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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 3 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 1 click

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
FFXXF · long

Helios Fairfax Partners CORP

Helios Fairfax Partners owns a 50% stake in the general partner of Helios Investment Partners, a pan-African private equity firm.

FFXXF $112M
Value Investors Club

Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 5 clicks

TSOH Weekly Roundup (10/16/2026)

Bumble agreed to a $1.3 billion take-private deal, while Netflix cut about 1,000 jobs and Meta discussed its Muse superintelligence models.

BMBL $783M
TSOH Investment Research 12 clicks

PesoRama: Research Flash

PesoRama will reach 54 JOi Dollar Plus stores by November after raising C$28.4 million, funding more than 50 additional Mexican store…

TBBB $7.2B
Atrium Research - Equity Research 7 clicks

Modine Deep Dive

Modine, soon Modexus Solutions, has a $4 billion hyperscaler cooling contract but must ramp factory output and restore margins as data…

MOD $7.9B
CV's Substack 20 clicks

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