SPACs are event-driven trades rich in catalysts before merger closing featuring a $10 hard floor. Velodyne Lidar f/k/a Graf Industrial Corp. (Bloomberg Opinion) -- Carson Block of Muddy Waters Capital LLC made his name as a short seller targeting obscure Chinese companies. In a … Muddy Waters described XL as "middle of the fairway SPAC garbage," said the company had exaggerated its backlog of orders, and questioned the competitiveness of XL's technology. I mean these guys are among the most sophisticated players in the market in terms of understanding the technicals," he said. Muddy Waters is short XL Fleet Corp (NYSE:XL) because it strikes us as middle of the fairway SPAC garbage. Among other things, the Muddy Waters report claimed that at the time of the merger, MultiPlan was in the process of losing its largest client, UnitedHealthcare, which, the report claimed, could cost the company about 35% of the company’s revenues and 80% of its levered free cash flow in the next two years. (Bloomberg Opinion) --Carson Block of Muddy Waters Capital LLC made his name as a short seller targeting obscure Chinese companies.His latest critical report locks horns with some of the cream of the U.S. financial and business establishment, while taking aim at their beloved new fad: the special purpose acquisition company, or SPAC. Muddy Waters is taking on a Michael Klein SPAC. Shares of XL Fleet tumbled as much as 20% on Wednesday as Carson Block of Muddy Waters Research revealed he was short the company. Given these dynamics, it arguably is unsurprising that the SPAC industry might itself become a focus of attention. Muddy Waters s’attaque à Michael Klein et aux SPAC ... l’un des quatre SPAC cotés de l’ancien fabricant de pluie Citigroup Michael Klein. What did you think of the Muddy Waters description of the SPAC market and the bad management teams floating “hot garbage” on investors? Many other investors have suffered losses since the SPAC merger was announced last summer and closed in October. A 30% move in a SPAC from $10 -> $13 is FAR superior than in a SPAC from $45 -> $60. All of the foregoing notwithstanding, it is also important to note that this complaint depends heavily on the highly incentivized report of short-seller Muddy Waters. This month, a report by short seller Carson Block’s Muddy Waters slammed the SPAC frenzy, noting: “A business model that incentivises promoters to do something — anything — with other people’s money is bound to lead to significant value destruction on occasion." Muddy Waters LLC, SPAC. Il n’est pas clair si Block gagnera l’argument selon lequel les actions et la dette de MultiPlan sont considérablement surévaluées. I do not believe the statement to be accurate. Le porte-parole de la Spac n’a pas souhaité commenter les accusations de Muddy Waters. Muddy Waters described XL as "middle of the fairway SPAC garbage," said the company had exaggerated its backlog of orders, and questioned the competitiveness of XL's technology. Like IPOs or any other transactions, there is a range of quality. Muddy Waters described XL as "middle of the fairway SPAC garbage," said the company had exaggerated its backlog of orders, and questioned the competitiveness of XL's technology. The Muddy Waters report was titled “Private Equity Necrophilia Meets The Great 2020 Money Grab” and criticised Mr Klein for taking MultiPlan public after it had been passed from one private equity owner to another. How Spac insiders make millions while later investors struggle Many individual investors take losses on Spacs, while insiders benefit from discount stakes Carson Block, CEO of Muddy Waters: 'It's so asinine that you can get this kind of payday for doing something so value destructive'. Muddy Waters writes that XL's previous equity raise (Series D) appears to be at a … The report said there could be perverse incentives in the Spac model. Short seller firm Muddy Waters on March 3 threw down the gauntlet on XL Fleet Corp (NYSE:XL), a maker of electric drive systems for commercial fleet vehicles. Muddy Waters also alleged that Multiplan’s private equity owners, Hellman & Friedman—the third PE firm to hold Multiplan—had made the SPAC deal as the last available exit, having extracted what value it could and otherwise taken much of its investment out of the company. Sign up for StreetInsider Free! (Bloomberg Opinion) -- Carson Block of Muddy Waters Capital LLC made his name as a short seller targeting obscure Chinese companies. Les Spac ont corrigé de plus de 15 % en Bourse en un mois. MultiPlan (NYSE:MPLN) shares dive over 20% to $6.97 after Muddy Waters Research releases a short report titled "MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab. We conclude that the real green technology at XL is duping investors into throwing money at this company through a collection of exaggerations, half-truths, and mistruths. That SPAC has 19% of its shares outstanding sold short, ... Muddy Waters Research. Shares and warrants of Multiplan have had a wild few trading days. Muddy Waters Capital LLC was accused in a lawsuit of profiting from shorting Solutions 30 SE while targeting the European technology services company in an “aggressive and baseless” campaign.A Romanian company that provides back-office support for Solutions 30 said in the complaint that Carson Block’s research firm anonymously published a report alleging that Solutions 30 had … So far Muddy Waters has lost money on its GSX short. His latest critical report locks horns with some of … Risking $0 to make $3 way better than risking $35 to make $15. The IPOX SPAC index, a benchmark for this type of equity finance, ... Carson Block of Muddy Waters Capital LLC made his name as a short seller targeting obscure Chinese companies. His latest critical report locks horns with some of the cream of the U.S. financial and business establishment, while taking aim at their beloved new fad: the special purpose acquisition company, or SPAC.This is shaping up to be quite the fight.Block launched … Les Spac dans le viseur des vendeurs à découvert | Les Echos For example, the SPAC buying Dyal Capital is now just trading at 4 cents above the offering price, reflecting concerns about if the deal can get done amidst the litigation. SPAC asymmetry with a $10 pre-merger floor is your best friend. Muddy Waters et Hindenburg Research font à nouveau parler d'eux. Accessed March 15, 2021. Muddy Waters then published a report setting forth their key reasons for shorting shares. “We have a few SPAC ideas we’re kicking around; lots of dogshit there,” said Muddy Waters’s Carson Block, who in November came out with a short against MultiPlan. And, of course, there are short-sellers trumpeting their skepticism, like Muddy Waters yesterday unloading on SPAC'd XL Fleet. 3. Muddy Waters predicted that could lead to a 35 per cent decline in revenue within two years for MultiPlan. A SPAC spokesman did not disagree with the numbers. MultiPlan was only public “because of a grievous oversight in due diligence by the Spac promoter”, the short-seller wrote. https://www.wsj.com/articles/short-sellers-boost-bets-against-spacs-11615714200 Hindenburg Research. "Things are really different now. "XL Fleet: Not Denying Much, Still SPAC Trash." Muddy Waters predicted that could lead to a 35 per cent decline in revenue within two years for MultiPlan. Much of the decline in stocks followed a November report by short-selling Muddy Waters Capital LLC, which claims the company has been financially weakened and overvalued. Some critics say SPACS squander funds on overpriced targets. Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! Block … XL Fleet fell as much as 20% on Wednesday as short-seller Carson Block of Muddy Waters Research revealed he was short the hybrid-truck company.. Muddy Waters describes the company as "middle of the fairway SPAC garbage" in its new report. After Muddy Waters put out a short on a Chinese company, "they would just be like deer in the headlights getting run over." ALWAYS be cognizant of risk/reward. Why we are watching? This complaint looks for the Delaware Court of Chancery to make clear if boards of SPACs are subject to an "entire fairness" standard of review in connection with de-SPAC transactions.
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