Alright there is no cute or funny title here, as the great big short himself kind of said in that one movie, I don’t know how to be funny, and although I don’t have a glass eye, neither do I. This is my first time writing up DD so don’t come for my balls right away as I don’t fully know how to articulate my words in a manner that conveys my point.
However, after speaking with Tedro, Machetephil, and hearing from another of other individuals whom I cannot remember, here goes, my DD on BENE.
Ticker: BENE or Benessere Captia Acquisition Corp. is a blank check company. Formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
BENE had two runs in 2021, the first was on 10/22/21 where it reached $18.90 and the second was 11/24/21 where it reached $14.27. After looking into this I believe it is safe to say that this was due its correlation to DWAC and that biblical run. The reason is largely due to the fact that Patrick Orlando was CEO of both DWAC and BENE.
Since that second run in October of 2021 BENE has traded sideways hovering between $10.07-$10.85.
Currently, BENE is a SPAC with a float of 11.8m that recently had 1.1m shares redeemed as reported in in 1/13/22 filling. Meaning that the float is currently 10.7m, which is not anything to particularly get happy about. What is interesting is that there is a Decent amount of OI on the chain for Feb OPEX. However, as previously stated with a float at 10.7m it would take an enormous amount of OI to move the underlier, coupled with the only lock-up period being post-merger, a SPAC play seems highly improbable.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001828735/000119312522008664/d280744d8k.htm
Where this play starts to get interesting is once the merger is completed due to the wording in the SEC fillings pertaining to the lockup periods for participating holders. The terms of the merger state that the lock up period begins once the merger is completed, and participating parties are required to hold their shares for a 6-month period after the date of closing.
[EX-2.1 (sec.gov)]
(https://www.sec.gov/Archives/edgar/data/0001828735/000119312521343823/d231856dex21.htm)
The play, or rather possibility of a play is still very far out from being a tangible. With that being said I am simply bringing this to the communities’ attention to keep track of over the coming months. I will continue to monitor and update as we go.
Please feel free to add what you see fit and hopefully get someone much smarter than me to look into this as well.