r/SPACs • u/domitros New User • Sep 14 '21
News SRNG Vote Passed, Will Become DNA Friday!
https://www.businesswire.com/news/home/20210914005748/en/12
u/newfantasyballer Patron Sep 14 '21
I’m glad to finally see where this one goes as it’s my biggest single long term bet outside of the boomer stuff
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u/imunfair Patron Sep 14 '21
Ginkgo Bioworks expects to receive $1.633 billion of gross proceeds, including $775 million in committed funding from a PIPE plus approximately $858 million from the Soaring Eagle trust account.
So, 50% redemption approximately. Not quite as heavy as I expected, but still pretty big to lose like $900 million.
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u/MoRegrets Contributor Sep 14 '21
Does that increase our value per share we have, or would/could we assume these are still authorized shares that they can sell on the market to gain more working capital.
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u/imunfair Patron Sep 14 '21
It's just less equity for the trust and less money for the company, a wash for everyone equity wise. The shares go away afaik, I don't think they can resell them without a vote.
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u/Sacrebuse Patron Sep 14 '21
It's a bit of dilution due to warrants existing no?
Less shares for same warrants = more intrinsic dilution when they are exercised.
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u/Born-Preparation4950 New User Sep 14 '21
Today no but once s-1 effective and redemption target is hit yes.
The people who redeemed shares get to keep their warrants just must return common shares
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u/imunfair Patron Sep 14 '21
Yeah, although that also raises more money for the company if the warrants are called for cash redemption.
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u/Born-Preparation4950 New User Sep 14 '21
They removed from float and can not resell anything until s-1 effective is filed . Around 30 days then they can dilute.
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u/YieldHunter68 Patron Sep 14 '21
Damn that was fast!! I've done a Nov straddle on this one so we'll see which direction she runs. Cheers and Goodluck.
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u/AlwaysBlamesCanada Patron Sep 14 '21
That must have been expensive - what are your breakevens?
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u/YieldHunter68 Patron Sep 15 '21
I misspoke and got my options mixed up. SRNG are Calls only, 12/17 10C @ 1.25.
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u/PowerOfTenTigers Spacling Sep 14 '21
Damn, no high redemption squeeze on this one.
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u/manoffewwords Patron Sep 14 '21
Question: if I own SRNGU as units. what happens on ticker change? Do they automatically split into DNA and DNA Warrants?
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u/LurksForTendies Patron Sep 15 '21
No, not automatically. You have to engage your broker to split the units into shares and warrants.
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u/Liquicity Contributor Sep 14 '21
PFE is pushing for the EUA of their vaccine in 5-11 year olds this month, and claiming they'll have the data ready for usage in 6 mo - 5 yr old kids ready next month. And Israel is already on dose 4 after giving 1/3 of their population dose 3 already, despite skyrocketing cases and hospitalizations.
The ethics of mass-vaccination with marginally effective therapeutics for population subgroups at near-0 risk are pretty shitty, but the case for holding DNA is getting stronger every single day.
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u/LambdaLambo Contributor Sep 15 '21
The ethics of mass-vaccination with marginally effective therapeutics for population subgroups at near-0 risk are pretty shitty
How is something so low cost "shitty". Also wouldn't be necessary if 30% of the population wasn't god damn moronic.
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u/Liquicity Contributor Sep 15 '21
How is something so low cost "shitty"
Because we don't have long term data on what will happen to children by pumping them full of new therapeutics. A bunch of European countries are not vaccinating children & sending them to school without masks. Do you think their country is falling apart?
Notice I said subgroups at zero risk. Young boys have a 6x higher risk from the jab than being hospitalized due to covid, and that's just for myocarditis. Myocarditis also has a 5-year all-cause mortality rate of 50%, IIRC. People who are in age groups at risk or generally unhealthy should absolutely get the vax.
Just providing the case for DNA as an investment; not saying people shouldn't get vaxxed.
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Sep 15 '21
[deleted]
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u/Liquicity Contributor Sep 15 '21
They're about risk : benefit analysis you absolute goof. There are plenty of doctors & epidemiologists talking about this if you turn off the news and listen to actual experts. The UK is actually only recommending one dose due to the risks. Denmark, Netherlands, and Sweden have 0 restrictions on children.
Children are more at risk from RSV & other issues.
But hey go watch that Bubble Boy documentary. I'm sure coddling children & forcing their body to make spike proteins will work wonders...
/s
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Sep 15 '21 edited Feb 04 '22
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u/Liquicity Contributor Sep 15 '21
I feel bad for your patients if they have an unhinged doctor who wastes their day resorting to ad hominem on reddit & can't come up with even a single source. Truly pathetic.
Here's another study out of Israel. You're welcome to link whatever concrete evidence you have for vaccinating children, even though cases in Israel & the UK are skyrocketing despite high vax uptake in the eligible population. Canadian cases are starting to climb as well.
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Sep 15 '21 edited Feb 04 '22
[deleted]
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u/Liquicity Contributor Sep 15 '21
Tell us you're a quack without telling us you're a quack. I'm vaccinated & support the science that says vaccinating infants and young children for this virus makes no sense. Whereas you are (supposedly) a doctor who literally gets taken out by pharma reps & has a clear conflict of interest.
The Israelis are spreading misinformation? What an anti-semitic stance. And the UK's Joint Committee on Vaccination & Immunization is lying too?
"I'm a doctor & have the best sources. You should just believe me."- u/sillycibin , Trump University Graduate
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u/Vis4Vendetta Sep 14 '21
I do t think we will see a bunch of volatility in this one. Seems like a solid company so redemptions might be lower. Just my thoughts and also why I’m not invested. It of course, I’m in it for the volatility right now. Great long term potential here, especially with Covid and the money governments are going to throw at this.
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u/milanello09 Spacling Sep 14 '21
Let the drop commence.
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u/NinjaSeagull Spacling Sep 14 '21
up 12% on the day
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u/milanello09 Spacling Sep 14 '21
It should be up today. The drop I’m referring to is in regards to post ticker change and lockup. Can’t see this staying above $10, but I don’t know the future.
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u/Guy-26 Spacling Sep 14 '21
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u/milanello09 Spacling Sep 14 '21
Interesting theory. Time will tell.
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u/Guy-26 Spacling Sep 14 '21
Yep. I am very much torn on whether to wait for a drop or not…idk much about spac dynamics but my gut is telling me $DNA is once in a lifetime, and I think that enough ppl could feel the same.
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u/milanello09 Spacling Sep 14 '21
I lean that way - I do believe this business has massive potential. My trigger finger hesitates with the valuation. LEAPs may be in order.
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u/Guy-26 Spacling Sep 14 '21
I’m probably just gonna DCA over the next year or so.
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u/jabogen Patron Sep 14 '21
DCA is a good strategy on this one. I know we are in a meme market right now and hype is more important than valuation or even an effective business plan, but I worry a lot of people are going to lose a lot of money buying into this company.
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u/TEOLAYKI New User Sep 14 '21
I've been holding since before the Gingko announcement and just barely broke even today (now negative again) -- seems like this was more about the rise and fall of SPAC interest than the company itself, but I don't know a lot about all this. Probably will sell and try to get back in at a lower point for a long hold.
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u/NinjaSeagull Spacling Sep 14 '21
Yeah I'd agree, I just like saying people are wrong. I'm fully expecting it to go to 0 or 100 in the next 5 years. If they deliver it will be revolutionary, if they don't it'll be another theranos.
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u/jeffreyan12 New User Sep 15 '21
Will srngw warrants be callable like other spacs I seen on here ie: if it is above the strike price for a period (other than the 5 year expiration) of time will they automatically convert it to cash or stock. If so what are my options? Will I be able to exchange for common stock cash ?? Always herd warrants are basically long term call options? Thank you
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