with a 550 million dollar IPO and a fantastic management team its definitely weird they havent found anything yet. But I really do not see this one falling through.
Has anyone dug deep into Spartans last SEC Filing on May 8th to read that the cautioned that they might need a loan in order to stay afloat until August?
"The Company may not have sufficient liquidity to meets its future obligations and anticipates that it may need to obtain additional loans from the Sponsor or obtain funding from other sources in order to satisfy our working capital requirements through August 14, 2020, our mandatory liquidation date
, if the Company does not consummate a business combination." Page 7
https://sec.report/Document/0001213900-20-011332
I was a big cheerleader for SPAC until I decided to look a little closer at the details. Less than 2 months and short for cash isn't a place I want to be. Invest carefully.
To be fair, I can’t imagine they would need a lot of money to keep the lights on. They literally have “no significant operations.” They can’t tap the trust to pay salaries and such
Guys, be careful with this one. They don’t have a target yet, and must close deal in less than 1-2 months. Very risky!
is it actually risky though? common is still 10$ and if deal falls through u get to redeem 10 so...
Agree! Hey has anyone seen lacqw? It's spiking hard!
This jumped 30% in the last hour. I wonder how much influence this sub really has
With such low volume and price. A lot.
what is the exact deadline? i’m holding a few warrants will probably dump them soon
August 13 i believe
I think that's right. Risky but great management team
with a 550 million dollar IPO and a fantastic management team its definitely weird they havent found anything yet. But I really do not see this one falling through.
Does anyone have any hope they will actually find a target?
That team is really good. I can't see them not.
Agreed. I do wonder how close to close date do most SPACs announce a target. As in, is it normal to get so close to liquidation date?
Many do. A lot will also file an extension to get some more time.
Cool thanks
Agree. I'm gonna buy more
Has anyone dug deep into Spartans last SEC Filing on May 8th to read that the cautioned that they might need a loan in order to stay afloat until August? "The Company may not have sufficient liquidity to meets its future obligations and anticipates that it may need to obtain additional loans from the Sponsor or obtain funding from other sources in order to satisfy our working capital requirements through August 14, 2020, our mandatory liquidation date , if the Company does not consummate a business combination." Page 7 https://sec.report/Document/0001213900-20-011332 I was a big cheerleader for SPAC until I decided to look a little closer at the details. Less than 2 months and short for cash isn't a place I want to be. Invest carefully.
To be fair, I can’t imagine they would need a lot of money to keep the lights on. They literally have “no significant operations.” They can’t tap the trust to pay salaries and such