Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, October 14, 2026

Back to today

From X

@StableBread

Fajasy on X

Archimedes Tech SPAC Partners II $ATII, the SPAC taking atomic-scale coatings maker Forge Nano public, amended the $100M lead commitment in its PIPE on October 13, three days before the October 16 merger vote. Alyeska, the Chicago hedge fund behind that $100M, will now take 7,031,175 of its 10M shares as pre-funded warrants, up from the 3M planned as of September 24. Those warrants cost $0.0001/share to exercise and never expire, but they don't vote until exercised, and Alyeska can cap its ownership at 4.9%, 9.9%, or 19.9% of the shares. ATII and its sponsor, with the consent of BTIG (the bank that ran ATII's IPO), also waived the transfer restrictions on the 3M founder shares the sponsor hands Alyeska for free at close. Counting the founder share transfer, Alyeska's effective cost is $7.69/share, and the S-4 (the merger filing) says so directly. So the $100M still lands at close, but the fund providing it got more flexible terms the day before ATII holders had to decide whether to redeem.
@AsifSuria 1 click

Asif Suria on X

Now that the Bumble $BMBL deal is confirmed, the key question is: when will this deal close? Usually we get an indication of that in the press release announcing the deal but that was not the case here. There is also something called the "outside date" that is specified in the merger agreement filed with the SEC and this is the drop dead date by which both parties expect to close the deal. Like most things in life, there are exceptions and outside dates often have extensions. In the case of Bumble, the outside date is July 12, 2027. Ithaca has also indicated that they don't plan to close before November 26, 2026. So we land somewhere between November 26, 2026 and July 12, 2027. The average time it takes deals to close based on about 15 years of our internal data tracking M&A is 120 days. Biotech deals generally tend to close much faster and the average there is closer to 90 days. Considering there doesn't appear to be shareholder, financing or antitrust risk here, I would not be surprised if this one closed in less than 90 days. Personally I would prefer that it close in 2027, so I don't have to think about short-term gains this year. Another situation I was involved in last year (the narcolepsy drug company Avadel), ended up closing just days before it would have turned into a long-term position for me and we ended up paying short-term capital gains on it. This is one of the issues with all cash deals that force a tax event for long-term shareholders.

Investor Letters

All letters

Namib Minerals: Research Note

Namib Minerals posted H1 adjusted EBITDA of $19.0 million, up 76%, as higher gold prices offset lower production.

NAMM $55M
Atrium Research - Equity Research 2 clicks

What I’ve Been Up To

Cogent Communications and AI data-center bottlenecks feature in a newsletter update on recruiting, financial media and conference takeaways.

CCOI $430M
Stock Thoughts 3 clicks
CCOI · long

Cogent Communications Hldgs

Cogent Communications (CCOI) is presented as a long investment idea, revisiting prior bull cases from 2022 and 2025.

CCOI $430M
Value Investors Club 6 clicks

PesoRama ($PESO.V) FINS Review

PesoRama’s 0.64 current ratio, operating cash burn and 111% annual dilution offset 36% Q1 revenue growth, despite replacing an 18.5% loan…

PSSOF $88M
Wolf's Substack 3 clicks

On the Horizon

A tiny defense supplier trades at roughly 6.5x estimated normalized EBIT as military-program volumes rise and a strategic review considers…

AIRI $13M
The Mikro Kap 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 107

YouTube 4

Blogs 17

Seeking Alpha 49 of 228

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

88 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.