Google Maps
The $100 million deli that was highlighted in famed investor David Einhorn s letter to clients earlier this month is actually seeking to strike a deal.
A Hong Kong-based firm that is invested in Hometown International views the company as a mini-SPAC, seeking a merger worth up to $600 million.
The multibillion-dollar endowments of Duke and Vanderbilt also own a slice of the deli, according to a Financial Times report.
.
According to a Financial Times report, the deli s parent company Hometown International is actually a mini- SPAC that is ultimately seeking to make a deal that could be worth up to $600 million while it slings Philly cheesesteaks from its single New Jersey-based location.
SPAC short-sellers were up over $500 million in mark-to-market profits over 30 days.
The increasing profits came amid a steep decline in SPAC market sentiment and performance.
S3 Partners shared the 10 most profitable wagers as skeptics sold short another $265 million shares.
Short-sellers are descending on the SPAC market and making a killing out of it.
Investors betting against these so-called blank-check companies were up more than $500 million, or 16.92%, in net-of-financing mark-to-market profits in the 30 days through April 22, said a Thursday research note by Ihor Dusaniwsky, the managing director of predictive analytics at S3 Partners.
The increasing dollar value of bearish bets is in line with a downward sentiment shift in the SPAC market, which started showing cracks in early March when skeptics tripled their bets against SPACs to $2.7 billion from $724 million at the start of the year.