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2021-12-10
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The SEC Puts the Brakes on SPAC-Mania Among EV Makers
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Now they’re drawing regulato","content":"<p>Young electric car companies have drawn huge valuations from investors. Now they’re drawing regulatory scrutiny, too.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d1c12ca53ccbe5af1e37d3227c589c\" tg-width=\"2200\" tg-height=\"1467\" width=\"100%\" height=\"auto\"><span>Lucid’s parent company went public via a SPAC deal in July. PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG</span></p>\n<p>Here’s a sure sign that a SPAC-lash is afoot. Electric vehicle startup Lucid Group Inc., whose market value once soared past that of General Motors Co. this year, said on Dec. 6 that the U.S. Securities and Exchange Commission was probing its barely five-month-old blank-check merger and business projections given to investors. The admission sent the stock reeling.</p>\n<p>It was a surprise disclosure from a company that’s seen as having real potential in the electric vehicle race. Lucid Chief Executive Officer Peter Rawlinson came from Tesla Inc., and in September the U.S. Environmental Protection Agency certified that the company’s Air sedan can travel a world-best 520 miles on a single charge. And Lucid had gone public with far more credibility than fellow SPAC newbies Nikola Corp. and Lordstown Motors Corp., both of which ousted their CEOs in the past two years after SEC investigations.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0bff1bf7710ed59b6034eebd77b73d6\" tg-width=\"2200\" tg-height=\"1467\" width=\"100%\" height=\"auto\"><span>Lucid CEO Rawlinson with an Air sedan prototype in August.PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG</span></p>\n<p>Only early this year, SPAC deals—in which companies go public via a merger with a company formed specifically to make acquisitions—were among Wall Street’s favorite investments. Now there is scrutiny from all sides. The SEC is taking a harder look at the transactions, particularly at financial disclosures and statements about their prospects as public companies. Meanwhile, investors are playing it safer and opting out of more of the mergers. And stocks in many of the post-merger deals have fallen, another indication that market enthusiasm is waning. “The notion that a SPAC is price certainty is a fantasy,” says New York University School of Law professor Michael Ohlrogge. “People are realizing that the deals they thought were great are not.”</p>\n<p>SPAC deals with EV startups seem tailor-made to run afoul of skeptical regulators and investors. It takes several years to get a new vehicle to market, and the companies usually rely on battery makers for key parts of their technology and have less experience than established carmakers when it comes to ramping up production. Delays are common. If they do meet production targets—something even Tesla repeatedly failed to do in its early days—there is little consensus on how quickly consumers will trade gas burners for plug-ins. That makes sales forecasts something of a guessing game.</p>\n<p>Although electric car makers are the latest to get dinged, SPAC stocks as a group are down this year. The IPOX SPAC Index has tumbled almost 12%, while the S&P 500 has risen about 25%. Retail investors had initially embraced SPACs as a way to get in on growth stocks and, more often, a way to make a quick buck—the latter has become tougher to realize. In the first quarter the average share price of a SPAC company the day after it announced a merger was $15.77. By November the average price was about $10 a share, according to the paper “A Sober Look at SPACs,” which Ohlrogge wrote with Stanford professors Michael Klausner and Emily Ruan.</p>\n<p><img src=\"https://static.tigerbbs.com/d6f44307d390d5eb06a18a857ca1d631\" tg-width=\"1270\" tg-height=\"564\" width=\"100%\" height=\"auto\"></p>\n<p>These stocks are settling at around the $10 a share that investors typically pay for the stock of a SPAC before it makes a merger deal. And more planned deals are being restructured, says SPAC Research, which tracks blank-check companies and activity. The company’s website said that in this year’s third quarter, SPAC deals had almost 60% of shareholders asking to redeem their invested capital rather than holding their investment through the planned merger. So far in the fourth quarter, the rate is above 60%. That’s a big change from the first quarter, when only 12% of SPAC shareholders asked for their cash back.</p>\n<p>The SEC clearly has been taking a closer look. The same day Lucid disclosed the investigation,Digital World Acquisition Corp., the SPAC that’s agreed to merge with former President Donald Trump’s Trump Media & Technology Group, said it was being probed by regulators. “The SEC is spending more time reviewing proxies, and it is asking more questions,” Klausner says.</p>\n<p>Still, some of the highest-profile calamities in the SPAC world have been electric vehicle companies. Retail investors were all looking for the next Tesla, which is now worth $1 trillion. Now many have swallowed big losses.</p>\n<p>Nikola was the first to run into public trouble. The SEC investigated the company after short seller Hindenburg Research in September 2020 issued a report saying Nikola had no technology of its own. The missive said the company had displayed a hydrogen fuel cell truck that didn’t run and that founder Trevor Milton rolled it down a hill. After the company’s own investigation found that Milton had made questionable assertions, he left the carmaker. (The U.S. Justice Department has since charged him with securities and wire fraud for allegedly making false statements to boost Nikola shares.)</p>\n<p>Lordstown Motors had similar management problems when a short seller’s report said that company founder Steve Burns had overstated purchase interest for its electric Endurance pickup truck. The company’s board removed Burns after its own investigation.</p>\n<p>Lucid didn’t say what exactly the SEC is investigating about its projections. Several law firms have been investigating the company in preparation for suits over it missing its plan to start building the Air sedan in the second quarter. After announcing its SPAC deal early this year, the company said the next day that it wouldn’t build cars until the second half, which hurt the shares.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1b0763a538a48e434fbc1e5844512bd7\" tg-width=\"2200\" tg-height=\"1466\" width=\"100%\" height=\"auto\"><span>Construction at Lucid’s Arizona factory in 2020.PHOTOGRAPHER: CAITLIN O’HARA/BLOOMBERG</span></p>\n<p>Lucid shares have fallen 20% since just Nov. 29 and almost 8% since disclosing the SEC investigation. But the shares are trading at almost $44, which is more than four times the price initial shareholders paid before the merger.</p>\n<p>Even without regulatory problems, new electric vehicle companies such as Lucid are going to face a tough road to match Tesla’s success.</p>\n<p>“Tesla came into an empty market and had no competition,” says Sam Abuelsamid, an analyst at Guidehouse Insights. “These guys are arriving as the legacy automakers are doing the same thing. They are about to launch a couple hundred EV nameplates over the next three years. It will be hard to replicate what Tesla did.”</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The SEC Puts the Brakes on SPAC-Mania Among EV Makers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe SEC Puts the Brakes on SPAC-Mania Among EV Makers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-10 20:24 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-12-10/sec-regulators-draw-scrutiny-to-wall-street-spac-mania-among-ev-makers><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Young electric car companies have drawn huge valuations from investors. Now they’re drawing regulatory scrutiny, too.\nLucid’s parent company went public via a SPAC deal in July. PHOTOGRAPHER: DAVID ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-12-10/sec-regulators-draw-scrutiny-to-wall-street-spac-mania-among-ev-makers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKLA":"Nikola Corporation","LCID":"Lucid Group Inc"},"source_url":"https://www.bloomberg.com/news/articles/2021-12-10/sec-regulators-draw-scrutiny-to-wall-street-spac-mania-among-ev-makers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112016922","content_text":"Young electric car companies have drawn huge valuations from investors. Now they’re drawing regulatory scrutiny, too.\nLucid’s parent company went public via a SPAC deal in July. PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG\nHere’s a sure sign that a SPAC-lash is afoot. Electric vehicle startup Lucid Group Inc., whose market value once soared past that of General Motors Co. this year, said on Dec. 6 that the U.S. Securities and Exchange Commission was probing its barely five-month-old blank-check merger and business projections given to investors. The admission sent the stock reeling.\nIt was a surprise disclosure from a company that’s seen as having real potential in the electric vehicle race. Lucid Chief Executive Officer Peter Rawlinson came from Tesla Inc., and in September the U.S. Environmental Protection Agency certified that the company’s Air sedan can travel a world-best 520 miles on a single charge. And Lucid had gone public with far more credibility than fellow SPAC newbies Nikola Corp. and Lordstown Motors Corp., both of which ousted their CEOs in the past two years after SEC investigations.\nLucid CEO Rawlinson with an Air sedan prototype in August.PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG\nOnly early this year, SPAC deals—in which companies go public via a merger with a company formed specifically to make acquisitions—were among Wall Street’s favorite investments. Now there is scrutiny from all sides. The SEC is taking a harder look at the transactions, particularly at financial disclosures and statements about their prospects as public companies. Meanwhile, investors are playing it safer and opting out of more of the mergers. And stocks in many of the post-merger deals have fallen, another indication that market enthusiasm is waning. “The notion that a SPAC is price certainty is a fantasy,” says New York University School of Law professor Michael Ohlrogge. “People are realizing that the deals they thought were great are not.”\nSPAC deals with EV startups seem tailor-made to run afoul of skeptical regulators and investors. It takes several years to get a new vehicle to market, and the companies usually rely on battery makers for key parts of their technology and have less experience than established carmakers when it comes to ramping up production. Delays are common. If they do meet production targets—something even Tesla repeatedly failed to do in its early days—there is little consensus on how quickly consumers will trade gas burners for plug-ins. That makes sales forecasts something of a guessing game.\nAlthough electric car makers are the latest to get dinged, SPAC stocks as a group are down this year. The IPOX SPAC Index has tumbled almost 12%, while the S&P 500 has risen about 25%. Retail investors had initially embraced SPACs as a way to get in on growth stocks and, more often, a way to make a quick buck—the latter has become tougher to realize. In the first quarter the average share price of a SPAC company the day after it announced a merger was $15.77. By November the average price was about $10 a share, according to the paper “A Sober Look at SPACs,” which Ohlrogge wrote with Stanford professors Michael Klausner and Emily Ruan.\n\nThese stocks are settling at around the $10 a share that investors typically pay for the stock of a SPAC before it makes a merger deal. And more planned deals are being restructured, says SPAC Research, which tracks blank-check companies and activity. The company’s website said that in this year’s third quarter, SPAC deals had almost 60% of shareholders asking to redeem their invested capital rather than holding their investment through the planned merger. So far in the fourth quarter, the rate is above 60%. That’s a big change from the first quarter, when only 12% of SPAC shareholders asked for their cash back.\nThe SEC clearly has been taking a closer look. The same day Lucid disclosed the investigation,Digital World Acquisition Corp., the SPAC that’s agreed to merge with former President Donald Trump’s Trump Media & Technology Group, said it was being probed by regulators. “The SEC is spending more time reviewing proxies, and it is asking more questions,” Klausner says.\nStill, some of the highest-profile calamities in the SPAC world have been electric vehicle companies. Retail investors were all looking for the next Tesla, which is now worth $1 trillion. Now many have swallowed big losses.\nNikola was the first to run into public trouble. The SEC investigated the company after short seller Hindenburg Research in September 2020 issued a report saying Nikola had no technology of its own. The missive said the company had displayed a hydrogen fuel cell truck that didn’t run and that founder Trevor Milton rolled it down a hill. After the company’s own investigation found that Milton had made questionable assertions, he left the carmaker. (The U.S. Justice Department has since charged him with securities and wire fraud for allegedly making false statements to boost Nikola shares.)\nLordstown Motors had similar management problems when a short seller’s report said that company founder Steve Burns had overstated purchase interest for its electric Endurance pickup truck. The company’s board removed Burns after its own investigation.\nLucid didn’t say what exactly the SEC is investigating about its projections. Several law firms have been investigating the company in preparation for suits over it missing its plan to start building the Air sedan in the second quarter. After announcing its SPAC deal early this year, the company said the next day that it wouldn’t build cars until the second half, which hurt the shares.\nConstruction at Lucid’s Arizona factory in 2020.PHOTOGRAPHER: CAITLIN O’HARA/BLOOMBERG\nLucid shares have fallen 20% since just Nov. 29 and almost 8% since disclosing the SEC investigation. But the shares are trading at almost $44, which is more than four times the price initial shareholders paid before the merger.\nEven without regulatory problems, new electric vehicle companies such as Lucid are going to face a tough road to match Tesla’s success.\n“Tesla came into an empty market and had no competition,” says Sam Abuelsamid, an analyst at Guidehouse Insights. “These guys are arriving as the legacy automakers are doing the same thing. They are about to launch a couple hundred EV nameplates over the next three years. It will be hard to replicate what Tesla did.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":999,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/605818641"}
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