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SPACs Are Bonds, Actually | Louis Camhi
Forward Guidance
The Reverse Split of a Profitable Company
The stock price of this profitable company went down due to missing financial forecasts./nThe company has $2.64 billion of debt and reduced its EBITDA forecast from $681 million to $453 million in 2023./nThe reduced EBITDA forecast and high debt-to-asset ratio put the company at risk of bankruptcy./nIf the company can turn things around, there could be an opportunity to create value in the equity./nThis example shows the importance of underwriting forecasts when investing in SPACs.
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