An easy primer for you finance literati was written here @Tech Crunch , and that includes answering the MOST asked question about them: how much do Spacs sponsors make ?
“The rough rule of thumb is 2% of the SPAC value, plus $2 million.”
and the 2nd most asked question, why is the unit price of SPACs $10.
The Gold market basics were nicely outlined in a WSJ article recently (Joe Wallace, Aug. 17th, 2020). Describing the gold market doesn’t get any clearer than that.
Excerpts:
“How does the physical market work ?
Deals to buy, sell and lend gold in London are struck privately, rather than on exchange. To reduce the amount of metal that has to be shunted from vault to vault, five banks act as clearing house, balancing out each other’s sales and purchases. Some of them provide vaults, offering clients a safe place to stash gold. The Bank of England guards more than 400,000 bars beneath the narrow streets of the City of London, largely on behalf of the U.K. government and other central banks, a hoard second only to Feds in NY. Princes are quoted by troy ounce (14.6 troy ounces to pound instead of the standard 16) of pure gold, and bullion trades in batches of 400-ounce bars. London prices are fixed in twice-daily auctions and act as a benchmark throughout the physical market. When a watchmaker buys gold from a refiner, it usually does so at a premium to the London price…”
WSJ
That Old Snikeroo Buffett selling airlines shares and buying gold…he knows what he’s doing.
Reinvent Technology Partners, formed by LinkedIn’s Reid Hoffman and [Zynga] founder Mark Pincus, has filed to raise $600 million for a blank check company that will shop from the tech sector.
Chamath Palihapitiya filed three new SPAC vehicles this week after the bell rang, and each of them pulls in different directors of note, observes TechCrunch. Nirav Tolia, the co-founder and CEO osocial network Nextdoor, is joining the fourth SPAC. Jay Parikh, a former head of engineering at Facebook, who left the company earlier this year, is joining the fifth SPAC. And Dick Costolo, the former CEO of Twitter and current venture capitalist, is joining the sixth SPAC…
https://www.bloomberg.com/news/articles/2020-09-18/social-capital-is-said-to-seek-2-billion-for-three-new-spacs
A Gores Group SPAC, Gores Metropoulos, recently announced plans to merge with Peter Thiel-backed driverless car startup Luminar in a $3.4 billion deal.
Playboy Enterprises going public by merging with Mountain Crest Acquisition Corp, a SPAC
Yesterday, TMT SPAC Spartacus Acquisition prices downsized $200 million IPO at $10…https://www.renaissancecapital.com/IPO-Center/News/72346/TMT-SPAC-Spartacus-Acquisition-prices-downsized-$200-million-IPO-at-$10
The rate of SPACS on Wall Street this year it’s insane.