 or achieving certain share price thresholds prior to certain future dates as set forth in the Merger Agreement. All shares held by existing Ucommune shareholders will be subject to lock-up agreements for a period of at the least six (6) months following closing of the transaction, subject to certain exceptions.
The combined company represents a pro forma market value of approximately $769 million at closing, or 2.58x 2022 estimated net revenue, assuming no shareholder redemption and the Company receiving $44.8 million cash from Orisun's trust account.
Chardan is acting as an M&A and financial advisor to Orisun. Loeb & Loeb LLP is acting as legal advisor to Orisun. Davis Polk & Wardwell LLP is acting as the legal advisor to Ucommune.
The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the transaction, a copy of which will be filed by Orisun with the SEC as an exhibit to a Current Report on Form 8-K.
About Ucommune
Ucommune is China's leading agile office space manager and provider. As of December 31, 2019, Ucommune managed 211 agile office spaces in 46 cities in Greater China and Singapore. Ucommune's offline agile office space services include self-operated models of U Space, U Studio and U Design, as well as asset-light models U Brand and U Partner. Founded in 2015, Ucommune has created a large-scale intelligent agile office ecosystem where its members can leverage its network to reach their full potential and collectively create maximum value.
About Orisun Acquisition Corp.
Orisun Acquisition Corp. is incorporated in the State of Delaware as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. Orisun's efforts to identify a prospective target business have not been limited to a particular industry or geographic region, although Orisun intended to focus on targets located in China.
Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of Or
Yup theoretcally they should be at around 6.50. Warrants can be weird like that especially on momentum moves that are all about one ticker. We'll see what happens tommorow.
For sure. I just did it to have an idea where the warrants stood since the were both so weird.
It might also be a fun trade when the exercise gets close.
HOFV warrants are for 1.42 shares
If the terms are a buy in of 11.50 per share(not per warrant)
Share price $15 - 11.50 = 3.50 X 1.42 = $4.97
share price $20 - 11.50 = 8.50 X 1.42 = $12.07
share price $25 - 11.50 = 13.50 x 1.42 = $19.17
share price $30 - 11.50 = 18.50 x 1.42 = $26.27
share price $40 - 11.50 = 28.50 x 1.42 = $40.47
so at around $40 the warrants are worth more than the shares.
Next week all about warrant math.
Happy fourth ! stay safe
GRAF warrants
Warrants are for 3/4 of a share.
I'm thinking this is how to value them.
the share price minus 11.50 X .75
so @ $30-11.50 = 18.5 x .75 = $13.875
@ $25-11.50 = 13.5 x.75 = $10.12
@ $20-8.50 = 8.50 x .75 = $6.37
Warrants are for 3/4 of a share.
I'm thinking this is how to value them.
the share price minus 11.50 X .75
so @ $30-11.50 = 18.5 x .75 = $13.875
@ $25-11.50 = 13.5 x.75 = $10.12
Yup ,I'm thinking it will be a crowd pleaser
GRAF merger with Velodyne confirmed
Wonder how long this daily windfall or two can last.
really fun
It will. Maybe not in a strait line. It will be a while before it trades, then a bit of time before it splits up etc. Even with Covid raging a certain percent of the economy has been steady or gone up. My port did so well on Friday that I was stunned at around 4:30 to discover the dow fell 700+
OK
"Pershing Square Tontine Holdings was founded in 2020 and plans to list on the NYSE under the symbol PSTH.U. Pershing Square Tontine Holdings filed confidentially on May 20, 2020. Citi, Jefferies, and UBS Investment Bank are the joint bookrunners on the deal.5 days ago"
GRAF merger news
Dumb luck for me today , I was buying the recycling co.
I know, got a couple hundred a few days ago. I was waiting for a pullback for more. Silly me. At least I'm in.
hoping for OPES and GPAQ next week
Nice.
I want some.
the speculation on the merger partner alone will be worth the price of the tickets.
I'm also liking GRAF. Pretty under the radar with possible groundbreaking plastic, save the world, recycling.
The group that saved Twinkies from extinction.
I bought a few to keep it on radar.
did you read the book about the Twinkie?
He does a chapter on each ingredient that goes into the recipe.
Just need one to run due to merger and they all will.
Yup. looks like a good one
There will be chances to buy.
SHLL SHLL/WS
NYSE merger...crazy trading already
https://www.businesswire.com/news/home/20200619005104/en/Hyliion-Tortoise-Acquisition-Corp.-Announce-Merger-Combined
https://www.hyliion.com/
Back from hibernation. Well that is fun
...................and who bought the 1100 for .024?
NOVS NOVSW
new spac
MFAC MFAC.WS getting some play today
they have a deal but we don't know with who.
sound familiar?
I'd have to look at the whole warrant agreement
not sure from that filing what shares they are talking about
If it's the warrants then I think they would still trade but the co would not issue the shares until the terms were met IE: it might say 5 years or until it trades over 18$ for 20 out of 30 trading days.
Just looking at another post merger one IEA
didn't do very well after the merger but the warrants IEAWW went from
a low of .0099 to a high of .33 over the past few days.
I think I'll make a watch list of post merger spacs that still have active warrants
Doesn't have the mass appeal of some of these others.
at .50 worth risking a few $'s could be a lotto someday.
GPAQ GPAQW
small forward split upon close of merger
1.42 shares or warrants of new company for each share of GPAQ GPAQW.
Yup a huge % of IPO's this year are SPACs
I've read 30% I've read 50%. Fun for the robin hood crowd, the big bucks crowd and everyone in between.
It has a low float and hamburgers, what's not to like?