24 Burst results for "Special Purpose Acquisition Company"
Dow, S&P 500 suffer worst day in over 2 months to start 2021
"The Dow Jones industrial average slid 382 points or one and a quarter percent, while both the S and P. 500 NASDAQ composite skid it about 1.5%. All those indexes that hit new highs last week. Among the days many big decliners quantum escape. Shares of the battery company tumbled 40% as investors again took profits in at newly public company. Company backed by Bill Gates. Breakthrough Energy went public in November via special purpose acquisition company
SPACs: The Backwards IPO That's Taking Over Wall Street
"The hottest trend on wall street. This year is a spec. That's spelled s. p. a. c. constantly house backs backs best back frenzies. Back actions back is the new black former house speaker. Paul ryan's got us back. Shaquille o'neal's got us back and the youngest self made billionaire ever just brought in all that cash through a spec. What the heck is a spec will let. Npr's camilla Explained in an ipo or initial public offering. You start with a company that wants to go public and then investors toss a bunch of money at it. A spat or special purpose acquisition company kind of flips that around investors pool. Their money together. I with no idea what company they're investing in then. That pile of money goes out and looks for a company to merge with the company gets the money and the stock ticker with a lot less paperwork until recently this was not a well regarded way to go public. They have this sort of shady origin. Story right rodriguez is a professor at the university of georgia school of law. There are these blank check. Companies really had a bad reputation a lot of blank check. Companies were outright frauds. So the federal government. Crackdown suspects added more safeguards to the blank check model like investors can get their money back if they don't approve of the company that gets picked but they were still on the fringes of the financial world until now and probably done one or two huge back combinations a year for the last five years until this year and then i would say the of the market just exploded. Sarah morgan is a lawyer. With the firm. Vincent in elkins specs today over fifty percent of my practice this year. Why now well if you look past the bad reputation specs have some real advantages there. Faster than ipo's and have less uncertainty for founders. Both attractive during this really uncertain year. Austin russell is the ceo of luminary a company. That makes lighter. That's like radar but with lasers it's used in self driving vehicles. He founded the company as a teenager. Now he's got contracts with companies like volvo. It was time to go public and he saw the appeal of a spec. You've got the process end to end and in a like four months as opposed to having to spend huge time distraction for the better part of a year or two and he'd seen several well respected companies. Do it i. it's pretty cool. His spac merger earlier this month made him at twenty five forbes's youngest self made bilionaire. Today's specs have clear benefits for founders. Like russell who can go public with less paperwork they can also mean big bucks for the sponsors who organize them in fact sponsors make so much money if they close a deal that some critics worry. There's an incentive to merge with a mediocre company just to get that payday and that raises a big question whether this spac craze will be good for investors shiver drita says the risks are real because the flip side of making things easier for companies is inevitably that the risk of fraud to investors goes up. I don't know anyway to square that circle some of the sears specs have performed badly on the stock market and others have raised bigger concerns after zero emission truckmaker. Nikola went public through respect. It was accused of fraud which the company denies despite the skeptics the spectacular rise in specs shows no sign of fading away camilo domino npr news.
"special purpose acquisition company" Discussed on Wall Street Breakfast
"The two issues that have kept republicans and democrats at an impasse for months. Amazon warehouse workers in alabama. Who want to unionize. We'll be allowed to vote on the matter. The national labor relations board said last month retail wholesale and department store union filed paperwork for an election that would represent fifteen hundred warehouse workers in bessemer alabama amazon though said in its documents filed with the nfl. Rb that the action would actually represent more than five thousand seven hundred employees which means the union likely had fewer than thirty percent of the workers signatures needed for the regulator to oversee the election. The no rb disagreed saying it was administratively satisfied that the threshold was met if the workers vote in favor of the union bessemer would be the first us-based amazon facility with a union adidas plans to invest again in brick and mortar stores even after seeing a booming e-commerce sales during the pandemic and stay at home trends work in its favor. There's no doubt that online has accelerated two to three years into the future. But i actually think if you ask most people there's a big social element about going out and shopping and just seeing and feeling the products again stated. Ceo casper worsted in a cnbc interview. The german company plans to announce connects march details on where it will add stores at how many there are some hints that the stores could be aligned closely with the ecommerce business. Adidas is coming off a fifty one percent increase in online sales in q. Three and a ninety three percent pop in q two for further year. Adidas forecast churning up to four point nine billion of online sales bark box. A startup offering a monthly subscription for dogs will go public the merger with special purpose acquisition company northern star acquisitions core the wall street journal reports. The deal is valued at one point. Six billion including debt and northern star is expected to raise four hundred fifty. four million. The move is not only the latest in the pet world where pandemic spending on pets has led to recent success for petco returning.
"special purpose acquisition company" Discussed on Bloomberg Radio New York
"55% of positives came from shopping at big box retailers. I'm Cameron Fairchild. And I'm Susanna Palmer in the Bloomberg News Room. Mayor Bill de Blasio said today that New York City schools will begin a phased re opening on December 7th. That means he's scrapping the 3% positive test rate threshold for covert 19, he said earlier for closing the schools Reopening would begin with pre K classes through elementary school with special at a few days later, responding to the news governor, Andrew Cuomo says data collected by New York City support the decision. You have done testing in schools, and we now know what we're looking at in schools, and the positivity rate is much, much lower. De Blasio said today the city is not ready yet to begin opening middle and high schools OPEC plus meets on Monday and Tuesday virtually and ahead of that a panel of ministers could not reach an agreement on whether to delay a supply increase that's scheduled for January. More from Bloomberg's Dinis Pellegrini. One of the delegates tells us that most of those who took part of the informal online discussion supported keeping the production curbs at current levels into the first quarter. The United Arab Emirates in Kazakhstan were opposed. They want to open the taps OPEC plus the Organization of Petroleum Exporting Countries in its allies. Made vast production cuts during the depths of the pandemic to offset and historic collapse in fuel demand, And unless the agreement is revised this week, members will start to pump another 1.9 million barrels a day in January. Denise Pellegrini Bloomberg radio. We're hearing boutique investment bank Perella Weinberg Partners is close to a deal to go public via a special purpose acquisition company sponsored by finance entrepreneur Betsy Cohen..
"special purpose acquisition company" Discussed on Bloomberg Radio New York
"The finger at Democrats. Four stonewalling, Senator Roy Blunt is faulting House Democrats for the lack of progress on a new coronavirus stimulus package. Missouri Republican told CNN's state of the Union Democrats took an all or nothing approach in their push for $2.4 trillion Bill. President Trump says the Department of Justice and FBI are nowhere to be found when it comes to investigating the election. On Fox News, The president claimed President elect Joe Biden did not actually receive 80 million votes in the presidential election. The nation's top infectious disease expert warns of even Maura dire times ahead in the fight against Cove in 19. On NBC's Meet the press. Dr Anthony Fauci says he's worried about a Thanksgiving surge on top of the surge many communities are experiencing. That's the latest Cameron Fairchild. And I'm Susanna Palmer in the Bloomberg News Room. Mayor Bill de Blasio said today that New York City schools will begin a phased re opening on December 7th. That means he's scrapping the 3% positive test rate threshold for covert 19, he said earlier for closing the schools Reopening would begin with pre K classes through elementary school with special at a few days later, responding to the news governor, Andrew Cuomo says data collected by New York City support the decision. He have done testing in schools and we now know what we're looking at in schools, and the positivity rate is much, much lower. De Blasio said today the city is not ready yet to begin opening middle and high schools OPEC plus meets on Monday and Tuesday virtually and ahead of that a panel of ministers could not reach an agreement on whether to delay a supply increase that's scheduled for January. Or from Bloomberg's Dinis Pellegrini. One of the delegates tells us that most of those who took part of the informal online discussion supported keeping the production curbs at current levels into the first quarter. The United Arab Emirates in Kazakhstan were opposed. They want to open the taps OPEC plus the Organization of Petroleum Exporting Countries in its allies. Made vast production cuts during the depths of the pandemic to offset and historic collapse in fuel demand, And unless the agreement is revised this week, members will start to pump another 1.9 million barrels a day in January. Denise Pellegrini Bloomberg radio. We're hearing boutique investment bank Perella Weinberg Partners is close to a deal to go public via a special purpose acquisition company sponsored by finance entrepreneur Betsy Cohen..
"special purpose acquisition company" Discussed on PTI
"He. Had, to do was put the ball on geom- these leg it is cheaters most famous defensive play. He made another spectacular defensive play diving into the stands after catching a foul ball everybody's seen that one everybody seemed jeeter hit a home run on his three thousand, th hit everybody seemed jeter hit the Jeffrey Mayor Homerun cheater has these plays in his catalog because he's legendary player the Yankees Have Ruth Ann Gary and Dimaggio Mantle Jeeter. They are the best of the best. It's no accident that world championships followed. These guys around cheater has five of them. Tony All. True. But today is also the sixtieth anniversary of the most famous home run in world. Series. History. Bill Mazeroski in the ninth in Pittsburgh and I saw film of today it gives you goosebumps. Just people out there running around the bases with him out of the stands. It was like Henry Aaron. When he hit his seven fifteenth is such a great. Great. Great. Great. Great moment in baseball history. Happy Trails Two Baseball Billy Bean The Wall Street Journal is reporting being special purpose acquisition company whatever that means will be acquired by John Henry who owns the Red Sox and has always been enamoured of being. If that happens being would leave the Oakland A.'s and help Henry would sports businesses other than baseball team would not work for the Red Sox but would turn his attention to European soccer for which He has developed a passion in recent years. Henry owns the Liverpool team in the English Premier League bean became a god-like figure in baseball after Michael Lewis Book moneyball celebrated beans. Analytical. Way of building a baseball team and in his wake all sorts of sports teams hired math and science nerds to acquire talent beans gift was the do it without a large payroll but Henry is said spending money doesn't bother him Tony also owns little slice of that team. Lebron James So if you know Liverpool goes on a run, then Lebron get more respect even in a place.
"special purpose acquisition company" Discussed on KNX 1070 NEWSRADIO
"By the end of the week. We're going to have much cooler temperatures like we're actually in autumn. Tomorrow, though it is going to be low eighties at the beach is 90 downtown and upper nineties in the Valley hot spots, also the inland empire. Right now in legal career was 69 degrees. Long Beach 79 degrees and in Van Nuys 85. Degrees Motel. Money continues as frank attack on the line with Mr Wonderful Kevin O'Leary from Shark Tank chairman of O'Leary Financial Group of No shares. Efs were just talking about Special purpose acquisition company Specs is your scene, a renewed interest in the specs that were formed a strictly to raise money through an initial public offering for the purpose of acquiring an existing company. Want to learn more about this from you. One of the big players in that space is Bill Ackman, famously known for investing in retailer J. C. Penney years ago before bailing out on that. What is Bill Ackman liking nowadays? Well, you know, if you look at his track record, that's what I do, because when you're buying us back, you're betting on the jockey. You know. Gore's, for example, is all kinds of Bowleys another one with a great track. They're all sponsors of these facts. But these are individuals have had a long career and a very good track record. Not every deal has worked out. But you try and look at the long term and bet on that horse. So I picked a few horses in this race. Ackman's one of them bullies, another exit doors, brothers. Another, Um, These are guys I know of. Some cases know them personally. But its track record that has me interested, and so the other reason I like it is I get to vote on the deal. If I don't like with these guys proposed to by simply say, No. When I get my money back, Speaking of deals, any new shark tank deals you could tell us about it. And where are you putting money now, and we're taking off the table. I continue to invest in tax because I use it every day of my companies use it every day and I think the sector will continue to grow for the next three years. We're on the 3rd 4th inning of the digitization. I'm spending so much time and money, Frank on the websites of these companies as we diminish and reduce our our exposure to retail and build up our direct customer businesses all over the map. Working on six different deals right now into diligence on shark tank. They haven't aired yet, so I can't really speak of them. But they're really interesting and they look extremely propelling because they have already A pre digitized themselves. They've already made the pivot. They've made the move like companies that are doing well have.
"special purpose acquisition company" Discussed on Biz Talk Radio
"P A. C's Have you read about them? Have you seen what's going on? Special purpose acquisition company, meaning it's just an entity with nothing in it, and they get on to the market. And you guys buy him up because they move even though they haven't even merged with any company and they're merging with some very suspect crap. And let me just state. There are now a bunch of him coming out every single day because What have I said to you here? If your dog took a crap And somebody came over and said, I'll bid a dollar for it. And then somebody else walked up and say I'll bid $2 for that dog crap. And then somebody came in orbit. $3. And then somebody came in. So bid $5. If Wall Street found out they would make a market and bring it onto the exchange to trade. Imagine. Blind pulls nothing in, um And they're being bought up. Not even knowing what's going in. Um and it just so happens Interesting enough. Is the same type of companies of being put into him. You know why Because they're saying that The first couple went up in price, so let's do the same. Battery companies, battery companies. Really? That's the hot thing. And as I walk through some of these things, there's just nothing there. And now also a bunch of them are getting hit hard. So we want you to be careful about that and just recognize This is another characteristic of late inning late stage, which may get even crazier as we go forward. I would not be surprised up next. We'll put the bow tie on that. And much more. I'm Gary. This one only investors..
The Obviously-Going-To-Die Stocks
"We're going to start with the stock of the day. Don't call it a comeback bed bath and beyond has been here for years. It's just all that time someone else was running the company but now that Mark Trittin has been in the Corner Office for about a year. We're seeing days like today second quarter profits came in exponentially higher than expected. Same store sales were positive for the first time in four years. The stock is up more than thirty percent this morning. I'm assuming at least part of what we're seeing with the stock is some shortsellers saying that's it. I. Think. I'm. Probably. Bed, bath, and congratulations to march written and Beth by best buy bed bath and beyond. For this quarter, March, written formerly of target, of course, and a few other places before that, I think Nordstrom's and I believe. He had a stint at Nike to could be misquoting. This bed bath and beyond is in a group of companies retailers that I like to call the obvious obviously going to die crowd. And the funny thing about companies that are obviously going to die when they get the right mix of management decision making and in some help from the environment and you know just a little bit of because no one's more aware of a company's struggles at least no one should be more aware of a company struggles then the people inside the company. And that's when you plan your strategy. What are our tools? How can we navigate our way through whatever we found ourselves in business is not easy and certainly for this group retailers that I'm Gonna I'm GONNA hold up. Bed Bath and beyond as one Chris. But you know how about Game Stop Game Stop. The seller of video game systems and Software that of course is going to be the next blockbuster. Right if they writing that headline since two thousand and nine, how `Bout Michael's the craft store everybody knows I. Y has an Amazon run over. And the granddaddy of all of these. Companies that are obviously going to fail. They're obviously going to be taken bricks and mortar is dead is best buy which just before the podcast we were talking about how? How many listeners? Realize, that best buy has been at ten bagger over the past decade they went through some struggles they brought in new management. WHO had a plan? and. I'm sure they were mocked and I'm sure people were skeptical and they executed on that plan and best buy, which was a sub twelve dollar stock in. Two Thousand Ten two thousand eleven is today roughly one hundred twenty dollars stock. And so when you see. I'm a kick myself a little bit on dust by iron best buy bed bath and beyond his too many bees. Bed Bath and beyond. I actually did a little bit of work about a year ago as I was discussing with one of our with one of our foolish coworkers. About this basket of Taylor's who are sure to die. And we had this one. We had game stop we have Michael on the docket and I went through you know what this company's history of cash flow was and what they've done with it and how they've raise capital, and this is before Mr Trenton came on but I. It laid the groundwork for someone with. A better vision to come in and knocked the ball out of the park which you've seen today and and best bed bath, and beyond is as we speak it's now a six th bagger since March of this year and so in the a roughly a year ago when I did my work because I was vigorously debating co I pointed out that in the previous six years here was bed bath and beyond had produced four point two, billion dollars in free cash flow. They had also issued one point five billion dollars in debt and debated smart about the debt because the debts. Basically staggered I think is a ten twenty and thirty years. and. They have to pay it back anytime soon, and they had gone on a massive buyback program. They've they've retired a ton of their shares. Now. Slowly melting ice cube no one's going to want to own this business what have you. But at the time the stock was about ten eleven dollars the company is training but four times enterprise value of free cash flow. that. That is rock bottom fools that is something that is going to go away. That's what the market is telling you. Flash, forward, to today and oh positive cops. Oh. We have a plant. They've they've suspended their dividend they've they've halted their. They've halted their. They suspended the dividend halted their share buyback plan I believe in. April. But with this. With this. report, they have generated a ton of cash flow. They've deployed it smartly they took down some temporary which they had out as part of the PARCO vid. They have bought back twenty percent of that long dated not in any danger to come calling debt they bought that back at a discount. Which is brilliant. They. So they're down to their down net debt down by about thirty percent from where they started the year. They have a store optimization program, which is something that a lot of these retailers the slowly melting ice cube crowd will call them. They are reducing their store count 'cause they don't need it because they can move to ECOMMERCE, which they've done a little bit they can move to. The geography is able he served by less stores and you see a lot of. Traffic that previously went through one store transitions to another and. They are steal a Ron grosses them here they are firing on all cylinders and I'm not sure. Anyone. Thought is coming. I am I am both thrilled that they are doing this they're having success because everyone loves a comeback. I'm less thrilled that you own it and I don't. But. That's mainly because I had this in my hand a year ago Chris and I'm holding it up. The skull of York. And and I'm looking at it and I didn't at least put a little field position because as I said, at the time training for four times free cash flow that is close to no-brainer territory for me. So two other quick data points before we go to our next story. Not. Surprisingly digital sales of big driver this quarter. That goes hand in hand with the store closures so Another smart move by Trittin and his team. And also Happy to see that they're you know suspending the dividend that they're. Suspending the sticking with the we're not going to buy back shares. I'm also happy to see they're not offering guidance. Their New Orleans. No need to at this point. Let's move on the third quarter sales, for Pepsi, grew five percent and. Kind of like we saw three months ago snacks and some of the beverages particularly the Seltzer. Part of their portfolio helping to make up for the fact that somebody restaurants are closed. So many sports and entertainment venues are closed and. That's that's the stock is basically flat and this kind of flat for all of twenty twenty but. Nice to see that the the salty snack part of the business is making up for the sort of the tried and true Pepsi part of the business. Gilead household particularly the soon to be sixteen year. Old Member of the Gillies household has been doing his part to. To to help with the salty snacks portion and shareholders. Thank him. Yeah I was GONNA? Say. You know dude. There are other food groups other than Doritos. Look it was a perfectly acceptable boring quarter from a perfectly acceptable boring company and and I think you know Chris but maybe some of the listeners not know. For, me to call a company perfectly boring from for me. That's a compliment because I like businesses that are boring. Not Terribly exciting person myself I enjoy. Investments in companies that just actually do what we expect them to do, and essentially just get it done quarter after quarter. Pepsi is not GonNa. You know if you'RE LOOKING FOR PEPSI TO BE A. Ten bagger. You know anytime soon like the aforementioned by we mentioned earlier. That's not gonNA happen. They are just a steady bedrock performer for your portfolio and we all need a few of those. So we can go after the more exciting things in our portfolio. Yes. So it was it was A. It was a boring it was a boring quarter but boring is nice because boring boring says, oh, we end up four four plus percent on. Organic revenue growth total revenue growth went up five plus percent. EPS Is up ten percent year-over-year just for the quarter. It's still down for year to date, but of course, Mindy Stan why because the previous quarter? Cova. no-one no-one was new what was going on? So we kind forgive that. They are they're pointing towards the full year. They did give guidance their point point to a full year of approximately four percent revenue growth approximately five fifty core earnings. Stocks at about one hundred, forty bucks. So it's not cheap. But it's not terribly expensive, and again, this is one of those widows and orphans stocks. You can buy put it away and we'll see you when you retire. Hugh Johnston, who's the CFO at Pepsi? Granular on CNBC this morning talking about because when you think about all of the food and beverages they have across their portfolio he got granular talking about the new cheetos macaroni and cheese saying you know they're trying to keep up with demand as a fan of both cheetahs and macaroni and cheese I haven't tried it yet but I can see why it's popular. Any. Do they give any color on the? Two. Portals that they were direct to consumer sites that they launched earlier this year snacks dot com and Pantry shop dot com. Sadly, Chris they did not at least in the conference call or the press the presser maybe in the ten Q I haven't read the ten q yet obviously but. Yeah no snacks dot com I can confirm both of those sites are open and accepting offers as of this moment. SNACKS DOT COM and Pantry shop I think is an interesting one because they are. You know you are buying your you're you're buying all of your Pepsi Slash quaker products. Simultaneously in in in the various groups. So if you want your everyday Pantry, you want to get your your oatmeal and your healthy. Your healthy Chia bars and your rice cakes do people still eat rice cakes and if so why? You can get all those delivered at the same time or your snack package your breakfast package You know it's it's interesting to to have it delivered. I I'M NOT A. I I'm one of the three people in North America is still doing own grocery shopping. So I'm probably target here but I know a lot about the people how to use it and I think probably if I let my as I mentioned a sixteen year old note that this thing existed. It might be his only source of nourishment. So yeah, don't don't. On, the first time I went to that website I kind of went crazy to the point where in the box showed up to two days later even my kids were just like. This is a lot of snacks and was like, yeah I may have ordered too many but but I regret nothing. Playboy. Enterprises is returning to the public markets after nearly a decade and because I was are out of fashion, playboy is going to be doing this through a speck. Mountain Crest acquisition is a current special purpose acquisition company that is going to be taking playboy public through a reverse merger and wants to deal is done that company where the ticker is MC. ABC? Is. The playboy name and the ticker symbol P L B Y? I guess I, I saw this story and I thought, okay I'd that's one way for playboy, which is a private company and has been since twenty eleven. I. Guess That's one way to raise money. I, I, I'm hard pressed though to think that. The second round of playboy being a public company is going to go any better for the company and for investors than it did the first time around. That was my initial take as well, and you say it's one way to raise money I'd say it's one way for insiders to cash out. Tomato Tomato. The more I think about this though. I could be spectacularly wrong and it wouldn't be the first time. This might be quite this might be interesting I can see. I can see a number of thing, and I just find this interesting from a number of re. I as you point out. Yes, playboy. Is private the SPEC the Special Purpose Acquisition Company Mountain Crest Acquisition, company. It's out there. Now it's got. It's a walking wallet got a bunch of cash their stocks over ten dollars specs go at ten bucks. There's nothing you can. You can go buy today Chris if you want. And You can just sit there and wait until the transaction is completed in q one. If. You WANNA own playboy. So, playboy today is not playboy of the past for thing, magazines have died. So, there are no issues of the iconic famous magazine. These no regularly published issues and I believe they went to quarterly publishing versus. Monthly publishing before that. So what playboy is trying to be or this new iteration trying to be a licensing company and they're calling it across four major categories they're saying sexual wellness, which I'm just going to skip to the next one, which is style and apparel which is. Apparel. and accessories for men and women globally gaming and lifestyle also digital gaming hospitality and spirits. So you can get yourself some playboy-branded Bourbon. And beauty and grooming, which is fragrance skin care grooming cosmetics for men and women. Okay. That sounds interesting. They're not a publishing company more avoiding that and I guess they have a bunch of online stuff as well which. Tell people they can go look on their spare time but. They are calling themselves a streamlined high growth business. The company has four hundred million in cash flow contract through the next eighteen years. and has products available for sale and in ten thousand major retail stores. In the US, this is a brandon company. Now, now, what you think of the brand and what you associate with the brand, the iconic a bunny ears brand, of course. Is Is. is going to be probably a nuanced and varied. I can understand why some people. Would not want to do with this brand I completely understand that is not. Bend the most shall we say progressive brand in history? It has fostered some. Attitudes, particularly women that. I think it's fair to say some would find distasteful and I I completely understand why? And for those people, they're just not going to be shareholders and that's that's fine. But what I find interesting about this if this, if the licensing deal and we have, we've already had a certain dry run of this in. Do you know the magazine Maxim? It was. So it's a men's lifestyle magazine, girly pictures, and whatever it was bought by an entity called big holdings. I'm going to say eight nine years ago. With the goal of they went into change it from the the lad magazine into more of a lifestyle brand licensing deal what playboys doing. Now. I mentioned earlier it's important to have You know leaders businesses, you respect and trust big lorry holdings is not one of those businesses but I do know that they even though they're circulation sales are down significantly there they have turned that profitable on a small scale with the licensing strategy. I suspect the playboy will do a better job. And It will depend on the valuation coming out but you know when analogy I might throw up as. As a comparison is. Franchising businesses in the in the restaurant space. So a restaurant brands international, which owns importance and Burger King. Dunkin brands, which of course owns your beloved Dunkin donuts. Those are those are check cashing businesses, they they sell the franchise to a Franchisee. And then take tax six percent of their gross sales and royalties every month plus x percent for advertising they sell you a system and so those are very asset light cash-rich capital Genita- businesses. And part of me wonders here it's obviously not the same as selling. Coffee and whatever. But part of me wonders if that is what this business will look like, and if they are truly in the growth business and the cash generation business, this might be an interesting opportunity. And you just hit on what I think is the most interesting thing to watch. Once it becomes a public entity again, the high growth aspect of this because now we're going to see Now, we're GONNA see through quarterly reports. Okay. Are you growing? Because that's one of those things where we investors and the market in general get to decide what we consider to be high growth And I again I had I had your initial take which was. Oh please. Like if it didn't work the first time. It's going to work less well this time. The more I read about like. I'M GONNA keep an eye on this. Curiosity. Jim Gillies always talking to you. Thanks for being here.
Playboy to Go Public Again in Deal With SPAC
"Playboy. Enterprises is returning to the public markets after nearly a decade and because I was are out of fashion, playboy is going to be doing this through a speck. Mountain Crest acquisition is a current special purpose acquisition company that is going to be taking playboy public through a reverse merger and wants to deal is done that company where the ticker is MC. ABC? Is. The playboy name and the ticker symbol P L B Y? I guess I, I saw this story and I thought, okay I'd that's one way for playboy, which is a private company and has been since twenty eleven. I. Guess That's one way to raise money. I, I, I'm hard pressed though to think that. The second round of playboy being a public company is going to go any better for the company and for investors than it did the first time
"special purpose acquisition company" Discussed on Marketplace Tech with Molly Wood
"For some related links MIT released study just last week that found the Tesla drivers definitely are not paying enough attention when they're using Tesla's. Mode which is supposed to be assisted not autonomous driving as in hands on the wheel ready to take over and backed unfortunately it seems like a lot of drivers are acting a little more like what Austin Russell described to reading texts. Maybe a little nappy making a tick tock. In fact experts I've talked to over the years say this kind of mushy middle period is the most dangerous part of the transition to fully autonomous cars. Some other carmakers pulled back from this approach Tesla, of course has forged aggressively ahead. More reading on all of that at marketplace tech not org has as a the interview I did with Russell back in two thousand, seventeen when Jesse No, he was only twenty, two, twenty, three years old. He's twenty five. Now when his company goes public, he'll be among the youngest CEOS of a publicly traded company. He dropped out of Stanford with one hundred, thousand dollar grant from Peter Thiel the controversial venture capitalist who's the CEO of Pailin tear and as it happens. Pailin tear luminary are both going public and non traditional ways. Pailin tears doing a direct listing, which basically let's a company go public without creating any new shares and with less scrutiny from the SEC luminary on the other hand is merging with what's known as a special purpose acquisition company a company that's already public but doesn't do anything except exist by another company and take it public. This is again faster and requires less involvement or some might say oversight from the SEC. Russell will not only be a super young CEO. He'll also hold about eighty three percent of the voting power at. Lanar. So investors better hope he's right. I'm Ali and that's marketplace tech. This is a PM. All Maryland Hoffman. Once right now is to be able to stay in her home. And so then what are you going to do if you can't come up with the money? I don't know. Honestly. I don't have choices. What happens when you've lost your job because of the pandemic and you can't make rent what protections do you have right now from being evicted? I'm Eddie Murphy Mason host of this is uncomfortable. In this week on the PODCAST, we share one woman story of trying to stay right where she is episode drops Thursday you can listen wherever you get your podcasts..
Nikola Founder Resigns as Executive Chairman Amid Fraud Allegations
"Runnin son on Wall Street, Another rough day of September continues to be the cruelest month for stocks. The Dow falling more than 600 points in the first few minutes of trade, trying to recover off those lows S and P and NASDAQ, also flirting with with about about 2% 2% declines. declines. This This comes comes as as Europe Europe is is down down 3% 3% on on worries worries about about an an increasing increasing spread spread of of the the Corona Corona virus. virus. Ah, Ah, possible possible UK UK lock lock down down and and a a real real pickup pickup in in infections. infections. In Spain. Add to that what appears to be now some difficulty in the world of SPAC special purpose acquisition companies like Nikola, whose CEO or executive chairman just resigned today amid allegations of fraud concerns about the state of politics in the U. S no relief for stimulus from the federal government, the Supreme Court vacancy that could create a large political fight and we have a risk ofthe day across the board. With stocks down oil down gold down interest rates falling as well Flight to quality into U. S. Treasuries Driving the yield on the 10 Year down 2.65% in a week when Federal Reserve Chair J. Powell be testifying before Congress later on so very rough start to the week continued declines after from the last three weeks. Very Rocky Day on Wall Street. I'm Ron Insana for New York
"special purpose acquisition company" Discussed on This Week in Startups
"Three D. Printing what does Jake Aldo about three thing? I know nothing all I know is that rick full up is one of the Great Human Beings I've met in my life. As a human being has technologist and as a leader of companies and I am so delighted to have my good friend, Rick Fill up on the program to talk about desktop metal. Because Wreck. Just S- packed. Desktop metal when did people start approaching you about this back? When did you and then how did you make the decision to to pick us back and explain to people just generally what is this back like just like expand the first two processes. So herb. Is Special Purpose Acquisition Company and it's a model where somebody. They call it a promoter or or a you know. Manager. The manager of a SPAC? Yeah. We'll go out and raise capital and build a build the a strategy around I didn't and go and find a company or they can go in a choir after the the stack is a public realistic company. So I, you raise capital, you put enough trust you pay Some small interests return to to those investors and in that that manager will go out in search for a period of a year or two years or whatever period is he'll go search for a company and so that there's approximately thirty billion dollars worth of capital in the market right now. An increase from last year an increase from the year before It's been a while since this has existed in the past the people that. Did back. Race does Fakher also known as a blank check company. There were quite rare and and You didn't see. You didn't see high quality folks attached to them. What's really changed is since math got involved, he has raised the quality of the people that are doing it and you have people. Now that are very high quality managers are. Executing the strategies you've got people like marks data dragonair was extremely high quality The person you have bill bill is that his name up bill ackman is very been very successful his you've got the. Range of very successful folks that are. Put together these. Roger Freight in who is the vice. Chairman Honeywell is. Back, and there's there's. A pull up a chart right now should we? We actually have a chart of this? The number of spags created now is We had a big debt obviously after the financial crisis, but now we're at a peak. Nick is that eighty-one their? eighty-one specs this year have been created and we're only halfway through the year. So I'M GONNA. Assume that's going to double I don't know is that is that twenty what you're at their neck set two thousand eighteen. That's twenty twenty with eighty one. So this thing is going to get more momentum and probably ends the year over one, hundred, twenty I'm going to guess right now there's one hundred ten back for for deals and La The. The reality is that around him, you know there are specific to a segment and you gotta find somebody that is a matchmaking process. So you'll get a board member with it. In our case, we're really lucky to have a partner Leo Henry. He was the fellow that Leo history when he did land systems back in the day. Actually he he did TCI and the broadband and. Henry yes. Yes. Yes. Sorry. I was thinking about another one Leo Spiegel. was sorry way there's a lot of Leo's going around those industry. So that's fantastic. So you find high quality manager he says, I want to be involved and he brings cash in his back whatever's in the trust and so now it's not like an IPO. Trust, the cash has to sticking the trust the people that are investors in this back after like the you know they have a proxy boat ride before the mergers flows and in in order to back up the dealing kiss redemptions you race what's called a pipe which investment in Public Antiquity Equity Equity? Yeah. So. that. That is. Where you get the mutual funds in a long only investors. Participate in the deal so you have the capital was raised in the SPEC at once plus the capital that comes from the pipe. And together, they form the full deal that gets announced and the pipe allows you to have a much higher quality group of investors that add to the value of the of the total offering so and you get to select them. So that is like the original IPO process. It's sort of like skimming the cream of door number one you get to say, Hey, I want fidelity I want I want this bank for whatever reason. Our. Board was the allocation committee. We literally had were super oversubscribed in we sat down and said this guy in this guy and this Gal in this fund and that fund. And Those are the folks that. Can actually give him a a meaningful position so that they could build a a A longer longer position in the company of that. That's a unique feature of this of this approach. That's yet another benefit. Our guest today spent five years at Apple and one hundred, fifty days in world warcraft I kid you not. If you have all the mittens and may even be more now, we'll find out. And he worked. In visual design at Apple On the team and led the design team for Apple TV actually. So here a little bit about that, and his company is Caffeine TV. He's a lifelong hacker from down under welcome to the PODCAST and Puran. Thank you Jason. I'm really excited to chat with you today really appreciate it. What did you learn inside of Apple? What makes that company when you look back on your five years because I know you there for four years and they they actually give you credit for that year of when you started child which I thought was interesting to me. It's the five year. Mark is pretty special to give you that Nice certificate signed by Steve. Jobs for I don't know if you could get jobs would have passed on.
"special purpose acquisition company" Discussed on MAD MONEY W/ JIM CRAMER
"Fuel-cell-powered trump play with the stock this currently spinning out after eight wild ride this week yet both a few months ago we talked we started talking about this Nikola right. Before, it came public via merger with a special purpose acquisition company respect I break the stock with Spike Right Allie gigs at all the sexy stuff that people love the Robina types and I said well, yeah to do so. Because it all looked less like a business and more like a business plan not much in the way of sales no warnings whatsoever and no production for years. Sure Enough Nikolai additionally surged higher running from the thirties to around ninety four, but it quickly pink. And his work its way lower ever since oscillating wildly on the way including monster fifteen percent decline today that took it all the way back to low to the thirty. I want to circle back to this one because truly crazy week. I teach a lot about how to be a better speculator. See on Tuesday Nikola received. What sure looked like the ultimate confidence we learned that they be partnering with General Motors to build their new bachelor pickup. Truck response. Nicholas. Stop Post poll from thirty five to fifty at a single session. Then yesterday morning short-selling research firm honestly named. HINDENBURG research published and devastating critique in the stocks tanking ever since. To, the point where it's them giving back off the GM gains and then some didn't help majerus response seem kind of ill advised. So I'll be walking through this step by step especially considering one very important fact you must know from the top Hindenburg the research firm people behind it shorting the stock trashy not illegal, but you need to know that because in many ways that's very salient for the people who own. Nikola? I was the GM deal not only did they partner with Nicole and her upcoming electric pickup truck, which I call the honey badger? Not The badger because it's an infamous animal because I don't care. Since take in the business. Wow imprimature though they're getting that stake in exchange for in kind services, not cash Nikola will use GM's batteries in their electric trucks and use GM's fuel cells. I larger class seven and class eight trucks according to General Motors deals four Dan them and Nikola bandied about the same number. That sounds pretty positive. Well there's one. When little issue normally big established company partners up with a high tech start up to start contributes and technology that doesn't seem to be the case here aside from the software if anything, it's the other way around GM's providing their technical Noel to Nikola when Mary Barra the CEO of of GM came on squawk yesterday she sounded so accessible jazz very excited about how the deal will let them scale up manufacturing for their batteries more cheaply because Nicholas paying for the play planted expansion. I'm sure that's true. This just one part, the much larger electric vehicle strategy for the auto giant, which a lot of people think is going to spin off its EV business still the market and initially love the story GM stock jumping eight percent on Tuesday while Nikola jumped within forty percent. Now Fair Nicholas put back fifteen percent Wednesday. So disappointing people knew and run up too fast. The overall narrative remain very positive though at least until yesterday morning enter the lead Boon. This short-selling firm. Research published a truly scathing, very long critique and it was titled how to Parlay An Ocean of lies into a partnership with the largest auto em in America. Sub Optimal. There were some serious allegations here. Hindenburg claims that Nicholas Yeo Trevor Milton has a history of line investors and business partners. They claim he's lying about Niklas having the to produce oxygen. I'm sorry hydrogen about having solar panels on their headquarters about owning natural gas wells in crucially they claiming lying. About the truck. Now, some of these allegations have partially been confirmed by Bloomberg and a central time. So there's something years little smoke fire Hindenburg core argument is simple. They say nickless truck. Doesn't really work. That is basically vaporware and all the demonstration videos have either been fate were heavily misrepresented. For example, according to the Financial Times. niquel apparently showed a video of a semi truck rolling down a hill and edit into slope out to make it look like trump was actually running. raised. Eyebrows. and. That's not even the craziest hit. It reclaims. Nicklaus signed a letter of intent to buy a company whose president had just been indicted for using. Nassar Research Funds, to pay for prostitutes. Curious business decision. If I might say even up to learning it, the company's technology didn't actually this. Trevor Milton allegedly kept hyping this tech as dame change another one, the old CFO resign in two, thousand eighteen and then follow lawsuit against Nikola month. Later, the company refunded wants deposits that has nothing to do with the lawsuit whatsoever again though. And then he never goes through the corporate masthead arguing that many of these executives seem unqualified. For. Yeah, no canning case for example, Niklas head of hydrogen production. It's just the CEO's little brother formerly contractor in Hawaii. Now, I'm not asking for executive windier products, but this is not necessarily the guy you wouldn't go to for fuel cell technology maybe total whiz eight Hawaii got a lot of smart people for. Lives here for fuel cells to work, you need a cheap source of hydrogen in the past. Milton Trevor Trevor. Milton never trust to person names has repeatedly said that Nicholas succeeded in reducing the cost of hydrogen by eighty one percent versus peers. However, when pressed, he admitted, they never actually produce hydrogen this price. Hey, maybe his brothers of the case where Civil Hindenburg. Alleges that. The products are largely vaporware and Niklas no meaningful also noticed it looks prop presentable the company used in Burgers that have claimed to be made in house but Hindenburg says they actually buy them. It's thoroughly and slap on a new label. It can't make this stuff up i. mean these accusations true and there's like a monster amount of accusations could be great movie in here. Can netflix thing and it gets better or worse. If you're shareholder edge report came out yesterday, CEO kept going on instagram and twitter promising that he was working on a point by point rebuttal. Then this morning Nikola publishes a one page press release with no exculpatory information whatsoever they just said they're gonNA sue HINDENBURG research hire lawyers SUE PEOPLE DO We sat the coming for an official comment to see if we can get something more in depth so far they haven't responded, but it's a long weekend I'll be my gordon you can reach me, but this guy keeps posting on instagram and increasingly sounds like. Like the erotic. Black Turtleneck Elizabeth. Homes Thurs fame..
"special purpose acquisition company" Discussed on Odd Lots
"Hello, and welcome to another episode of the odd lots podcast. I'm Tracy Alloway and I'm Joe Weisenthal. Joe You've heard of Sfax right? Yeah absolutely have heard of them. I've heard about them for a while. So called blank check companies but they've definitely been one of the the big stories of twenty twenty especially in the last couple months. Right, and for those that don't know SPAC stands for a special purpose acquisition company and they're basically these blank check firms shell companies that set out to buy other companies. And make money off of them in its way for people to get involved with those companies without the company's actually having to IPO in the market. Right, in the interesting thing is that the SPEC is public right away. So the SPEC does the IPO it trades until of course, there's always a lot of venture capital and private equity. There's always companies That are financial companies that are buying other companies, but this is a situation in which the buyer the shell goes public. It raises money in then offering, and then it goes out in search of an actual real business the by. Right, so you're sort of pre-funding acquisitions I. Don't know what they are going to be exactly now the funny thing about spects is like I don't remember that much about them before two thousand eight. But apparently, that was the last time that everyone was talking about snacks, right Will I think that's right and I think that they do historically have this reputation because of you know when you hear like blink check company eagerly blank check that typically doesn't have like historically great connotations in anything but you're like blank check company and it's like wait I'm handing money over to this company and I have no idea what they're going to do with it except that I hope they're going to. Make a good acquisition. So historically I think they have sort of questionable reputation although part of our discussion today is, is that changing, but it also tends to be the case that they're associated with periods of You know booms, speculative speculative periods and sea mentioned pre-crisis period last crisis, and of course you mentioned now and you know historically, they do seem to be associated with periods of speculative appetite show is it Yeah exactly. I mean the term blinked check company kind of screams too much money in the system doesn't it? But you're exactly right. That's the big debate. Now, we saw lots of specs before the two thousand, eight financial crisis kind of the error out of the markets tires now, specs are coming back. I think so far in twenty twenty we've had. Sixty five deals of for something like twenty, four, billion dollars everyone's talking about them. There's all types of different structures. Some are more controversial than. But the big question is is a sign of some sort of access in the market. Are we actually protecting investors through these structures or is this away to funnel money to sponsor is or owner? So today we are going to dig into all of those questions and I'm really excited to say we have Kelly Driscoll. She's a director at a spot called fusion acquisition corps She's also a longtime executive over at State Street Global Advisors. So we're really happy to have her on Kelly welcome to pots. All Q, it's a pleasure to be here with you today. So Kelly maybe just to begin with could we could we discussed why Sfax are experiencing this resurgence now? Why now at this moment? Sure. I think the big why now is the volatility in the market? So certainly with the coronavirus and here in the US the uncertainty around the upcoming elections, there's credible volatility which tends to be puts a damper on traditional IPO's with that much volatility. and. So specs are an alternative to IPO's. It's a way for private companies to basically go public by being acquired as Joe had mentioned by a SPEC that is already publicly traded and to. Go back to some of the comments that you made on the evolution. You're absolutely right that one of the reasons they you may be haven't heard of them. Since. The early two thousands is because that's when they. Got received a lot of. Mixed reactions and had some. Mixed. Reputations in the marketplace but there were some regulatory enlisting changes in two thousand eleven of the regulations made it easier to approve acquisitions because the acquisitions in the end after be approved by the shareholders of the back. And then in two thousand, seventeen, the New York Stock Exchange revised its listing requirements to Mirror Nasdaq's requirements. So you saw war specs listing on the New York. Stock Exchange. But and going to what you said why why now? Why so much has the IPO? The traditional IPO market has really. Not closed down but there's been such a damper on it that companies looking to go public are looking for alternative. Alternative vehicles. I wanted to dig into that I was there's so much I wanted to get into but let's just start with for people unfamiliar with the sort of simple structural governance mechanics of how it works the fundraising process why people agree to lockup money with a management team, the obligation on that management team, and then how that decision comes to in terms of selecting a company to essentially just like sort of walked through the basic us back steps. Short. So basically, you start with a sponsor who decides they really want to set up a SPEC and they basically get what we call founder shares were would sometimes referred to as the sponsored promote. So they have found shares.
"special purpose acquisition company" Discussed on WBZ NewsRadio 1030
"Drive East is Back near the Longfellow Bridge Days. Really, So like that, on the liver it up, ramped the Mass. Pike's off to a good start. I can offer you that my king W B C's traffic on the threes, right? We'll take it. It is now time for the four day W B Z occupy their forecast back with US Live meteorologist Carl Eriksen curl. If I could bottle days up like this and just store them on my shelf, I would do it in an instant. That's right. Nicola like squeezing a nice day here in between the heat and humidity and the stormiest yesterday, and that was threat for severe weather Coming back tomorrow we have a very pleasant afternoon. We've dropped that humidity and enjoy, at least for this evening as well. Not too bad right into the night. Actually a pretty cool. Open the windows get some fresh air tonight down to 56 very low, but that warmth and humidity do try to come back tomorrow also be in the form of some gusty thunderstorms. In the afternoons. Evenings make theism damaging wind gusts with a high of 74 even some lower eighties further inland, back in the lower sixties tomorrow night, we quiet things down another nice day there on Friday Not too bad They're clouds and sunshine High 78. Some of Laura's moisture make it involved as we head into this weekend. Either way, looks like a rather unsettled start the weekend on Saturday with a couple of showers and thunderstorms, especially in the afternoon high 76 AccuWeather meteorologist car Erickson to BBC Boston's news radio. Thanks Carl 72 in Amherst right now, 74 in Plymouth, on the South shore, getting over north of town to the North Shore. 75 right now in Denver's right now in Boston at 3 25 gorgeous out there. Sunny skies 72 beginning September 1st 87 Central on w G N. America News has a new prime time HOME NEWS Nation NEWS WITHOUT opinions or bias. Seven nights a week. Find your local channel by going to w g in America dot com and 3 26 time for New England business High tech hitting the high speed lane of Wall Street and three D printing company desktop metal will tap into a trend of hitting up, eh? Check writing company to go public without the hassle of an AI Po. The Burlington company will merge with trying acquisition group, which is an S pack or a special purpose acquisition company. It's pretty hot.
"special purpose acquisition company" Discussed on Snacks Daily
"Not most of their revenues come from the government we're talking like. NSA. The. ATF Yada Yada Yada throw a few acronyms and they're probably clients talent here. All right. But Nick did this company of a bullpen of wheel and in deal and sales people who are always be closing our buddy timmy no, it's the same old customers ninety two percent of those government customers they have were already customers just repeat customers. When you look at pound tears customers, you see that it's actually a stagnating business not that much growth and pretty much. Contract and once you understand Pailin tears customers then you really understand Palette. Here four, our second story lied our company aluminum just picked the best ticker symbol. We've ever seen for a new stock. L. A. Z. Our lasers I just want some breaking sharks with some breaking lasers attached to their heads. It's the self driving car company just working on the is that's the only thing they focus on the eyeballs knackers context for this story. This is the summer of spags yet hooking up with electric car company last summer with t sandals this summer that financial stuff and the hottest car companies going public various backs are the ones with no Revenue or no product Voglio switcher on US they're not selling anything so they want you to buy them so they can sell something. So Luminary just announced yesterday it is going public it's going to have a publicly traded stock and it's going to get there by a Special Purpose Acquisition Company Aka us back we've talked about them on this podcast before that's one company that exists only on paper has IPO and then buys luminaires for three point. Four billion dollars. In this case, it's an unconventional way to go public, which is unsurprising because luminary has an unconventional see. Yeah Twenty Five Year Old Austin Russell is the guy behind this three point four, billion dollar just the Eyeball Self Driving Technology Company Funny Story About Austin Russell hearing as a freshman at Stanford University. Until he dropped out because a billionaire investor named Peter Thiel said, you should become a thiel fellow pay one hundred grand to. Stop going to Stanford and run this company instead and also did exactly what Peter thiel basically told them to do, and now he's going to probably be feature on the quarterly newsletter. Austin Russell is all about allied are sensors Dr now to understand how lot are works imagine closing your eyes a reaching across the lake, your grandfather feeling his face with your fingertips so that you can kind of see that father even though your eyes are closed. Grandfather doing to the grandson bets like a whole different story. Also basically, the plot of Matrix three because that's what neo does the entire movie now. Does the same thing but instead of touching the city and the sidewalk and the cars in front of you with its fingertips, it touches the car in front of you with laser shootout, harmless laser beams from the car and ends up mapping out a three d landscape that morpheus would approve. Now before we go on, it's important to understand the three things that are preventing self driving cars from actually being on the. Streets and being a part of our society. The first preventative issue we got here is the regulation situation. There is still no self driving car act in the United States not yet. So we're dealing with this patchwork of state and city laws that can't seem to stop bumping into each other, but the greatest innovation in self driving car history is coming at a Scottsdale Arizona where they've got a dry heat and the friendliest. Of adding to Scott from Scottsdale a great snacker. It's like the jetsons down there and Scott. The second thing preventing self driving cars from going mainstream right now is just straight up safety and to make self driving cars safe and like not bump into a bicyclist getting not hit your dog when it's crossing the street. Also you need self driving car with a good brain and a brain is made out of software. Alphabets Waymo you got Tesla you got uber, all of them are focused on the brain. Now, the third thing preventing self-driving driving from going mainstream is cost and that is what luminaires focused. That's because each car is blamed out with hardware to make the car see Allah Jack Touching, his grandfather's face now is set of light are sensors, which are effectively eyeballs on a self driving car. That's GONNA. Cost you tens of thousands of dollars in nick nobody's going to buy a seventy thousand dollar four, door, Honda excuse me exhibit I'd like to upgrade my civic by throwing light are on this then. Luminaries working on the cost part and they have one investor who has experience taking inexpensive thing and figuring out a way to manufacture on scale for a lower cost bring in part time Shark Tank Shark Nick Woodman also CEO of Gopro, who is experience bring down the cost some extreme things. Okay. So that's helpful. They also have Volvo as an investor luminary, which is currently hyping up its own self driving feature for. Highways, which it says will come in two, thousand, twenty two. So Jack, what's the takeaway for our buddies over at Ludar who is going to get the prophets in the self-driving industry? Is it the cars the brains or the eyeball snacker to get a product into your hands? There's an entire supply chain that has to get involved for IPHONE. There's a whole bunch of companies involved, but we all know that apple is. Taking, most of the profit in the sale of an iphone four android there are also a bunch of companies involved but alphabet software is who's taken all the profit alphabets the prophets of an android phone not Samsung, the company that's actually manufacturing. So Lou minora thinks they're laser power to car eyeballs are actually the secret sauce when it comes to self driving cars, they have a trademark look at luminol which they hope. Becomes recognizable as like the Best Dang are in the industry if they can leverage that quality, then they can demand an extra five thousand dollars maybe from the car companies to use their light our tech, and if they can do that, it won't be Honda making the profits off of its civic self driving car. It'll be luminary WHO's charging huge prices for the crucial lied artists and everyone can touch their grandfather's eyeballs. For Our third and final story Uber and lift were. To be cancelled on Thursday in California but then the cancelling got cancelled and they didn't get cancer. and. Now Californians after brace for unprecedented corporate lobby is GonNa get Freaky, and that's why we wanted to close the loop and round out the story. SNACKER is remember rule ab five. The rule that you have to treat gig workers like you'd like to be treated basically the golden rule. This is the kind of thing that was drafted by kindergartners one year after being signed into on California Uber. Lift. Had exhausted their legal fees Yep and they had to finally comply last Thursday Uber and lift messaged all California users in their home state say that they were shutting down for like three months until the election hey, hey, did abe five so much they refused to comply and would rather shut down boom when they night a judge stands up probably hit something on a table and says I object An appeals court granted the ride Hiller requests for information and delayed the implementation of AB, five until after the election on November third. So the PR teams over Uber and lift had a late evening. They updated their blogs and said, we're back baby never bind nope. Bradsher operations will not be suspended in California. So knackers we updated you that this could happen with all about eighty-five but the thing. That's key here is proposition twenty, two, Aka Prop Twenty, two, Rob Twenty, two Uber Lift Door Dash Post Bates and INSTA- card. They're off fighting hard for their own little referendum in the election, which is called prop twenty two they want you to vote yes. On prop twenty two and what prop twenty two does is it takes ab five which was meant to like regulate gig workers and it. Cars out a special section for at based transportation and delivery drivers. It's like ab five is good. Yup. Except if those AP Five Gig workers work for Dash Uber. Bates INSTA- Carter left and what this new proposition twenty two from the teams over at all those Gig APPs is saying is don't treat our workers and drivers like employees, but don't.
"special purpose acquisition company" Discussed on KOMO
"President Trump downplayed his connections to Bannon, who he fired three years ago. I feel very badly. I haven't been dealing with him for a long period of time, the president said. He never liked the build The wall campaign. I didn't like when I read about it. I didn't like it. I said this is for government. This isn't for private people. And it sounded to me like showboating. But the president's son, Donald Trump Jr. Promoted the project at an event last year, saying it's exactly the kind of thing the private sector should be doing. This is private enterprise at its finest doing it better, faster, cheaper than anything else, and what you guys are doing is pretty amazing. In a statement, Donald Trump Jr said that other than the speech he never supported the project. And said If the allegations are true quote the group deserves to be held accountable. Maybe see Jonathan Karl Federal prosecutors will try to re inst reinstate the death penalty for the Boston Marathon bomber. The Justice Department will ask the U. S. Supreme Court to restore the death penalty for Dzhokhar Tsarnaev, the U. S attorney in Boston, said. It's about Justice a federal appeals court throughout the death penalty after ruling, the trial judge failed to adequately screened potential jurors about their exposure to pretrial publicity. Federal prosecutors said Tsarnaev is part of a narrow category of criminals for whom death is a proportional punishment after he and his brother detonated homemade explosives that maimed and killed at the finish line of the 2013 Boston Marathon. Aaron Carter SKI ABC NEWS New YORK News time 11 50 on its propel insurance business of daytime and Ross Okay, former House Speaker Paul Ryan will serve as chairman of a special purpose acquisition company. People familiar with the tale tell The Wall Street Journal. He'll head up a vehicle known as Executive Network Partner Inc. Which will seek to raise roughly $300 million in an initial public offering. As the Journal explains it such blank cheque acquisition companies turn the traditional AIPO model on its head by going public before even acquiring a business. Consumers increasingly turning to social media to connect with favorite brands, merchants and marketers and expect offline action from them on societal causes. Sprout social data shows. 55% of people want brands to institute actual plans with a commitment to justice and other goals. 42% said they'll buy from competitors if brands are true to their commitments and just over a quarter, said the boycott Rancid don't stand by their initiatives. And once again, it's Rossa Kay reporting. As for the markets We've continued to have Ah, nice positive numbers all day, and that's the case right now. The Dow up 176 points, said We had 27,009 15 NASDAQ with a gain of 42 3 quarters to 11,307 and the S and P. 500 is up 10 points at 33 95. Finding the next job is a big job and that part of what you do is a little tough right now. Because.
Tesla Rivals are Moving Into High Gear -- and Going Public
"From wondering I'm Elaine Appleton grant and this is business words daily on this Wednesday August Nineteenth David Brown's on vacation. Tesla has long had an image of being in both good and less good ways without comparison. CEO? Elon Musk stands out for his big vision and sometimes quirky behavior, and until now anyway, Tesla's all electric vehicles have stood head and shoulders above the competition coming from traditional automakers. Competition what competition I can almost imagine musk saying. Oh, but there is plenty coming tesla shares soared two, hundred, fifty percent this year. The company is now the most valuable automaker in the world according to. CNN. That's because Tesla which went public ten years ago is finally profitable. Tesla had a record twenty nineteen in posted its first annual profit last year despite the pandemic it's been profitable this year as well and that kind of performance and the stock market's reward for it is convincing more and more electric vehicle makers to go public and to try to woo customers away from Tesla last week, Ohio Electric Startup, Lordstown Motors Corporation, or L. M. C. said, it plans to go public by the end of the year. It's ticker symbol ride. If the deal goes through, the company will be valued at close to one point five, billion dollars. So who is Lordstown Motors to burst on the scene this way? L. LLC is a spinoff of another electric truckmaker called Workhorse. GROUP LORDS DOWN CEO Steve Burns is the former CEO of workhorse with LLC Burns resurrecting a project that we're course didn't have the money to do the company plans to release an all electric full-size pickup truck the Lordstown endurance in the second half of twenty twenty one that's according to journalist Alan. Adler, writing for trade publication freight waves. The truck will have a range of about two hundred fifty miles on a charge the same as Tesla's sci-fi looking cyber truck it'll toes seventy five hundred pounds alums. He says again, just like the chuck, the endurance will start at fifty two thousand dollars a good deal more than the cyber forty thousand dollar base price. But UNLIKE TESLA LLC plans to sell the endurance to commercial customers buying fleets of trucks since revealing the prototype on June twenty-fifth Ellen Mc says it's received more than twenty seven, thousand pre orders. That's one point four, billion dollars worth of trucks. NCO Burns says its first years worth of trucks are now sold out. That is if it can raise the money, it needs to actually make them l.. AMC. Bought the Lordstown Ohio GM plant that shutdown last year when GM killed the last Chevy Cruz that six million square foot plant needs retooling, which is costly MC plans to raise about six hundred and seventy five million dollars through its IPO. That boatload of cash could help it come through on its boast to be first to market among a group of EV pickup truck competitors in addition to Tesla that group includes Ford GM Nikola and Arabian a company backed by Ford and Amazon. So, here's the obvious L.. He doesn't yet have a product just a prototype if you're wondering how the young startup can go public without a product you should be. L. EMC is one of a handful of electric vehicle makers employing what's called a reverse merger that means the company that plans to make a product like LLC hooks up with the so-called blank check business. It's also called a special purpose acquisition company. SPAC. Is doing the reverse merger with a blank check company called Diamond Peak Holdings. Diamond peak is already publicly traded that means when the merger occurs. LLC. MC becomes public sort of like easing into a coat someone else has been wearing. This back door IPO method is easier for companies to do. They don't have to produce expensive roadshow's. Also, avoid a great deal of financial scrutiny by the SEC. One of the most famous reverse murders was Richard Branson's space company Virgin Galactic, Holdings and Fantasy Sports Company draftkings went public in a three billion dollar reverse merger. Last year according to the A. Times. The number of reverse mergers hit a record high last year. That's because the IPO market was volatile and high profile IPO's like Uber Fared. Poorly. It ain't cheap to build a new car company but Tesla's successes inspiring other entrepreneurs to try and they need oodles of money that helps to explain why another electric truckmaker nickel motors used a reverse merger to go public in June and vehicle-maker. FISKER has a reverse merger in the works. The is green truckmakers may see these back door IPO's as the speediest way to raise the cash needed to fight he'll in musk and rapidly launched their new products. Tesla's promising to deliver the cyber took by late twenty, twenty one which means that the deadline to beat yes. It may be tough to knock Tesla on it's pedestal, but LLC and a raft arrivals are sure going to try.
"special purpose acquisition company" Discussed on Bloomberg Radio New York
"The world and then a stack company special purpose acquisition company called diamond eagle the way it works is diamond eagle as ray's previously four hundred million dollars in cash and the way they did that is they went around very shareholders and they told them the types of businesses that you'd be interested in doing a deal with and number one on their list was a sports betting business so you know really the shareholders hopefully there are excited about this in once the deal closes the company will be renamed draftkings it'll be publicly traded in the cash that's there as well as the pipe that we raised which is a little over three hundred million dollar price is a private investment yeah so the pipe is exactly it's a it's a prime investment it goes it rolls into the public stock we had great groups participate like cap research yeah Washington Franklin Templeton so that all rolled into the eventual close to the stock and exceeding close the deal with at which point draftkings will become a publicly traded stock okay so tell me about the sports betting business today it's rapidly changing were getting states like New Jersey some seen all these folks in New York travel to the Lincoln tunnel placing their bets I guess and driving back tell us about what's going on in the sports betting business right now well right now there's tremendous momentum around legalization and regulation in the states so just in the last year several new states have passed legislation several new states have launched products draftkings ourselves launch their online sports book last year in New Jersey but just in the last few months we've launched West Virginia Indiana Pennsylvania New Hampshire will be hopefully coming soon so a lot of great momentum behind states you know quickly adopting this now that this spring court in about a year and a half ago lifted the federal ban so why is there a fee but there there isn't a federal legalization of sports betting it right why isn't that one is actually a very interesting legal history I'm not a lawyer but I find it fascinating so there's this law called passed the national amateur sports protection act and never said sports betting is legal that's why you could always go to Vegas in other parts of Nevada and bet on sports it just said no new states can legalize many states can add sports betting to did make it legal so you know that stood in place for about twenty five or so years and you know New Jersey tried to legalize sports betting that law was used to to stop them they took it all the way up then he eventually won in the Supreme Court with you know again I'm not a lawyer but my understanding was that you know that the ruling was that the federal government could choose to make anything legal or illegal that they want to but they couldn't tell the states what to make their own laws so it was kind of a unique Clyde don't think there's anything else out there like it so not today you know some spring courts perspective I I don't think they were very interested sports better I think it was much more of a state versus federal rights question talks about the business now as more and more states legalized sports betting like when you like New Jersey did it how big of a business has it become it seems like it would be big I hear stories adds revitalized you know some the casinos down in Atlantic city and so on just driving traffic like on a Sunday morning to watch football absolutely I mean I think it's been you know by all accounts a huge success in New Jersey and you know other states it's a thinker seem promising early results as well everything is kinda up it's not just sports betting as you mentioned the whole industry the brick and mortar casinos are out the lottery is up everything is out so I think it's brought a lot of great attention to the state and hopefully we'll see more states follow taught us about the competitive landscape isn't a draftkings you had a competitor fan do I think that was recently acquired to talk about the competitive landscape who do you guys compete against both Sandel is definitely our chief competitor there's several others mostly including sandals spot by a an Irish companies so most most of them come from Europe the few from Australia but really you know it's an interesting industry because it do do obviously not having legal options and and much of the U. S. there weren't really any big companies home ground here were kind and the the only contender for that and you know obviously we started with fantasy sports so is sort of back in a little bit of a sideways way to get to here but most of the traditional companies in a space where were built in Europe a lot of them are in the U. K. so you know I think a lot of our competition at least in the near term will be from Europe and then you know certainly the brick and mortar casinos there are going to compete but I think they view it a lot more as a driver of traffic for that at least the retail side and then there's a handful that are very focused on line as well a surprise that the professional sports leagues like the NFL have kind of drop their long standing you know just be really trying to keep betting away in gambling away I you know I'm surprised how quickly and and how it you know it's been all of them but I'm not surprised this is where things landed it's you know every every everyone sort of follows the times and I think you know as the years have gone on sports betting it's been something that's been demystified a lot that's drafting CEO Jason Robinson coming yup.
"special purpose acquisition company" Discussed on Bloomberg Radio New York
"And trading operators they provide services sports books all over the world and then a stack company special purpose acquisition company called diamond eagle the way it works is diamond eagle as ray's previously four hundred million dollars in cash and the way they did that is they went around very shareholders and they told them the types of businesses that you'd be interested in doing a deal with and number one on their list was a sports betting business so you know really the shareholders hopefully there are excited about this and once the deal closes the company will be renamed draftkings it'll be publicly traded in the cash that's there as well as the pipe that we raised which is a little over three hundred million dollar price is a private investment yeah so the pipe is exactly it's a it's a prime investment it goes it rolls into the public stock we had great groups participate like cap research yeah Washington Franklin Templeton so that all roll into the eventual close of the stock and excuse to close the deal with at which point draftkings will become a publicly traded stock okay so tell me about the sports betting business today it's rapidly changing were getting states like New Jersey something all these folks in New York travel to the Lincoln tunnel placing their bets I guess of the driving back tells about what's going on in the sports betting business right now well right now there's tremendous momentum around legalization and regulation in the states so just in the last year several new states have passed legislation several new states have launched products draftkings ourselves launch their online sports book last year in New Jersey but just in the last few months we've launched West Virginia Indiana Pennsylvania New Hampshire will be hopefully coming soon so a lot of great momentum behind states you know quickly adopting this now that this spring court you know about a year and a half ago lifted the federal ban so why is there a fee but there there isn't a federal legalization of sports betting it right why isn't that one is actually a very interesting legal history I'm not a lawyer but I find it fascinating so there's this law call past fashion amateur sports protection act and never said sports betting is legal that's why you could always go to Vegas in other parts in a vat and bet on sports it just said no new states can legalize noni states can add sports betting to did make it legal so in that state in place for about twenty five or so years and you know New Jersey tried to legalize sports betting that law was used to it to stop them they took it all the way up then he eventually won in the Supreme Court with you now again I'm not a lawyer but my understanding was that you know that the ruling was that the federal government could choose to make anything legal or illegal that they want to but they couldn't tell the states what to make their own laws so it was kind of a unique life don't think there's anything else out there like it so not today you know since spring courts perspective I I don't think they were very interested sports better I think it was much more of a state versus federal rights question talks about the business now as more and more states legalized sports betting like when you like New Jersey did it how big of a business has it become it seems like it would be big I hear stories adds revitalized you know some the casinos down in Atlantic city and so on just driving traffic like on a Sunday morning to watch football absolutely I mean I think it's been you know by all accounts a huge success in New Jersey and you know other states it's a thinker seem promising early results as well everything is kind of up it's not just sports betting as you mentioned the whole industry the brick and mortar casinos are out the lottery is up everything is up so I think it's brought a lot of great attention to the state and hopefully we'll see more states follow taught us about the competitive landscape isn't a draftkings you had a competitor fan do I think that was recently acquired to talk about the competitive landscape who do you guys compete against both vandal is definitely our chief competitor there's several others mostly including sandals spot by a an Irish company so most most of them come from Europe a few from Australia but really you know it's an interesting industry because do do obviously not having legal options and and much of the U. S. there weren't really any big companies home ground here we're kind of the the only contender for that and you know obviously we started with fantasy sports so is sort of and back in a little bit of a sideways way to get to here but most of the traditional companies in this space were were built in Europe a lot of them are in the U. K. so you know I think a lot of our competition at least in the near term will be from Europe and then yes certainly the brick and mortar casinos there are going to compete but I think they view it a lot more as a driver of traffic for that at least the retail side and then there's a handful that are very focused on line as well a surprise that the professional sports leagues like the NFL have kind of dropped their longstanding you know just be really trying to keep betting the weighing gambling away I you know I'm surprised out quickly and and how it you know it's been all of them but I'm not surprised this is where things landed it's you know every every everyone sort of follows the times and I think you know as the years have gone on sports betting it's been something that's been demystified a lot that's draftkings CEO Jason Robinson.
"special purpose acquisition company" Discussed on Aviation Week's Check 6 Podcast
"Is what we live and It is different than what it used to be. They're definitely looking at ways is to use space instead of. Just get there so. I think that the conversation rounded as changing a bit. What can you take off of the many satellites that are going to be up there? They're not just in terms of communication but in terms of earth observation in terms of just the amount of data they can get from looking down at the earth from up above Not just in terms of imagery lots of lots of other tracking on the one hand. It seems to me in the business sense. That A lot of this is about a decade later than everybody maybe wants originally thought but then again this is space and things take time and and what's a couple couple of years when you're coming up with a whole New Paradigm For providing services or or human spaceflight and speaking of which next year in two thousand twenty were expected to see Virgin Galactic and blue origin. START PUTTING UP Tourists Pain tourists. Maybe an so. It's it's really like it's not new space anymore. It's it's here I I'm smiling because we've been talking about that for the last two years and this year for the human space but this time it's real and this time it's for real so But we are getting ever closer to it actually being the year. Can you hear that listeners are going on the record. Twenty twenty right. Well we were on the record record twenty nine January. We'll see what happens. I'll just say it's it is when it happens that that will be the year. Okay well the nationals more. We're supposed to win the world series either so so you never know business back in the one thousand nine hundred ninety s when defense was out of Oak with the Big Coast Post court ward. Draw down Laki acquired the Rowan spun off some some pieces of it. Didn't want and guy named Franklin's Lonza and Robert Lapente and Lehman Brothers put those together and created l three communications which became a famously successful company. It's now l three Harris L. Through was acquired by Harris and Mr Lapente Mr Lonzo split up a little. While ago and Mr Lonzo died the panthers added again. Michael You WanNa tell us with this entrepreneur is bringing to us next yeah. He's back one of the yells in L.. Three is grabbing some attention and even grabbing some money So what happened is Mister Lapente Bob. Lapente has gotten together with Marc Gabelli. And that name will sound familiar to some people specifically in the investment sector because He's part of the belly sort of family empire of An investment activities including the G. Research analyst investor. Analyst conference that people know about in the aerospace on Defense World and Bob Lapente Son Rob Lapente is getting in on it now and There are some other people who were experienced back in the l three communications since formation in one thousand nine hundred seven. They're getting together and they have gone public with a special purpose acquisition company. That's called a SPEC. What a SPEC it does? Is it allows entrepreneurs to go out and raise money publicly on the stock market with the intent of forming some company that they will bring forward word in the future and what this back is designed to do is go after C.. Four ISR assets in the business world and try to piece together and maybe make a C.. Eighty four ISR version of l three. Communications became a large publicly held company. They got piece together. Various little assets with technology. The ankle. Okay so you think it's the same kind of model l.. Three was famously. Lots and lots of pieces that were just put together but sort of managed independently is that. That's that's right. It was a a holding company approach to having an aerospace and defense asset and that was a little bit unique For an industry that was For for a very long time founder. Run and Even founder owned in the beginning and then eventually those founder run companies became the large defense primes that we knew about or the the the OEM's on the commercial side and L. Three came along in the nineteen nineties and add this holding company approach where they started picking up business assets on the cheap a and part of the assets. You talked about from Laki. They were getting rid of and that one acquisition that they did. You know that's happening again right now. You're seeing a whole lot of any activity Many of us were at the aviation. Week Emanate Conference recently out in Beverly Hills and The the mood there is very optimisitic. There's a lot of positive talk that while This year and next year may not be record setting by themselves. They are still very close to what our record levels of both transaction volume and transaction amounts when it comes to emanate deals so there's a whole lot of activity out there and in C. Four. SR ARE THESE GENTLEMEN LOPEZ MR belly and others think there's an opportunity maybe for somebody to come in and roll up and put together a large sea for ISR SR company because there are so many fragmented little specialists out there. These boutique companies that do one particular thing or another. And if if you've got the money if you can raise the money and right now that's not really difficult. Believe it or not but if you can raise the money you can go out and buy these things and piece together and Voila. Who who knows? Maybe you've got the next bill three communications last question for you. I mean Missile Penta obviously made a lot of money after he left L.. Three founded a company called one that I think he sold all the saffron for more than a billion dollar correct. So how much money have they said how much money they're gonNA put into this new entrance I don't know for sure how much they're gonNA put into their initial the public offering of what they've raised so far at least one hundred and fifty million based on the IPO. They did at the beginning of November. the thing is is that stock stock is now out there so anyone all of us at the table can get in on it if we want and go by public shares of it and they can continue to raise funds so we'll just have to track the market the cap back and then listen for any announcements and maybe any other investors that come in but at this point is just about anybody who wants to get in on the action can buy a share and a piece of this next company. You know all we know for sure is that once again they've got l. in the name you had l three communications in in the beginning and you had L one identity solutions when Mr Lapente made a second company and now it's l. g. l.. So just be on the lookout for L.. Okay and just to clarify before from the SEC comes running on the street. Nobody at this table. There's GonNa be a defense stock in airline stocks space. The best and companies recovery just had to get that on the record there Michael so there you have it from this week a looking ahead lot coming down at twenty twenty southwest airlines going to make a decision in on whether to diversify its fleet satellites continuing to darken the skies and L. Threes founder moving forward with his new C.. Four I play Ben Goldstein. Damasio Michael Brunel. Thanks thanks for a great conversation. That's a wrap for this week's check. Six podcast now available for download on itunes. Join US again in a few days when we will be ring check sixty you from the Dubai air show..
"special purpose acquisition company" Discussed on CNBC's Fast Money
"And that means a and i do think you have to think about these downgrades will be continuing to trickle in a bit on ball all right coming up check out these bad genes i'm not talking about to do their alright alright newly public companies levi falling apart at themes after the company's earnings report will bring in the very latest speaking of ideas sir richard branson's virgin galactic public later this year via fax special purpose acquisition company will tell you what that means that if this face could see out of this world returns for fast when he's still at ernie's alert on denim retailer levi strauss courtney reagan's back and headquarters at the latest on the conference call court i'm melissa shares of levi strauss are under pressure here after hours profit was hit by negative currency impacts higher advertising expenses and the cost of growing its direct to consumer business believe the revenues came in slightly better than expectations in total despite according to see a chip bird eight quote challenging retail and macroeconomic environment sales actually growing all geographic regions across men's women's tops and bottoms europe with the strongest region revenue they're up nine percent filled in egypt six percent three percent of america is not levi's direct consumer business that increase nine percent wholesale business a lot of as her department stores up three percent to women's is a key growth area it's a smaller business the men's but the total category sixteen percent in the quarter that was more than twice that of the larger men's business growth now gross margin did couldn't track slightly from last year and that was largely due to be unfavorable currency impact and that drag was partially offset by less discounted sales now levi's working hard to market it's cool reflected expensive as i mentioned but at least it paid off at catella in the second quarter we again dominated coach shallows could go to uniform festival season but levi's five oh one cutoff shorts which were up more than fifty lucian burgled says that it's l a's graphic t shirt every second levi plans open nearly a hundred new of its own stores in this fiscal year also back over to you all courtney thank you corny reagan back at headquarters what do you make of these results guy valuations and committed treats its closest twentyone times twenty times let's say next year's earnings i mean that to me in this space is expensive i don't think you have the dps grow listen i love my levi's i got my five but once when i was in high school and unrelated my size if you wanna buy me a pair thirty or thirty two but with that said i run out and buy already seems like a long gated already though he knows legs out understanding the legs what i like most about what they're doing is they're investing in the direct to consumer which is exactly where they they they have three different areas they talk about china they talk about women they talking about direct consumer they're investing in those we see the women's brand starting to work a little bit better for them sixteen percent grocers talking about it seems.
Richard Branson's Virgin Galactic to go public by year-end
"Well as I Richard Branson the building there is reaching for new heights on Wall Street is virgin galactic filing to go public your virgin galactic to the space tourism venture preparing for lift off as a publicly traded company looks like social capital that is free holdings a special purpose acquisition companies plan to invest about eight hundred million virgin galactic for forty nine percent stake in the company as part of the deal the company of virgin galactic later this year would become the first publicly listed human spaceflight