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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Triffin who wrote (2677)	6/10/2020 2:53:06 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Unbelievably, +10,000,000 shs of 27,500,000 were redeemed for cash yesterday ahead of the deal closing ( today ) leaving an at least 35% return on the table .. That is a bit odd, particularly since Nebula and Open Lending signaled in advance that the transaction was going to be approved. The stock closed at $10.30 on Friday, June 6. On June 8, Open Lending and Nebula announced that they expected that the transaction would be approved on June 9. The stock closed that day at $12.25. The deal was approved the next day and the stock closed at $13.35. globenewswire.com I checked the proxy statement, and the shareholders had the option of changing their vote at any time prior to the meeting, which means (if they were paying attention) that they left a minimum of $2.00 on the table. Large redemptions usually reflect a lack of confidence in the deal from investors that are far more sophisticated than us. Also, to be fair to those that were risk averse and redeemed their shares, I have seen SPACs crater 25% immediately after the approval of their transaction. I have been sifting through the NEBU filing trying to figure out if there is anything special about their business model and why they have not gotten more traction in their 20 years of doing business.