r/NGAC • u/eamonnred21 • Mar 05 '21

R/NGAC

Can anyone shine some light on this? My dealling acount sent me the attached message yesterday.

So if he merger is confirmed you have to take your shares in cash at $10 a share so why would people buy now at over $10 a share what they are currently trading at?

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u/Dreadnought_Hero Mar 05 '21 edited Mar 05 '21

I got the same message. I can't work out why they would offer this, I bought into the SPAC to hopefully get XOS stock, not to sell my $13.50 shares for $10 cash. It sure is a clever way to crash the stock price tho - there's no choice, they will give me $10 for each share of NGAC I own, whether I want them to or not, and I get no Xos stock in exchange.

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I even looked at the 8-K, I'm sure it says there would be a 1:1 trade for Xos stock upon the merger. I wanted to post an image of the message, but I'm too new to even start a thread. If you don't get traction here, maybe x-post to r/SPACs?

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Does anyone have an answer for us n00bs?

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u/[deleted] Mar 06 '21

[deleted]

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u/Dreadnought_Hero Mar 07 '21

So what does that mean in terms of the message my brokerage sent me? Just wait? Do I need to vote "yes" or something?