Big Board Sample

We track more than 200 SPACs in our Big Board, and the list grows each week. Bonus: below the sample table we explain why SPACs are different from the dotcom-era IPO bubble.

TickerSPAC30 / SPAC100 RankingStageCompany NameInvestment FocusWarrants per UnitMust Merge ByMerger TargetMerger FinancialsMerger Vote DateMerger PresentationExchangeNew Ticker
DLCAU1 - Pre-IPODeep Lake Capital Acquisition CorpFinTech, ESG1/2+24 monthsTBDTBDTBDsubscription requiredTBDTBD
BTWNU242 - IPOBridgetown Holdings LimitedNew Economy Sectors, ASEAN regional focus1/3/10/19/2022TBDTBDTBDsubscription requiredNYSETBD
PSTH33 - Pre-MergerPershing Square Tontine HoldingsUnicorns1/98/4/2022TBDTBDTBDsubscription requiredTBDTBD
INSU7 - MergedInsurance Acquisition Corporation1/211/30/2020Shift Technologies1.8x price to sales
$235M 2020 (est.) sales
10/13/2020subscription requiredNASDAQSFT
CCXX7 - MergedChurchill Capital Corp III1/42/19/2022MultiPlan$968M 2020 (est.) revenue10/7/2020subscription requiredNASDAQMPLN

Yes, companies are taking advantage of Special Purpose Acquisition Companies (SPACs) for raising funds and going public. However, as of 12/31/2020, SPACs had a market capitalization smaller than Bitcoin’s and the volume traded was less then 7% of the NASDAQ.

Wall Street Bubbles . . . always the same. Really?


Unlike dotcom IPOs, SPACs put their cash raised in a custodial trust. If the SPAC sponsors cannot come up with a merger target, they can either go to their shareholders and vote to allow them more time, or they can return the cash on a per share basis.

Now let’s look at a 1990’s dotcom bubble stock. Take Pets.com for example. Pets.com was a pretty simple idea: buy pet food via a website for delivery to your home. Pets.com stood out among three other pet-related IPOs thanks to its sock puppet mascot. It even had a balloon in the 1999 Macy’s Thanksgiving Day Parade. Pets.com raised $82.5 million in its February 2000 IPO. The shares debuted at $11 and quickly went as high as $14. By the following November, the company had gone bankrupt and closed its doors, with its stock trading at $0.19 a share the day of its bankruptcy announcement. In its IPO filing Pets.com had $5.7 million in sales and a $61 million net loss.

Let’s contrast Pets.com with Bark.com. Northern Star Acquisition Corp (Ticker: STIC-UN) went public on November 12, 2020. It raised $250 million, which it put in a trust and it began searching for an acquisition target. It announced a potential merger with Bark.com on December 18, 2020. Bark provides subscription boxes to its members. It started with about 80k subscriptions as of 2014 and had 663k through 2020. Bark expects more than 1 million subscribers for 2021.

Bark.co Customer Acquisition. Source: Company.

If you invested in STIC following its IPO, you didn’t know it was going to merge with Bark. Your average purchase price in November 2020 could have been $10.25 per unit. Once the units split you received a share of STIC and one-third of a warrant. During December the units continued to trade between $11.37 and $20 per unit. The common share traded between $11.80 and $19. The warrant traded between $2.16 and $6. This is an unrealized gain of 90% or 104% depending on whether you split the units or not and whether you sold or not.

STIC-UN Prices (November 2020 – December 2020) Source: Yahoo Finance.

STIC and Bark have not scheduled the date for their merger vote. Until then holders of the STIC securities can decide if they like Bark or not. Looking at Bark’s pro forma profit and loss we see that Bark had $224M in 2020 revenues. Its net income is a loss of $31 million. We also see what management projects could happen through 2023. It could accumulate losses that are more than $120 million. However, since they are receiving $250 million from the STIC merger and potentially another $200 million at closing from a Private Investment in Public Equity (PIPE) transaction, one can conclude that they have sufficient cash to last beyond Pets.com’s nine month flame out.

Bark.co Pro Forma P&L. Source: Company.

If we don’t like the idea of Bark, we have two choices: sell immediately or seek a return of capital at the closing, i.e., $10 per share. What’s unknown is what Bark’s price will be in the future. What’s certain are bid/ask spreads. As of this writing, an investor in STIC could sell at $15.75, a 53% gain on a $10.25 cost basis. Or lose 2% by taking the $10. These are some of the great benefits of SPACs over 1990’s IPOs…a known floor and time to evaluate the merger target.


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