SilverBox Engaged (SBEA) increases 15% on Black Rifle Coffee Pact, is the SPAC deal back?



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Black gun coffee is a veteran-owned and operated D2C coffee company that has entered into an agreement with SilverBox Engaged Merger Corp. I (SBEA) to go public at an EV valuation of $ 1.7 billion. SBEA jumped + 15% on news, maybe a boost from Trump? Black Rifle is known to be a pro-Trump brand, which also claims partnerships with the loves Joe Rogan.

As for the deal itself, the valuation of $ 1.7 billion is 4.0 times revenue in 2023E, which is expected to reach $ 430 million in net sales by 2023. purchase contract term from Engaged Capital, and up to $ 100 million in backstops on redemptions. What if today’s jump prices would be necessary.

It’s not a DWAC rocket, but it’s almost more encouraging for the PSPC market that the deal is back for real companies that investors are excited about. Black Rifle has a strong brand and has seen a 67% CAGR growth over the past three years. To see how this story unfolds.

PHAC votes

As we mentioned yesterday, a bit of a marathon day for the PSPC votes since 4 shareholder votes took place today.

Switchback II Corp + Bird Rides, passed, will close and trade 11/4 under the symbol BRDS. The company recorded $ 212.5 million in redemptions, or about 67% of its trust account. SWBK closed more than 18% lower today at $ 8.17.

Reinventing Y + Aurora technology partners, passed, will close on 11/3 and trade on 11/4 as AUR. No official figure on buybacks yet, they reiterate their expectations of $ 1.8 billion in cash to work. Not much price action on RTPY today, $ 9.94.

No official word on MOTN or KVSB at this time, although KVSB pre-announced their expected closing details yesterday.

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(Disclaimers: This is not investment advice. The author can go on and on about one or more of the actions mentioned in this report.)


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