If you're looking for a under-the-radar, large, pre-LOI #SPAC target with top-notch management trading next to NAV ($11; trading low on common around $11.30; hovers $11.75), I highly recommend checking out $AJAX commons and warrants.
https://ajaxcap.com/
(1/8)
https://ajaxcap.com/
(1/8)
They have ~$1B in current assets under management, looking to acquire a "scaled, high-quality asset in the internet, software, financial technology or consumer sectors".
Their mgmt. is fantastic, with great exp. in founding, running, and investing in leading businesses.
(2/8)
Their mgmt. is fantastic, with great exp. in founding, running, and investing in leading businesses.
(2/8)
Management includes:
+ @annewoj23 (Co-Founder/CEO, @23andMe)
+ @kevin (Co-founder/Fmr CEO, @instagram $FB)
+Jim McKelvey Jr. (Co-founder, @Square $SQ)
+Steve Ells (Founder/Fmr Exec Chairman & CEO, @ChipotleTweets $CMG)
+Dan Och (Fmr CEO, Och-Ziff Capital Management Group)
(3/8)
+ @annewoj23 (Co-Founder/CEO, @23andMe)
+ @kevin (Co-founder/Fmr CEO, @instagram $FB)
+Jim McKelvey Jr. (Co-founder, @Square $SQ)
+Steve Ells (Founder/Fmr Exec Chairman & CEO, @ChipotleTweets $CMG)
+Dan Och (Fmr CEO, Och-Ziff Capital Management Group)
(3/8)
Mgmt (cont):
+Glenn Fuhrman (Co-founder, MSD Capital)
Underwriters include:
@GoldmanSachs $GS
@jpmorgan $JPM
@citi $C
(4/8)
+Glenn Fuhrman (Co-founder, MSD Capital)
Underwriters include:
@GoldmanSachs $GS
@jpmorgan $JPM
@citi $C
(4/8)
Acquisition criteria includes:
+Scaled, MULTI-BILLION dollar asset w/ leading market position & technical differentiation
+Deep, competitive moat w/ significant barriers to entry and LT sector tailwinds
+Sustainable growth w/ large TAM & strong unit economics
(5/8)
+Scaled, MULTI-BILLION dollar asset w/ leading market position & technical differentiation
+Deep, competitive moat w/ significant barriers to entry and LT sector tailwinds
+Sustainable growth w/ large TAM & strong unit economics
(5/8)
Acquisition criteria (cont):
+Superior leadership team & vision who are seasoned, ambitious, and forward thinking with strong record of success.
+Minimal cyclical risk and one that can weather shifts in macro environment
+Shareholder alignment and strong value-creation
(6/8)
+Superior leadership team & vision who are seasoned, ambitious, and forward thinking with strong record of success.
+Minimal cyclical risk and one that can weather shifts in macro environment
+Shareholder alignment and strong value-creation
(6/8)
In researching their private investments over and above the juggernauts they've founded and ran, I have linked the following private companies that seem relevant to a potential acquisition target:
@stripe
@coinbase
@RobinhoodApp
@Instacart
@github
(7/8)
@stripe
@coinbase
@RobinhoodApp
@Instacart
@github
(7/8)
Follow along and share with your respective investing communities! I will be doing a much deeper research into them and share what I find along the way.
Full disclosure, I started a position in $AJAX on 1/12 and will be adding on any dips, both warrants and commons.
Cheers
Full disclosure, I started a position in $AJAX on 1/12 and will be adding on any dips, both warrants and commons.
Cheers

@stocktalkweekly did a little bit of research on $AJAX here in case you want a starter. Forgot to add co-founder of $SQ, @2000F also on advisory board.