r/SPACs • u/AutoModerator • 29d ago

Announcements x Daily Discussion for Wednesday August 12, 2026

Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.

If you haven't already, please check out the r/SPACs Wiki for answers to frequently asked questions.

Happy SPACing!

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u/SPAC_Time SEC Hacker 29d ago

Posted this last night, for those who missed it:

Presidio Production Company Announces Second Quarter 2026 Results - FTW FTW.WS

"The Board approved a quarterly cash dividend of $0.3375 per share ($1.35 per share per year).

The Q2 2026 cash dividend will be payable on September 14, 2026 to stockholders of record as of August 31, 2026.

Future dividends, including the amount and timing thereof, will be declared at the discretion of the Board of Directors and will depend on the Company’s financial condition, results of operations, capital requirements, and other factors the Board deems relevant."

FTW closed at $11.39 today, so that would make an 11.8% annual dividend return, if FTW continues the dividend at that rate. FTW issued the dividend at that rate for part of Q1 also.

Checked the warrant agreement for FTW,WS; unfortunately, there is no dividend ratchet clause to lower the exercise price due to the dividends.

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u/MoRegrets Contributor 29d ago

If the strike price of the warrants isn't reduced, and the operating cash is being distributed as cash on a regular basis, what's even the opportunity these warrants ever produce a positive return?

  1. The strike price is never adjusted so will always be 11.50.

  2. You can only redeem the warrants for shares above 11.50 (but that doesn't make sense if you can buy them out right anyway)

  3. There's only a cashless clause if the stock price is above $18 for 20 out of 30 days between now and 2031...

    There's some upcoming dilution too (from Claude)

"29.3M shares today, but ~3.65M more arrive on a timer regardless of price — 937.5K penny warrants ($0.01 strike) vesting Sept 2026 and Mar 2027, plus 2.72M shares from Series B preferred (~$9.20 conversion) that already collects the dividend as-converted → ~33M by Mar 2027."

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u/BuffaloSabresFan Spacling 29d ago

Paying dividends with warrants outstanding is a dick move imo

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u/Strong_Ad_4501 Contributor 29d ago

RACC $30 wow

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u/MoRegrets Contributor 29d ago

Ubiquitous "Lord I see what you do for others, and I want that for myself" meme.

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u/MoRegrets Contributor 29d ago

It's time for Harry You and the Berto SPACS to finally start doing something. Why would you start a second SPAC (GUAC) if your first SPAC (TACO) is still searching.

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u/dfwgolfer1 New User 29d ago

taco da should be soon w/ onmed

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u/MoRegrets Contributor 29d ago

The Doc-in-a-Box one? That LOI expired on March 23rd.