· 方法论
涉及标的： $BULL
作为一个经常参与像 $BULL 这样的 SPAC IPO（特殊目的收购公司首次公开募股）的人，你会错过带有认股权证（Warrants）的 SPAC 股票带来的疯狂上涨（例如 600%+），因为你必须等待一个月后才能转换认股权证。 许多内部人士/禁售协议（Lockup Agreements）在认股权证可转换之前也无法出售或转换。（因此，前一到两周仅持有股票的回报率最高。 而且认股权证通常被低估，因为它们计入了稀释因素。例如 $BULL IPO 价格约为 $10，股价涨至 $80，而认股权证仍将其定价为 $16（$10 行权价 - $6/认股权证）。 因此，我通常在 SPAC IPO 中更偏好股票而非认股权证，因为第一个月内流通盘（Float）很小。
As someone who frequently does SPAC IPOs like $BULL, you miss out on the crazy upside (eg. 600%+) on spac shares with warrants because you can’t convert warrants until one month later. A lot of insiders/lockup agreements can’t sell or convert as well until warrants can be converted too. (So first week or two has highest return with shares only. And warrants are typically underpriced since they factor in dilution. For example $BULL ipo’d around $10, rose to $80, while warrants were still pricing it at $16 $10 strike - $6/warrant. So I typically prefer shares over warrants on spac ipos, since it’s low float for a month.