With all the uncertainty in the market, I’m parking some money in shares for the weekend position. This has gone down dramatically to 10.13-10.15.
In fact, in today’s rip down, it went very low, but when we ripped up, it stayed low. Hm. I figure to me people either lost some confidence in the stock/merger, or just are tired of having their money parked doing nothing. I think it’s the latter.
For me it’s a safe haven over the weekend. I’ve seen a lot of up and down 1% so a nice way to make a few bucks whenever a day looks red (or to not lose money anyway)
I think that as the general market has tanked, people have seen better opportunities for return in the short and medium term.
I maintain the optimistic theory that a potential bear market rally before the end of June could include a good run in EV stocks. Given that GGPI is basically sitting at NAV I am content to wait until end of June. Last Friday showed it can pop to 10.50 pretty easily, so a run over 11.00 is not out of the question once a merger vote is announced. This seems as good a place as any to park cash for the next 6 weeks.
Should also add: I was getting some June 7.5c fills today at 2.68-2.69 when underlying was 10.14-10.16. Might be a good play if you’re looking to park cash but also want some leverage on an upward movement.
So reading through that it looks like, and please tell me if I’m wrong, a vote to go through with the merger on June 22 but no date of actual merger. Also looks like we loose nav protection on June 20th. So we may finally get a merger date shortly after that meeting
I was wondering about the timeline of things in general for aquisitions with spacs in relation to GGPI. Is the merger announcement usually happening before the nav-floor goes away?
The NAV floor is removed 2 business days before the merger meeting, as that is when arb firms stop buying stocks at just-below-NAV. So yup, it’ll very likely be the 17th, the Friday, when it disappears. At the very latest, it will be the following Monday, 6/20.
NAV floor looks to be gone on the 17th. Merger is the 22nd. Given it’s trading below NAV, not a great sign for the post-merger price action (especially in this environment).
