STOCKS TELEGRAPH

Tag: SPAC

  • Property Solutions Acquisition Corp. (PSAC) Stock Trends Higher Following Development of Partnership with Faraday Future

    Property Solutions Acquisition Corp. (PSAC) Stock Trends Higher Following Development of Partnership with Faraday Future

    Property Solutions Acquisition Corp. (PSAC) stock prices were up by 2.71% as of the market closing on July 19th, 2021, bringing the price per share up to USD$13.62 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 4.55%, bringing it up to USD$14.24.

    Minimal Redemptions

    July 19th, 2021 saw the company announce the passing of the deadline for electing redemptions, with the outcome resulting in 99.91% of funds staying in PSAC’s trust account as of the closing of the proposed merger with Faraday Future. In celebration of its upcoming public listing, the company is set to host a webcast of its opening bell ringing ceremony at the Nasdaq MarketSite in Times Square, with the even scheduled for July 22nd 2021.

    FPO Program

    The company also plans to concurrently launch an online event to announce the Futurist Product Officer program, as well as its new reservation policy of the ultimate intelligent techluxury FF 91 Futurist. The partnering company is on course to provide roughly USD$1 billion in gross proceeds via the proposed business combination.

    FF Intelligent Application

    July 19th 2021 also saw the company announce the launch of its new highly-interactive FF Intelligent App, which facilitates the ability to reserve a FF 91 through the application. Users can also become integrated with FF’s user ecosystem, enjoying the benefits of the FF community, products, and technologies. Integration within the ecosystem will also allow for user-side input in regard to the products and business they interact with.

    Scope of Intelligent App

    Users of the FF Intelligent App will have the option to create an FFID, book exclusive test rides, and book tours of FF’s global HQ in Los Angeles. In addition to being an FF 91 reservation platform and social community, it is at the forefront of the company’s value co-creation via the sharing of their FF user ecosystem. Users can learn about the company’s product portfolio and interact with FF’s cutting-edge technology that makes it a leader in the EV space. In addition to the social community, users will also be able to sign up for an innovative Futurist Product Officer program, facilitating interaction between users and FF employees.

    Future Outlook for PSAC

    Armed with a lucrative upcoming public offering that will generate a substantial influx of capital, PSAC is poised to capitalize on the opportunities afforded to it from its strategic partnership with FF. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate organic growth over the long-term.

  • Oxbridge Re Holdings Ltd. (OXBR) Stock Continues Downward Spiral Despite Filing of SPAC Registration Statement

    Oxbridge Re Holdings Ltd. (OXBR) Stock Continues Downward Spiral Despite Filing of SPAC Registration Statement

    Oxbridge Re Holdings Ltd. (OXBR) stock prices were down by 2.52% as of the market closing on July 19th, 2021, bringing the price per share down to USD$3.48 at the end of the trading day. Subsequent premarket fluctuations have seen the stock fall by another 7.47%, bringing it down to USD$3.22.

    Registration Statement Filed

    July 19th, 2021 saw the company’s SPAC and indirect subsidiary, Oxbridge Acquisition, file a Registration Statement on Form S-1 with the Securities and Exchange Commission. The Registration Statement submitted to the SEC was in regard to a proposed initial public offering of the company’s units. The lead investor in Oxbridge Acquisition’s sponsor is the company’s wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance Ltd.

    Oxbridge Expansion

    The investment is being made as a part of Oxbridge’s reinsurance business plan, wherein Oxbridge Reinsurance anticipates investing in SPACs that are sponsored and/or managed by OXBR management. The aim of these investments is to facilitate capital growth and surplus of Oxbridge Reinsurance over the long term. Following this move, Oxbridge Acquisitions plans to allocate resources towards the disruptive technology market, with a focus in the insurance technology (InsurTech), blockchain, and AI technology sectors.

    Details of the Offering

    As per the filing of Form S-1, the proposed public offering is anticipated to have a base offering size of USD$100 million, which could be bumped up to USD$115 million in the event of underwriters exercising the over-allotment option in full. With Oxbridge Acquisitions being directly initially owned by OAC sponsor, organized and initiated by the company’s executive officers, OAC is set to own 20% of the common stock issued upon the consummation of the offering.

    Improved Financials

    The quarter ended March 31st, 2021 saw the company report having generated net income in the amount of USD$28,000, representing breaking even on a per basic and diluted common share basis. This is a significant improvement from the USD$264,000 net loss reported for the same quarter of the prior year, which represented a net loss of USD$0.06 per basic and diluted common share. The year-over-year improvement was largely driven by a positive change in the fair value of the company’s equity securities, as compared to the financial markets having been devastated by the onset of the Covid-19 pandemic in the prior-year quarter.

    Future Outlook for OXBR

    Armed with confidence-inspiring improvements in its financials, OXBR is set to expand its foray into burgeoning key sectors such as cryptocurrency and insurance technology. The company is keen to expand its network of acquisitions to usher in significant and sustained growth over the long term.

  • Cohen & Company, Inc. (COHN) Stock Trends Lower After Period of Heightened Trade Activity Cools Off

    Cohen & Company, Inc. (COHN) Stock Trends Lower After Period of Heightened Trade Activity Cools Off

    Cohen & Company, Inc. (COHN) stock prices were down by a marginal 6.65% some time after market trading commenced on July 9th, 2021, bringing the price per share down to USD$25.25 early on in the trading day.

    Net Income

    Net income for the first quarter of 2021, ended March 31st, 2021, came out to USD$9.4 million, representing a net income of USD$6.98 per diluted share. This is comparable to the USD$3.1 million net loss reported for the prior-year quarter, representing a net loss of USD$7.64 per diluted share.

    Revenue Reports

    Revenues for the quarter were up USD$36.3 million as compared to the prior quarter, with the year-over-year increase being largely attributable to an increase of USD$1.1 million in net trading revenue. A USD$1.7 million decrease in asset management revenue also contributed to the difference, with the decrease being related to an incentive allocation earned by the company’s SPAC funds manager in the prior quarter.

    Dissecting Comparative Revenue Reports

    Further compounding the difference was an increase of USD$0.1 million in new issue and advisory revenue associated with insurance asset origination in Europe and the U.S. Most significantly, the company reported USD$36.8 million in the increase in principal transactions related to the closing of COHN’s second sponsored SPAC in February 2021. The move generated USD$73.2 million of principal transactions revenue for Q1 2021, partially offset by a reduction of USD$37.8 million in principal revenue generated from the closing of the company’s first sponsored insurance SPAC in the previous quarter.

    Liquidity Position

    The company reported USD$154.7 million in total equity as of March 31st, 2021, up from the USD$101.4 million reported as of December 31st, 2020. the non-convertible non-controlling interest component of total equity was USD$45 million as of March 31st, 2021, while the company reported USD$27.8 million as of December 31st, 2020. Accordingly, the total equity excluding the non-convertible, non-controlling interest component was USD$109.7 million as of March 31st, 2021, a USD$36.1 million increase from the USD$73.6 million reported as of December 31st, 2020.

    Contextualizing COHN and its Future Outlook

    With promising financials reported earlier in the quarter, COHN stocks have seen trading volume surge recently, positively impacting the company’s equity value. With the activity not being volatile enough to attribute to the meme stock phenomenon, the company seems to have caught the eyes of day traders who are capitalizing on the snowballing upward trajectory of the stock price. Long term investors are hopeful that the company will be able to leverage its resources to usher in more organic growth over the long term.

  • Athena Tech Acquisition Corp. (ATHN) Stock Continues to Rise Following Merger with Heliogen

    Athena Tech Acquisition Corp. (ATHN) stock prices were up by a marginal 0.31% as of the market closing on July 6th, 2021, bringing the price per share up to USD$9.73 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 2.26%, bringing it up to USD$9.95.

    Merger with Heliogen

    July 7th 2021 saw the company announce having entered into a definitive agreement for a business combination with Heliogen, Inc. Following the merger, Athena will be renamed Heliogen, Inc. and will be listed on the New York Stock Exchange under the HLGN ticker symbol. Aimed at addressing intermittency issues associated with renewable sources of power generation, Heliogen’s modular, AI-enabled, concentrated solar power plants have the potential to revolutionize the energy market.

    About Heliogen

    Heliogen is focused on flattening the power generation curve by using its technology and concentrated solar power with storage to facilitate increases in the availability of energy to industry. It’sprorietary heliostat layout and control system are designed to concentrate the sun’s rays, with the ability to generate temperatures at the point of focus that exceed 1,000 degrees centigrade. This heat is captured and converted for industrial use, power generation, or to facilitate the production of green hydrogen fuel. The technology aims to provide almost 24-hour renewable energy that will see concentrated sunlight replacing fossils fuels.

    Details of Transaction

    The commercialization of Heliogen’s AI-enabled, concentrated solar power modules is underway, with internationally renowned customers in the industrial, mining, and energy sectors. AllofHeliogen’s stockholders are expected to transition their existing equity into the combined companies, receiving ATHN Class A common stock at closing as compensation. The transaction is forecasted to raise roughly USD$415 million in gross proceeds of cash, assuming no redemptions by public stockholders of ATHN.

    Allocation of Capital

    The capital generated is expected to be allocated towards scale heliostat manufacturing and to support R&D efforts on innovative heliostat technology. The funds will also be used to support the development of projects around the world, as well as to strengthen the company’s balance sheet. The gross proceeds include USD$165 million in shares of stock that investors have committed to purchasing through a PIPE, with each share priced at USD$10.00.

    Future Outlook for ATHN

    Armed with the recent merger with Heliogen, ATHN is poised to capitalize on the opportunities afforded to it in the expansive alternative energy space. Investors of both companies are confident that the merger will result in significant and sustained increases in shareholder value for the combined entity.