BroSonSean
2021-07-28
Disaster indeed
A SPAC Earnings Disaster Leaves Advent Facing $800 Million Loss<blockquote>SPAC盈利灾难使Advent面临8亿美元损失</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":803821224,"tweetId":"803821224","gmtCreate":1627432759068,"gmtModify":1631893910425,"author":{"id":3574169411524598,"idStr":"3574169411524598","authorId":3574169411524598,"authorIdStr":"3574169411524598","name":"BroSonSean","avatar":"https://static.tigerbbs.com/e4fb98242639f92a43aef75bf40e47e3","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Disaster indeed</p></body></html>","htmlText":"<html><head></head><body><p>Disaster indeed</p></body></html>","text":"Disaster indeed","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/803821224","repostId":1116859531,"repostType":4,"repost":{"id":"1116859531","kind":"news","pubTimestamp":1627431343,"share":"https://www.laohu8.com/m/news/1116859531?lang=zh_CN&edition=full","pubTime":"2021-07-28 08:15","market":"us","language":"en","title":"A SPAC Earnings Disaster Leaves Advent Facing $800 Million Loss<blockquote>SPAC盈利灾难使Advent面临8亿美元损失</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116859531","media":"Bloomberg","summary":"(Bloomberg) -- It’s exactly what skeptics of the boom in special purpose acquisition companies have ","content":"<p>(Bloomberg) -- It’s exactly what skeptics of the boom in special purpose acquisition companies have been warning about.</p><p><blockquote>（彭博社）——这正是对特殊目的收购公司热潮持怀疑态度的人一直在警告的。</blockquote></p><p> ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. But the surprises went far beyond that.</p><p><blockquote>ATI Physical Therapy Inc.在与一家空白支票公司合并后首次作为上市公司发布财报时，大幅下调了收入预测，并披露了高于预期的员工流动率。但惊喜远不止于此。</blockquote></p><p> “The release also lacked a share count, a balance sheet, a cash flow statement or, for that matter, a good defense for why the company’s original guidance (which was officially maintained up until yesterday) ever made sense,” Michael Petusky at Barrington Research wrote in a report. “We are shocked by what has unfolded at ATI.”</p><p><blockquote>巴林顿研究公司的迈克尔·佩图斯基（Michael Petusky）表示：“该新闻稿还缺乏股票数量、资产负债表、现金流量表，或者就此而言，缺乏对公司最初指引（官方维持到昨天）为何有意义的良好辩护。”在一份报告中写道。“我们对ATI发生的事情感到震惊。”</blockquote></p><p> ATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC, according to data compiled by Bloomberg. Before its earnings, the Bolingbrook, Illinois-based rehabilitation services company had five buy ratings and zero calls to sell with an average price target of $13, Bloomberg data show.</p><p><blockquote>根据彭博社汇编的数据，ATI股价周二收于3.82美元，两天内下跌54%，是通过SPAC上市的表现最差的公司之一。彭博数据显示，在公布财报之前，这家总部位于伊利诺伊波林布鲁克的康复服务公司有五个买入评级，评级为零，平均目标价为13美元。</blockquote></p><p> By day’s end, at least five law firms from coast-to-coast had published press releases urging investors who had lost money to contact them for their securities fraud investigations.</p><p><blockquote>截至当天结束时，美国东海岸到西海岸至少有五家律师事务所发布了新闻稿，敦促亏损的投资者与他们联系，接受证券欺诈调查。</blockquote></p><p> SPACs, which sell shares to raise money and hunt takeovers, can offer private companies a path to markets without the rigorous scrutiny of a traditional initial public offering. That’s prompted a chorus of warnings from financial professionals in recent months that the flood of new SPACs were creating conditions for deals with unsustainable valuations and questionable disclosures. While most mergers have so far held up, steep declines like ATI’s underscore the risks and may force sponsors to do more thorough diligence.</p><p><blockquote>SPAC通过出售股票来筹集资金和寻求收购，可以为私营公司提供一条进入市场的途径，而无需传统首次公开募股的严格审查。近几个月来，这引发了金融专业人士的齐声警告，称大量新SPAC正在为估值不可持续和披露可疑的交易创造条件。虽然迄今为止大多数合并都取得了成功，但像ATI这样的急剧下降凸显了风险，并可能迫使赞助商进行更彻底的尽职调查。</blockquote></p><p> Private equity firm Advent International owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million. It agreed in February to take ATI public through a merger with Fortress Value Acquisition Corp. II, a SPAC sponsored by Fortress Credit, an arm of Fortress Investment Group LLC.</p><p><blockquote>文件显示，私募股权公司Advent International拥有ATI约62.9%的股份，目前面临约8亿美元的账面亏损。今年2月，该公司同意通过与Fortress Value Acquisition Corp.II合并将ATI上市，Fortress Value Acquisition Corp.II是一家由Fortress Investment Group LLC旗下Fortress Credit发起的SPAC。</blockquote></p><p> Spokespeople for Advent and Fortress declined to comment.</p><p><blockquote>降临节和堡垒的发言人拒绝置评。</blockquote></p><p> Fortress itself is facing paper losses of about $54 million, including the $9 million in invested capital it injected to form the SPAC, according to people with knowledge of the matter. It was among participants in the private investment in public equity, or PIPE, that supported the transaction.</p><p><blockquote>据知情人士透露，Fortress本身面临约5400万美元的账面损失，其中包括为组建SPAC而注入的900万美元投资资本。支持此次交易的是公共股权私人投资（PIPE）的参与者。</blockquote></p><p> It has had success with other SPAC transactions, including MP Materials Corp., a rare earths producer which closed Tuesday at $36.04.</p><p><blockquote>它在SPAC的其他交易中也取得了成功，包括稀土生产商MP Materials Corp.，该公司周二收盘价为36.04美元。</blockquote></p><p> “Companies that go public via a SPAC tend not to have the stable, predictable business models than those that would go public via a traditional initial public offering,” said Greg Martin, a managing director at Rainmaker Securities, which facilitates secondary transactions for private companies. “Investors may begin to have less faith in companies that go public via a SPAC, and the quality of the SPAC sponsor is going to become increasingly important.”</p><p><blockquote>Rainmaker Securities董事总经理格雷格·马丁(Greg Martin)表示：“与通过传统首次公开募股上市的公司相比，通过SPAC上市的公司往往没有稳定、可预测的商业模式。”公司。“投资者可能会开始对通过SPAC上市的公司失去信心，而SPAC保荐人的质量将变得越来越重要。”</blockquote></p><p> Most SPACs raise capital at $10, a price that’s often used as a benchmark. Lordstown Motors Corp., the electric vehicle maker that tumbled after cutting full-year production expectations, closed Tuesday at $6.59. Hycroft Mining Holding Corp. has fallen to $2.27, Waitr Holdings Inc. has slipped to $1.59 and Ucommune International Ltd. ended Tuesday at $1.22.</p><p><blockquote>大多数SPAC以10美元的价格筹集资金，这个价格经常被用作基准。电动汽车制造商洛兹敦汽车公司(Lordstown Motors Corp.)在下调全年产量预期后股价暴跌，周二收于6.59美元。Hycroft Mining Holding Corp.跌至2.27美元，Waitr Holdings Inc.跌至1.59美元，优客工场国际有限公司周二收于1.22美元。</blockquote></p><p> ATI’s SPAC transaction gave the combined entity a market capitalization of $2.075 billion as of June 17, a figure that more than halved to $792 million as of Tuesday’s close. The company operates about 900 physical therapy clinics across 25 U.S. states.</p><p><blockquote>截至6月17日，ATI的SPAC交易使合并后实体的市值达到20.75亿美元，截至周二收盘，这一数字减少了一半以上，至7.92亿美元。该公司在美国25个州经营着约900家物理治疗诊所。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A SPAC Earnings Disaster Leaves Advent Facing $800 Million Loss<blockquote>SPAC盈利灾难使Advent面临8亿美元损失</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA SPAC Earnings Disaster Leaves Advent Facing $800 Million Loss<blockquote>SPAC盈利灾难使Advent面临8亿美元损失</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-07-28 08:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- It’s exactly what skeptics of the boom in special purpose acquisition companies have been warning about.</p><p><blockquote>（彭博社）——这正是对特殊目的收购公司热潮持怀疑态度的人一直在警告的。</blockquote></p><p> ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. But the surprises went far beyond that.</p><p><blockquote>ATI Physical Therapy Inc.在与一家空白支票公司合并后首次作为上市公司发布财报时，大幅下调了收入预测，并披露了高于预期的员工流动率。但惊喜远不止于此。</blockquote></p><p> “The release also lacked a share count, a balance sheet, a cash flow statement or, for that matter, a good defense for why the company’s original guidance (which was officially maintained up until yesterday) ever made sense,” Michael Petusky at Barrington Research wrote in a report. “We are shocked by what has unfolded at ATI.”</p><p><blockquote>巴林顿研究公司的迈克尔·佩图斯基（Michael Petusky）表示：“该新闻稿还缺乏股票数量、资产负债表、现金流量表，或者就此而言，缺乏对公司最初指引（官方维持到昨天）为何有意义的良好辩护。”在一份报告中写道。“我们对ATI发生的事情感到震惊。”</blockquote></p><p> ATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC, according to data compiled by Bloomberg. Before its earnings, the Bolingbrook, Illinois-based rehabilitation services company had five buy ratings and zero calls to sell with an average price target of $13, Bloomberg data show.</p><p><blockquote>根据彭博社汇编的数据，ATI股价周二收于3.82美元，两天内下跌54%，是通过SPAC上市的表现最差的公司之一。彭博数据显示，在公布财报之前，这家总部位于伊利诺伊波林布鲁克的康复服务公司有五个买入评级，评级为零，平均目标价为13美元。</blockquote></p><p> By day’s end, at least five law firms from coast-to-coast had published press releases urging investors who had lost money to contact them for their securities fraud investigations.</p><p><blockquote>截至当天结束时，美国东海岸到西海岸至少有五家律师事务所发布了新闻稿，敦促亏损的投资者与他们联系，接受证券欺诈调查。</blockquote></p><p> SPACs, which sell shares to raise money and hunt takeovers, can offer private companies a path to markets without the rigorous scrutiny of a traditional initial public offering. That’s prompted a chorus of warnings from financial professionals in recent months that the flood of new SPACs were creating conditions for deals with unsustainable valuations and questionable disclosures. While most mergers have so far held up, steep declines like ATI’s underscore the risks and may force sponsors to do more thorough diligence.</p><p><blockquote>SPAC通过出售股票来筹集资金和寻求收购，可以为私营公司提供一条进入市场的途径，而无需传统首次公开募股的严格审查。近几个月来，这引发了金融专业人士的齐声警告，称大量新SPAC正在为估值不可持续和披露可疑的交易创造条件。虽然迄今为止大多数合并都取得了成功，但像ATI这样的急剧下降凸显了风险，并可能迫使赞助商进行更彻底的尽职调查。</blockquote></p><p> Private equity firm Advent International owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million. It agreed in February to take ATI public through a merger with Fortress Value Acquisition Corp. II, a SPAC sponsored by Fortress Credit, an arm of Fortress Investment Group LLC.</p><p><blockquote>文件显示，私募股权公司Advent International拥有ATI约62.9%的股份，目前面临约8亿美元的账面亏损。今年2月，该公司同意通过与Fortress Value Acquisition Corp.II合并将ATI上市，Fortress Value Acquisition Corp.II是一家由Fortress Investment Group LLC旗下Fortress Credit发起的SPAC。</blockquote></p><p> Spokespeople for Advent and Fortress declined to comment.</p><p><blockquote>降临节和堡垒的发言人拒绝置评。</blockquote></p><p> Fortress itself is facing paper losses of about $54 million, including the $9 million in invested capital it injected to form the SPAC, according to people with knowledge of the matter. It was among participants in the private investment in public equity, or PIPE, that supported the transaction.</p><p><blockquote>据知情人士透露，Fortress本身面临约5400万美元的账面损失，其中包括为组建SPAC而注入的900万美元投资资本。支持此次交易的是公共股权私人投资（PIPE）的参与者。</blockquote></p><p> It has had success with other SPAC transactions, including MP Materials Corp., a rare earths producer which closed Tuesday at $36.04.</p><p><blockquote>它在SPAC的其他交易中也取得了成功，包括稀土生产商MP Materials Corp.，该公司周二收盘价为36.04美元。</blockquote></p><p> “Companies that go public via a SPAC tend not to have the stable, predictable business models than those that would go public via a traditional initial public offering,” said Greg Martin, a managing director at Rainmaker Securities, which facilitates secondary transactions for private companies. “Investors may begin to have less faith in companies that go public via a SPAC, and the quality of the SPAC sponsor is going to become increasingly important.”</p><p><blockquote>Rainmaker Securities董事总经理格雷格·马丁(Greg Martin)表示：“与通过传统首次公开募股上市的公司相比，通过SPAC上市的公司往往没有稳定、可预测的商业模式。”公司。“投资者可能会开始对通过SPAC上市的公司失去信心，而SPAC保荐人的质量将变得越来越重要。”</blockquote></p><p> Most SPACs raise capital at $10, a price that’s often used as a benchmark. Lordstown Motors Corp., the electric vehicle maker that tumbled after cutting full-year production expectations, closed Tuesday at $6.59. Hycroft Mining Holding Corp. has fallen to $2.27, Waitr Holdings Inc. has slipped to $1.59 and Ucommune International Ltd. ended Tuesday at $1.22.</p><p><blockquote>大多数SPAC以10美元的价格筹集资金，这个价格经常被用作基准。电动汽车制造商洛兹敦汽车公司(Lordstown Motors Corp.)在下调全年产量预期后股价暴跌，周二收于6.59美元。Hycroft Mining Holding Corp.跌至2.27美元，Waitr Holdings Inc.跌至1.59美元，优客工场国际有限公司周二收于1.22美元。</blockquote></p><p> ATI’s SPAC transaction gave the combined entity a market capitalization of $2.075 billion as of June 17, a figure that more than halved to $792 million as of Tuesday’s close. The company operates about 900 physical therapy clinics across 25 U.S. states.</p><p><blockquote>截至6月17日，ATI的SPAC交易使合并后实体的市值达到20.75亿美元，截至周二收盘，这一数字减少了一半以上，至7.92亿美元。该公司在美国25个州经营着约900家物理治疗诊所。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/spac-earnings-disaster-leaves-advent-225723432.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ATIP":"ATI Physical Therapy Inc."},"source_url":"https://finance.yahoo.com/news/spac-earnings-disaster-leaves-advent-225723432.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116859531","content_text":"(Bloomberg) -- It’s exactly what skeptics of the boom in special purpose acquisition companies have been warning about.\nATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. But the surprises went far beyond that.\n“The release also lacked a share count, a balance sheet, a cash flow statement or, for that matter, a good defense for why the company’s original guidance (which was officially maintained up until yesterday) ever made sense,” Michael Petusky at Barrington Research wrote in a report. “We are shocked by what has unfolded at ATI.”\nATI’s shares closed Tuesday at $3.82, down 54% over the span of two days and ranking it among the worst-performing companies to have gone public via a SPAC, according to data compiled by Bloomberg. Before its earnings, the Bolingbrook, Illinois-based rehabilitation services company had five buy ratings and zero calls to sell with an average price target of $13, Bloomberg data show.\nBy day’s end, at least five law firms from coast-to-coast had published press releases urging investors who had lost money to contact them for their securities fraud investigations.\nSPACs, which sell shares to raise money and hunt takeovers, can offer private companies a path to markets without the rigorous scrutiny of a traditional initial public offering. That’s prompted a chorus of warnings from financial professionals in recent months that the flood of new SPACs were creating conditions for deals with unsustainable valuations and questionable disclosures. While most mergers have so far held up, steep declines like ATI’s underscore the risks and may force sponsors to do more thorough diligence.\nPrivate equity firm Advent International owns about 62.9% of ATI, according to filings, and is now facing a paper loss of about $800 million. It agreed in February to take ATI public through a merger with Fortress Value Acquisition Corp. II, a SPAC sponsored by Fortress Credit, an arm of Fortress Investment Group LLC.\nSpokespeople for Advent and Fortress declined to comment.\nFortress itself is facing paper losses of about $54 million, including the $9 million in invested capital it injected to form the SPAC, according to people with knowledge of the matter. It was among participants in the private investment in public equity, or PIPE, that supported the transaction.\nIt has had success with other SPAC transactions, including MP Materials Corp., a rare earths producer which closed Tuesday at $36.04.\n“Companies that go public via a SPAC tend not to have the stable, predictable business models than those that would go public via a traditional initial public offering,” said Greg Martin, a managing director at Rainmaker Securities, which facilitates secondary transactions for private companies. “Investors may begin to have less faith in companies that go public via a SPAC, and the quality of the SPAC sponsor is going to become increasingly important.”\nMost SPACs raise capital at $10, a price that’s often used as a benchmark. Lordstown Motors Corp., the electric vehicle maker that tumbled after cutting full-year production expectations, closed Tuesday at $6.59. Hycroft Mining Holding Corp. has fallen to $2.27, Waitr Holdings Inc. has slipped to $1.59 and Ucommune International Ltd. ended Tuesday at $1.22.\nATI’s SPAC transaction gave the combined entity a market capitalization of $2.075 billion as of June 17, a figure that more than halved to $792 million as of Tuesday’s close. The company operates about 900 physical therapy clinics across 25 U.S. states.","news_type":1,"symbols_score_info":{"ATIP":0.9}},"isVote":1,"tweetType":1,"viewCount":625,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/803821224"}
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