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Wednesday, October 21, 2026

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@StableBread

Fajasy on X

$ATII now base:0x1a5f7931e5d450c666fd8706300b984fc4aeaba3 -- Forge Nano completed its de-SPAC merger and will list on NASDAQ on October 22, 2026. The merged company will receive $100M from the PIPE investor, who buys 2.97M shares, 7.03M pre-funded warrants (effectively shares), and 15M warrants at $10. An additional warrant reset could add more dilution if the stock is below $10 after six months, with a floor of $7.28 if a $200M debt deal is secured. Over 22 million SPAC shares were redeemed for $238.4M (approx. $10.73/share), leaving only $8.4M in the trust account for the combined company! Not the greatest as this significantly limits the cash available for operations and growth. On the other hand, the company has expanded its Taiwan semiconductor footprint, demonstrated a 1,000:1 coating demo, deeper Samsung SDI ties, a pharma JV with Nanexa, and broke ground on its North Carolina battery gigafactory. Wrote a deep dive here couple months ago btw: https://t.co/XchBCEYQ1q
@orrdavid 11 clicks

David Orr on X

The next 5 years could be an incredible stock picker's market. Long the companies that win from AI efficiencies but whos business is not threatened by AI. Companies who get to fire their lawyers and accountants etc but already have an impossible to beat scale advantage (because AI does not attack that scale advantage). Short the companies that lose from big AI threats. $RSP $SPY $IWM etc could go nowhere for 5 years while half the stocks trade down 70%, half trade up 70%.
@StableBread 2 clicks

Fajasy on X

$ATII now $NANO... Forge Nano completed its de-SPAC merger and will list on NASDAQ on October 22, 2026. The merged company will receive $100M from the PIPE investor, who buys 2.97M shares, 7.03M pre-funded warrants (effectively shares), and 15M warrants at $10. An additional warrant reset could add more dilution if the stock is below $10 after six months, with a floor of $7.28 if a $200M debt deal is secured. Over 22 million SPAC shares were redeemed for $238.4M (approx. $10.73/share), leaving only $8.4M in the trust account for the combined company! Not the greatest as this significantly limits the cash available for operations and growth. On the other hand, the company has expanded its Taiwan semiconductor footprint, demonstrated a 1,000:1 coating demo, deeper Samsung SDI ties, a pharma JV with Nanexa, and broke ground on its North Carolina battery gigafactory. Wrote a deep dive here couple months ago btw: https://t.co/XchBCEYQ1q

Investor Letters

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Vicor Update, Part Three

Vicor’s $66.6 million in AI power-delivery royalties generated about $50 million of operating profit, eclipsing its module business as…

VICR $9.7B
CV's Substack 28 clicks

Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $79M
Calvin Blissett 10 clicks

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $525M
Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $303M
TSOH Investment Research 18 clicks
CDNL · short

Cardinal Infrastru Group INC

Cardinal Infrastructure Group faces an IPO lockup expiration amid stretched valuation and reported metrics, with an Up-C structure…

CDNL $695M
Value Investors Club

IOFNF- Iofina (buy)

Iofina’s IO10 iodine plant is due in Q3 2024, adding 100 to 150 metric tons of capacity while higher brine costs pressure earnings.

IOFNF $107M
Sylence Capital

A Mexican Blue Chip Bargain

Grupo Herdez, a MXN 15.2 billion Mexican food company, pairs dominant grocery brands with McCormick, Barilla and Hormel joint ventures.

GUZOF $974M
Exploring with Alluvial Capital

Sarepta Risk and the FDA

Sarepta’s Exondys 51 approval despite a 12-patient trial frames FDA regulatory risk and a call to remove Commissioner Robert Califf.

SRPT $1.9B
John Hempton's Newsletter 1 click

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