Used to do a lot with SPACs. Now back to doing a lot with SPACs. I also post things to make myself chuckle. If you are amused, it is a nice bonus.
Joined February 2017
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Price discovery on SpaceX $SPCX will be interesting, as will impact on broader market. Hyperliquid still forecasting a $175 price vs $135 IPO; not sure how much to read into that, though it has nearly $300 million in open interest. (like this tweet and it shows a rocket.)
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I agree that the $GRAL stock action played a big part in the $PCSC selloff; that said, $GH is an equally relevant comp (maybe even more so) and that one has raced to new highs in the meantime.
Jun 11
1/ $PCSC @freenome - Sometimes the market gives you a glimpse into how smart investors view a company/stock and because of some macro, non-idiosyncratic shock, the stock fades and gives you a bite at their apple.
Introducing $PCSC which traded to $14 before fading post Feb
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$PCSC Freenome; a reminder, Roche has been big supporter of Freenome for years. They signed a new agreement as recently as November, which included a fresh $75 million financing that auto-converts at $12 per share upon Freenome going public. Actually $12.
freenome.com/newsroom/freeno…
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I'm a big believer in looking at terms of a PIPE on a SPAC deal. Some use a flashy headline number, ie a conversion price, but under the surface there's a lot more - warrants, reset provisions, big coupon payments, ability to redeem at par if stock doesn't work, etc.
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$PCSC has set a date for merger vote with Freenome; July 9th. Still need registration statement to be declared effective, probably very close at this point;
sec.gov/Archives/edgar/data/…
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Not sure why, but someone(s) in $PCSC had the bright idea to redeem 3/4 of a million shares for $10.82 when stock has been healthily bid over $11 the entire time. 🤷♂️
Float tightened up even more, not a bad setup going into finalization of Freenome merger
sec.gov/ix?doc=/Archives/edg…
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Old news, but with Freenome $PCSC CRC test expecting FDA approval sometime this summer; they'll be able to hit the ground running with Exact Sciences (now Abbott). Think Exact Sciences might know a bit about selling colon cancer tests?
prnewswire.com/news-releases…
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shout out to @SPACMAN17 I borrowed his customized slide😀
x.com/SPACMAN17/status/20626…
Jun 4
$PCSC @freenome. MCED. It's the future of cancer screening. Why do you think @ARKInvest is involved?
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This is the kind of structure where, in theory, everyone can win - the sponsor, the public investors, the PIPE investors, the target company, etc.
With all the SPACs out there, I'm increasingly focused on the handful of SPACs where interests are better aligned - not pure grift.
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Might be one of the grossest things I've ever seen in SPACs, and that's saying something. A $5 Florida based SPAC, 20 million shares offered, and 23 million founder shares. Where's Liz Warren when we need her?
Jun 10
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I used to be in the asset management business. What did we focus on? Our clients. What can we do for our clients.
The amount of greed and just complete disdain and lack of caring for the wellbeing of the investors in these things -- it just continues to mind boggle me.
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I like to make fun of Ark (because, let's be real, they are horrible investors). That said - $PCSC target Freenome being mentioned in the company of some of these other names ($SPCX SpaceX, Databricks, OpenAI, Anthropic) -- if/when $PCSC works - people will wonder why they didn't read the signs. Less than 4% over NAV now.
Jun 5
SpaceX could be just the beginning.
ARK's new analysis covers the initial public offering (IPO) wave we believe is building behind the headlines. The ARK Venture Fund holds positions in six companies with active IPO timelines. Each of them reached public market scale while still private.
The questions we are hearing from investors:
• Is this a one-time event or the start of a broader wave?
• Which companies are next?
• What does pre-IPO access actually mean for returns?
• How is the ARK Venture Fund positioned across the pipeline?
As of Q1 2026, OpenAI crossed $25 billion in annualized revenue. Anthropic just confidentially filed. Databricks is preparing for its own listing.
Access to the ARK Venture Fund starts at $500 via SoFi or Titan.
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