SPAC Help - Closing Positions on GSAH and KCAC

Good scouting - another recent one (Capstar) is also suspended.

Whereas, established ones that we know about recently due to LOIs or confirmed combinations - such as NFIN, OPES, GRAF, FEAC, CCXX, SPAQ, SHLL, etc. - are still tradable. To me at least, this suggests their commons are tradable as they’ve been listed long enough after their warrants and units to have all classes trading, as per the SEC IPO closure filings/PRs. And we therefore have to wait for the newer SPACs’ commons to be listed.

Once again though, this could just be coincidence, and I’m sure we’ll receive official word from 212 on the issue/rationale soon.

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That does make sense! But like you said, be good to wait for an official statement and confirmation by @Team212

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Hello everyone,

Due to the nature of the instruments being traded under the term - unit (it is not a comment stock but a bundle of securities), we will refrain from offering them as we are unable to provide the ability to exercise what you would actually own (might be partial right or a warrant on top of the common stock).

Could you please elaborate on T212 users who already have positions in SPACs, and what action they need to take and how losses will be dealt with by T212?

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Hi @PeterA,

Quick question on this (that I’ve perhaps missed here) but if we take FUSE for example, it’s no longer a unit and actually common stock as per the text mentioned here?

“Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “FUSE” and “FUSE WS,” respectively.”

The only one that I saw listed, with units, was BRLIU? So just slightly confused, as if FUSE was being traded as units it would have been FUSEU right?

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Thanks for the update @PeterA , and yes with that explanation (unit vs share) it makes sense.

I’m presuming these instruments have always been as such and should not have been added in the first place. What would be useful is a full explanation from your end on where the process has fallen down and in terms of users positions, I suspect if these should not have been created in the first place the prudent course of action might be to return any investors’ original investment amounts? That said, I don’t know where this falls in terms of breach territory. :man_shrugging:

JOE.

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Hi Peter,

Thanks for the clarification.

To reiterate @Joey_Fantana’s point, these securities have filed prospectuses detailing the breakdown, so shouldn’t have been issued in the first instance if the platform was unable to exercise on the rights or warrants outlined.

With that being said, I, and many others on this thread and on the platform hold positions in the aforementioned securities and have a contract note to that effect. I’m assuming there will also be an option to transfer these positions to an alternative broker rather than being forced to sell (potentially at a loss for some)?

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Quite disappointed at the way this has been handled by T212. Poor response and communications - disappointed is an understatement of the century!

Ach their probably knee deep in sorting this out their side. Could be on the hook quite badly with the FCA for allowing us to deal in these instruments in the first place so no doubt doing their investigation.

And we know they can be hit and miss with expectation setting. I’d give it some time before kicking off - best to get a full and proper explanation than an immediate and half-assed one.

Anyone in this thread invested with Freetrade and know if they are having the same issues?

Honestly, I’ll be on my way to the FCA myself…but yes, for now I’ll exercise some calm. Cheers

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I had a chat with someone on their live chat and they said they would post an update tomorrow on our accounts about the affected instruments. I use webull to check which SPACs I hold only have units and warrants. So far FMCI, SHLL, OPES, CCH, CCXX, NFIN are available as shares so probably won’t be taken down by T212. I am assuming the SPACs that are being taken down will be available again once the SPAC makes their individual shares available.

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Hi everyone.

First, apologies for the mess up, we’ll make sure to fill in the gaps so this doesn’t happen ever again. As with all previous errors, no one will be left footing the bill. We’ll make sure everyone who has lost is compensated down to the last penny.

Also, not all SPACs are affected. This is only in regards to:

BRILLIANT ACQUISITION CORP;
CAPSTAR SPECIAL PURPOSE ACQU;
FOLEY TRASIMENE ACQUISITION;
FUSION ACQUISITION CORP;
GS ACQUISITION HDS CORP II;
KENSINGTON CAPITAL ACQUISITI;
PANACEA ACQUISITION CORP;
PTK ACQUISITION CORP

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Thanks @David and apologies on my part as I was not aware of this detail and have been requesting these in the daily IPO posts.

Are you comfortable in checking these if I continue to include SPACs in my requests? Or is there somewhere I can quickly check if they meet the criteria before requesting?

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@Joey_Fantana You don’t have to worry about it, we’ll perform the necessary checks on our end. Again, sorry about all of this.

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Thank you for the reply!

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Appreciate it @PeterA and @David for replying to us in here.

I suppose the remaining question is: does PSTH fall into this category or will it be possible to add when it goes live?

@Joey_Fantana Unfortunately, it does. PSTH.U consists of one ordinary share & 1/9 of a redeemable warrant. :frowning_face:

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Bugger. Thanks for confirming.

Does anyone e know whats going on with spacs.

Iv got a notice to sell my spac stocks