Anybody mess around with SPACs? I put a little bit into Silverspike Acquisition as a trial and ended up with a 150% return with a little patience. I've had my eye on GLEO, but I don't have much knowledge about SPACs.
This is from their website.
"Galileo Acquisition Corp. (NYSE: GLEO.U, GLEO and GLEO WS) is a newly organized blank check company, (known also as a Special Purpose Acquisition Corporation or “SPAC”), incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business combination. On October 22, 2019, we closed our initial public offering of 13,800,000 units, including the exercise in full of the underwriter’s over-allotment option to purchase up to an additional 1,800,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $138,000,000."
The price pretty much stays around $10 +/- $.50 or so. I've considered putting 10k or so into something like this and wait for acquisition news, seems almost too easy. Surely somebody on here has had the same idea or has acted on it. How has it ended up? I feel like the only way you can lose is if they picked an extremely poor acquisition, but I would imagine they are very selective in the process.