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2021-03-03

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Nikola's fraud was exposed, why did Jia Yueting and FF dare to take this path?

Nikola前执行董事长Trevor MiltonSPAC（特殊目的收购公司）作为资本市场中的一种特殊存在，由于其先上市后并入实体业务，实现后者快速上市的特点，成为传统IPO上市方式的一项补充，但近年

Nikola's fraud was exposed, why did Jia Yueting and FF dare to take this path?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":365266380,"tweetId":"365266380","gmtCreate":1614747358640,"gmtModify":1704774730180,"author":{"id":3576476136293909,"idStr":"3576476136293909","authorId":3576476136293909,"authorIdStr":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>。。。。。。。。</body></html>","htmlText":"<html><head></head><body>。。。。。。。。</body></html>","text":"。。。。。。。。","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/365266380","repostId":1136108852,"repostType":4,"repost":{"id":"1136108852","kind":"news","pubTimestamp":1614746900,"share":"https://ttm.financial/m/news/1136108852?lang=en_US&edition=fundamental","pubTime":"2021-03-03 12:48","market":"us","language":"zh","title":"Nikola's fraud was exposed, why did Jia Yueting and FF dare to take this path?","url":"https://stock-news.laohu8.com/highlight/detail?id=1136108852","media":"腾讯新闻潜望","summary":"Nikola前执行董事长Trevor MiltonSPAC（特殊目的收购公司）作为资本市场中的一种特殊存在，由于其先上市后并入实体业务，实现后者快速上市的特点，成为传统IPO上市方式的一项补充，但近年","content":"<img src=\"https://static.tigerbbs.com/fbad6217bfbbc9553592db451eca4fb6\" tg-width=\"700\" tg-height=\"394\" referrerpolicy=\"no-referrer\">Trevor Milton, former executive chairman of NikolaAs a special existence in the capital market, SPAC (Special Purpose Acquisition Company) has become a supplement to the traditional IPO listing method because of its characteristics of first listing and then merging into the physical business, realizing the rapid listing of the latter. However, in recent years, the U.S. stock market SPAC listed companies popular among investors have gradually moved to the other extreme.According to statistics, most of the companies that have been rapidly listed in the U.S. capital market through SPACs in recent years are low-income or even no-income startups that have been established for a very short time. However, with the so-called industry-leading disruptive technologies and business models, As well as expectations for high growth in future performance, these companies have received valuations of hundreds of millions or even billions of dollars. Once the transaction is completed, it is not uncommon for the stock price to double after listing and the market value to rapidly grow to tens of billions of dollarsNikola, an electric truck startup company, is a typical example of this. By merging with a SPAC, Nikola, which has no revenue and no products, quickly went public, and its market value once exceeded US $30 billion under the pursuit of funds, easily surpassing traditional companies such as General Motors and Ford. A giant in the automobile industry, but recently the company was exposed to a series of false information about business and product statements, the founder was forced to step down, and the company's stock price also fell from its highs.The successful listing of Nikola has opened a new door for other electric vehicle startups. They can not only obtain much-needed financial support, but also achieve rapid listing without having actual products and revenue now. Such a perfect listing method, It is exactly what many electric vehicle startups that have been struggling for many years and are still in business difficulties dream of.Starting from the second half of 2020, electric vehicle startups including Canoo, FF, Lucid, etc. have successively announced merger transactions with SPACs in an attempt to replicate Nikola's success.Looking at the transaction information announced by these companies, it is very similar to Nikola: industry-leading \"three electricity\" technology, luxurious lineup of founders and senior management teams, extremely broad market prospects, exciting performance expectations, and Supplemented by With the endorsement of star investment institutions, perfect SPAC transactions are so freshly released.But the time window is closing for them at an accelerated rate. Since the beginning of this year, the valuation of the entire electric vehicle industry has begun to enter a period of adjustment after experiencing a sturm and drang last year, and a series of fraud scandals related to SPAC listings such as Nikola have also made investors treat this type of company more cautious..Nikola's lie was exposed: the founder ran awayNikola, an electric truck startup whose market value once exceeded $30 billion, finally proved to be a lie.Documents submitted by the company to the U.S. Securities and Exchange Commission last week disclosed that Trevor Milton, the company's former executive chairman, made at least seven \"inaccurate\" statements about the company's research and development progress of electric and hydrogen-powered trucks between July 2016 and July 2020. In addition, the company itself made two inaccurate statements.In fact, these statements were pointed out one by one by an investigation report released by a research institute called Hindenburg Research as early as last September. This self-examination document submitted to the SEC is based on the response to this investigation report.These false statements include Milton's claim in 2016 that Nikola has built a zero-emission truck and that five trucks have rolled off the assembly line in 2020. He also emphasized twice in late 2019 and mid-2020 that the company has been able to manufacture 1,000 kilograms of hydrogen and the manufacturing cost per kilogram has dropped below $3.After being questioned by Hindenburg Research in September last year, Milton quickly stepped down while busy denying it. Even so, he is still the largest individual shareholder of the company, holding a shareholding ratio of up to 20%. Last year, Nikola passed a \"blank check\" The company merged and went public quickly, and its market value once exceeded US $30 billion. Based on this calculation, Milton's personal wealth once exceeded US $6 billion.Even though he has stepped down as executive chairman, the lawyer and legal fees related to Nikola and his personal investigation are still paid by the company. In 2020, Nikola's related fees reached US $24.7 million, of which US $19.5 million was incurred. In the fourth quarter of 2020, in addition, the company also retained US $8.1 million for future legal-related fees for Milton. So far, the company has paid US $15,000 in lawyer litigation fees for him personally.The performance of Nikola, which does not have any main business income so far, is unsurprisingly a mess. Its annual revenue in 2020 is only US $95,000, and this mere US $95,000 is only the so-called solar panel installation fee. Nikola's own financial report It also stated that solar panel installation is not the company's main business. The full-year loss was as high as US $380 million, four times higher than the previous year's US $88.65 million. In the fourth quarter of 2020 alone, the loss was as high as US $147 million.From overtaking GM, Ford to fake scandalsIt is such a company with zero income, no products, and has been proved to be a lot of lies. However, it was successfully listed in the middle of last year, and it was once popular with investors in the market. The stock price doubled on the first day of listing, and its market value was once as high as 30 billion dollars, leaving traditional car manufacturers Ford and General Motors far behind.This feat of \"turning decay into magic\" is achieved through the so-called SPAC reverse takeover model. The so-called SPAC (Special Purpose Acquisition Company) is an empty shell or \"blank check\" company that sells shares to investors and goes public in advance without any actual business, hoping to realize value appreciation and bring returns to investors through the acquisition of a private company with a physical business in the future.Nikola found a SPAC called VectoIQ, and the two parties hit it off and successfully went public two months after the announcement of the merger intention.However, if you look carefully at the merger plan document announced by Nikola in March last year, it is not difficult to find that the company's business itself has too many \"virtual\" things and too few \"real\" things. For example, its announced R&D center construction plan will not start until the second and fourth quarters of 2020, including the sales and rental income of electric vehicles, which are all expected income without much basis. The company plans to start producing battery electric vehicles in North America in 2021 and fuel cell electric vehicles in 2023.<img src=\"https://static.tigerbbs.com/2ac65f0b0f1d8a25777736ffe746c39e\" tg-width=\"936\" tg-height=\"422\" referrerpolicy=\"no-referrer\">(Transaction information disclosed by Nikola: the original shareholders still absolutely control)According to the transaction information disclosed by Nikola at that time, VectoIQ provided the US $230 million raised during the previous listing, accounting for 5.7% of the shares. Nikola's existing shareholders accounted for 79.6% of the shares. Calculated based on US $10 per share, the combined valuation at that time The value is approximately US $4 billion.Once the merger news was announced, VectoIQ's stock price began to skyrocket. After the merger transaction was completed, the stock price once rose to more than 65 US dollars per share, with a market value of more than 30 billion US dollars, bringing huge returns to Nikola's early investors.However, as negative news about Nikola continues to surface, the stock price has also begun to fall all the way, especially after the release of the short-selling report, the stock price has further declined. At present, Nikola's stock price is around $18 per share.<img src=\"https://static.tigerbbs.com/0af463ef291100626d03ada2e7dd9004\" tg-width=\"936\" tg-height=\"630\" referrerpolicy=\"no-referrer\">(Nikola's stock price falls from a high level from a leading market to a lagging market)Comparing Nikola's stock price performance with the market can also clearly reflect the trend of this company being favored by investors and then abandoned. Take investing $100 as an example. If you invest in Nikola, the return will be as high as $700 by June 2020. If you invest in the Nasdaq Composite Index or the Nasdaq Green Energy sector, the value will only increase by less than $200, but then continue to hold Nikola will significantly underperform the broader market and related sectors.Common characteristics of SPAC targets: no revenue, short historyNikola's listing is just one example of a round of rapid reverse listing boom through SPACs since 2019. Since 2019, 131 SPACs have been listed in the US stock market. Since the beginning of this year, the total amount of funds raised by SPACs has reached 38.3 billion US dollars, far exceeding the 19.8 billion US dollars raised through traditional IPOs during the same period.It is not difficult to conclude from some past cases of successful listing through SPACs, including Nikola, that start-up companies that have been acquired by SPACs and successfully achieved rapid listing usually have the following common characteristics. First, the company has been established for a short time, usually only 3 to 5 Years of founding history, followed by extremely low or even no revenue. For example, Nikola did not generate any main revenue before its listing until its market value reached 30 billion US dollars.According to a statistic, the median operating income of startups that complete listings through SPACs in 2020 is US $48 million. According to statistics from the \"Wall Street Journal\", companies with zero-revenue listing valuations of more than $1 billion have completed more than traditional IPOs through SPACs, and more have been announced and are not yet completed.<img src=\"https://static.tigerbbs.com/f2793b9a976d121de85db4d36e045259\" tg-width=\"658\" tg-height=\"944\" referrerpolicy=\"no-referrer\">At the same time, compared to low income or even zero income, it is the high valuation of the company after the SPAC merger. After complex trading operations with SPACs, the start-up companies acquired by SPACs have obtained extremely high valuations by virtue of their so-called disruptive technologies or business models and high growth expectations for future performance, which can easily cost billions or even tens of billions of dollars. U.S. dollars are not an impossible task. Taking Nikola as an example, the transaction valuation when it announced the merger with VectorIQ has reached 4 billion U.S. dollars, and its market value has soared to a staggering more than 30 billion U.S. dollars after listing.SPAC deal opens a door for EV startupsSPAC seems to be a fast track to quickly beautify the packaging of these startups, attracting countless startups to flock to it. The successful listing of Nikola has also made other electric vehicle companies in the field of electric vehicle start-ups sense this opportunity. Especially for some companies that have been trapped in financial difficulties for many years, they have been enlightened overnight and began to study this opportunity. special way.Among them, there are fast-moving and slow-moving. For example, Canoo, which successfully went public through SPAC in 2020, was established less than 3 years ago. Its founders Ulrich Kranz and Stefan Krause briefly served as FF, an electric vehicle startup founded by Jia Yueting. executive.Of course, it also includes FF, the ill-fated electric vehicle startup, which now seems to have finally found a way to move forward. The company announced at the end of January that it had reached a merger agreement with a SPAC, valued at US $3.4 billion, and plans to complete the listing in the second quarter of this year.There is another electric vehicle start-up company, Lucid. Jia Yueting used to be the largest shareholder of this company. After more than ten years of difficult development, Lucid also plans to go public through a SPAC, with a valuation of US $24 billion, setting the highest SPAC merger valuation record.But looking at the transaction information released by these electric vehicle startups that have announced SPAC transactions, you can see how similar some key information is: almost every company claims to be industry leader in technology, and the company's founder and management team has a luxurious lineup. I am extremely optimistic about the future market prospects and my market position. Within a few years after the product is launched, the revenue can reach hundreds of millions or even billions of dollars. The profit is negative in the first one or two years, and then quickly turns positive and achieves stable profit growth.In addition to the above common characteristics, another common point of these companies is that the company has not actually launched any products, and it is still in the stage of research and development and trial production, which means that the revenue will be zero for a long time even after listing through SPAC.But these don't seem to be important in the eyes of the current capital market. Some investors have earned tangible profits from the rapid doubling of Nikola's stock price. Whether this company really fakes in the future and whether it will really launch products is not what these investors are concerned about. The same logic should also be applied to other electric vehicle start-ups, so it is the most important thing to get more relevant investment targets in the market as soon as possible.The time window is closing at an accelerated pace. After entering 2021, the electric vehicle industry as a whole is facing the challenge of valuation readjustment. The stock price of leader Tesla fell by 20% in January, causing a collective sharp drop in the stock prices of other listed electric vehicle companies. fall.The exposure of Nikola's fraud incident has caused its stock price to fall from a high level, which has made many investors in the market smell the danger and begin to be wary of SPAC electric vehicles.Shares of SPAC Churchill Capital Corp IV, which has announced a merger with Lucid, have fallen 50% in the past 10 trading days. Canoo's stock price fell 3% on the day it completed its listing transaction at the end of last year, and now it is $14 per share, down 36% from the highest price of $22 per share set after the announcement of the SPAC transaction last year.According to past statistics, listed companies with lower income usually perform poorly in stock prices. A study by Jay Ritter, a professor of finance at the University of Florida, found that public companies with annual revenues of less than $50 million have share price performance 28% lower than the market in the first three years after listing.Of course, for many investors who are willing to take additional risks and are keen to gain short-term high returns from SPAC companies, it may not matter whether the company's business is authentic or not and whether it can fulfill its promise of future performance.","source":"lsy1587347572404","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nikola's fraud was exposed, why did Jia Yueting and FF dare to take this path?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNikola's fraud was exposed, why did Jia Yueting and FF dare to take this path?\n</h2>\n<h4 class=\"meta\">\n\n腾讯新闻潜望2021-03-03 12:48\n\n</h4>\n</header>\n<article>\n<img src=\"https://static.tigerbbs.com/fbad6217bfbbc9553592db451eca4fb6\" tg-width=\"700\" tg-height=\"394\" referrerpolicy=\"no-referrer\">Trevor Milton, former executive chairman of NikolaAs a special existence in the capital market, SPAC (Special Purpose Acquisition Company) has become a supplement to the traditional IPO listing method because of its characteristics of first listing and then merging into the physical business, realizing the rapid listing of the latter. However, in recent years, the U.S. stock market SPAC listed companies popular among investors have gradually moved to the other extreme.According to statistics, most of the companies that have been rapidly listed in the U.S. capital market through SPACs in recent years are low-income or even no-income startups that have been established for a very short time. However, with the so-called industry-leading disruptive technologies and business models, As well as expectations for high growth in future performance, these companies have received valuations of hundreds of millions or even billions of dollars. Once the transaction is completed, it is not uncommon for the stock price to double after listing and the market value to rapidly grow to tens of billions of dollarsNikola, an electric truck startup company, is a typical example of this. By merging with a SPAC, Nikola, which has no revenue and no products, quickly went public, and its market value once exceeded US $30 billion under the pursuit of funds, easily surpassing traditional companies such as General Motors and Ford. A giant in the automobile industry, but recently the company was exposed to a series of false information about business and product statements, the founder was forced to step down, and the company's stock price also fell from its highs.The successful listing of Nikola has opened a new door for other electric vehicle startups. They can not only obtain much-needed financial support, but also achieve rapid listing without having actual products and revenue now. Such a perfect listing method, It is exactly what many electric vehicle startups that have been struggling for many years and are still in business difficulties dream of.Starting from the second half of 2020, electric vehicle startups including Canoo, FF, Lucid, etc. have successively announced merger transactions with SPACs in an attempt to replicate Nikola's success.Looking at the transaction information announced by these companies, it is very similar to Nikola: industry-leading \"three electricity\" technology, luxurious lineup of founders and senior management teams, extremely broad market prospects, exciting performance expectations, and Supplemented by With the endorsement of star investment institutions, perfect SPAC transactions are so freshly released.But the time window is closing for them at an accelerated rate. Since the beginning of this year, the valuation of the entire electric vehicle industry has begun to enter a period of adjustment after experiencing a sturm and drang last year, and a series of fraud scandals related to SPAC listings such as Nikola have also made investors treat this type of company more cautious..Nikola's lie was exposed: the founder ran awayNikola, an electric truck startup whose market value once exceeded $30 billion, finally proved to be a lie.Documents submitted by the company to the U.S. Securities and Exchange Commission last week disclosed that Trevor Milton, the company's former executive chairman, made at least seven \"inaccurate\" statements about the company's research and development progress of electric and hydrogen-powered trucks between July 2016 and July 2020. In addition, the company itself made two inaccurate statements.In fact, these statements were pointed out one by one by an investigation report released by a research institute called Hindenburg Research as early as last September. This self-examination document submitted to the SEC is based on the response to this investigation report.These false statements include Milton's claim in 2016 that Nikola has built a zero-emission truck and that five trucks have rolled off the assembly line in 2020. He also emphasized twice in late 2019 and mid-2020 that the company has been able to manufacture 1,000 kilograms of hydrogen and the manufacturing cost per kilogram has dropped below $3.After being questioned by Hindenburg Research in September last year, Milton quickly stepped down while busy denying it. Even so, he is still the largest individual shareholder of the company, holding a shareholding ratio of up to 20%. Last year, Nikola passed a \"blank check\" The company merged and went public quickly, and its market value once exceeded US $30 billion. Based on this calculation, Milton's personal wealth once exceeded US $6 billion.Even though he has stepped down as executive chairman, the lawyer and legal fees related to Nikola and his personal investigation are still paid by the company. In 2020, Nikola's related fees reached US $24.7 million, of which US $19.5 million was incurred. In the fourth quarter of 2020, in addition, the company also retained US $8.1 million for future legal-related fees for Milton. So far, the company has paid US $15,000 in lawyer litigation fees for him personally.The performance of Nikola, which does not have any main business income so far, is unsurprisingly a mess. Its annual revenue in 2020 is only US $95,000, and this mere US $95,000 is only the so-called solar panel installation fee. Nikola's own financial report It also stated that solar panel installation is not the company's main business. The full-year loss was as high as US $380 million, four times higher than the previous year's US $88.65 million. In the fourth quarter of 2020 alone, the loss was as high as US $147 million.From overtaking GM, Ford to fake scandalsIt is such a company with zero income, no products, and has been proved to be a lot of lies. However, it was successfully listed in the middle of last year, and it was once popular with investors in the market. The stock price doubled on the first day of listing, and its market value was once as high as 30 billion dollars, leaving traditional car manufacturers Ford and General Motors far behind.This feat of \"turning decay into magic\" is achieved through the so-called SPAC reverse takeover model. The so-called SPAC (Special Purpose Acquisition Company) is an empty shell or \"blank check\" company that sells shares to investors and goes public in advance without any actual business, hoping to realize value appreciation and bring returns to investors through the acquisition of a private company with a physical business in the future.Nikola found a SPAC called VectoIQ, and the two parties hit it off and successfully went public two months after the announcement of the merger intention.However, if you look carefully at the merger plan document announced by Nikola in March last year, it is not difficult to find that the company's business itself has too many \"virtual\" things and too few \"real\" things. For example, its announced R&D center construction plan will not start until the second and fourth quarters of 2020, including the sales and rental income of electric vehicles, which are all expected income without much basis. The company plans to start producing battery electric vehicles in North America in 2021 and fuel cell electric vehicles in 2023.<img src=\"https://static.tigerbbs.com/2ac65f0b0f1d8a25777736ffe746c39e\" tg-width=\"936\" tg-height=\"422\" referrerpolicy=\"no-referrer\">(Transaction information disclosed by Nikola: the original shareholders still absolutely control)According to the transaction information disclosed by Nikola at that time, VectoIQ provided the US $230 million raised during the previous listing, accounting for 5.7% of the shares. Nikola's existing shareholders accounted for 79.6% of the shares. Calculated based on US $10 per share, the combined valuation at that time The value is approximately US $4 billion.Once the merger news was announced, VectoIQ's stock price began to skyrocket. After the merger transaction was completed, the stock price once rose to more than 65 US dollars per share, with a market value of more than 30 billion US dollars, bringing huge returns to Nikola's early investors.However, as negative news about Nikola continues to surface, the stock price has also begun to fall all the way, especially after the release of the short-selling report, the stock price has further declined. At present, Nikola's stock price is around $18 per share.<img src=\"https://static.tigerbbs.com/0af463ef291100626d03ada2e7dd9004\" tg-width=\"936\" tg-height=\"630\" referrerpolicy=\"no-referrer\">(Nikola's stock price falls from a high level from a leading market to a lagging market)Comparing Nikola's stock price performance with the market can also clearly reflect the trend of this company being favored by investors and then abandoned. Take investing $100 as an example. If you invest in Nikola, the return will be as high as $700 by June 2020. If you invest in the Nasdaq Composite Index or the Nasdaq Green Energy sector, the value will only increase by less than $200, but then continue to hold Nikola will significantly underperform the broader market and related sectors.Common characteristics of SPAC targets: no revenue, short historyNikola's listing is just one example of a round of rapid reverse listing boom through SPACs since 2019. Since 2019, 131 SPACs have been listed in the US stock market. Since the beginning of this year, the total amount of funds raised by SPACs has reached 38.3 billion US dollars, far exceeding the 19.8 billion US dollars raised through traditional IPOs during the same period.It is not difficult to conclude from some past cases of successful listing through SPACs, including Nikola, that start-up companies that have been acquired by SPACs and successfully achieved rapid listing usually have the following common characteristics. First, the company has been established for a short time, usually only 3 to 5 Years of founding history, followed by extremely low or even no revenue. For example, Nikola did not generate any main revenue before its listing until its market value reached 30 billion US dollars.According to a statistic, the median operating income of startups that complete listings through SPACs in 2020 is US $48 million. According to statistics from the \"Wall Street Journal\", companies with zero-revenue listing valuations of more than $1 billion have completed more than traditional IPOs through SPACs, and more have been announced and are not yet completed.<img src=\"https://static.tigerbbs.com/f2793b9a976d121de85db4d36e045259\" tg-width=\"658\" tg-height=\"944\" referrerpolicy=\"no-referrer\">At the same time, compared to low income or even zero income, it is the high valuation of the company after the SPAC merger. After complex trading operations with SPACs, the start-up companies acquired by SPACs have obtained extremely high valuations by virtue of their so-called disruptive technologies or business models and high growth expectations for future performance, which can easily cost billions or even tens of billions of dollars. U.S. dollars are not an impossible task. Taking Nikola as an example, the transaction valuation when it announced the merger with VectorIQ has reached 4 billion U.S. dollars, and its market value has soared to a staggering more than 30 billion U.S. dollars after listing.SPAC deal opens a door for EV startupsSPAC seems to be a fast track to quickly beautify the packaging of these startups, attracting countless startups to flock to it. The successful listing of Nikola has also made other electric vehicle companies in the field of electric vehicle start-ups sense this opportunity. Especially for some companies that have been trapped in financial difficulties for many years, they have been enlightened overnight and began to study this opportunity. special way.Among them, there are fast-moving and slow-moving. For example, Canoo, which successfully went public through SPAC in 2020, was established less than 3 years ago. Its founders Ulrich Kranz and Stefan Krause briefly served as FF, an electric vehicle startup founded by Jia Yueting. executive.Of course, it also includes FF, the ill-fated electric vehicle startup, which now seems to have finally found a way to move forward. The company announced at the end of January that it had reached a merger agreement with a SPAC, valued at US $3.4 billion, and plans to complete the listing in the second quarter of this year.There is another electric vehicle start-up company, Lucid. Jia Yueting used to be the largest shareholder of this company. After more than ten years of difficult development, Lucid also plans to go public through a SPAC, with a valuation of US $24 billion, setting the highest SPAC merger valuation record.But looking at the transaction information released by these electric vehicle startups that have announced SPAC transactions, you can see how similar some key information is: almost every company claims to be industry leader in technology, and the company's founder and management team has a luxurious lineup. I am extremely optimistic about the future market prospects and my market position. Within a few years after the product is launched, the revenue can reach hundreds of millions or even billions of dollars. The profit is negative in the first one or two years, and then quickly turns positive and achieves stable profit growth.In addition to the above common characteristics, another common point of these companies is that the company has not actually launched any products, and it is still in the stage of research and development and trial production, which means that the revenue will be zero for a long time even after listing through SPAC.But these don't seem to be important in the eyes of the current capital market. Some investors have earned tangible profits from the rapid doubling of Nikola's stock price. Whether this company really fakes in the future and whether it will really launch products is not what these investors are concerned about. The same logic should also be applied to other electric vehicle start-ups, so it is the most important thing to get more relevant investment targets in the market as soon as possible.The time window is closing at an accelerated pace. After entering 2021, the electric vehicle industry as a whole is facing the challenge of valuation readjustment. The stock price of leader Tesla fell by 20% in January, causing a collective sharp drop in the stock prices of other listed electric vehicle companies. fall.The exposure of Nikola's fraud incident has caused its stock price to fall from a high level, which has made many investors in the market smell the danger and begin to be wary of SPAC electric vehicles.Shares of SPAC Churchill Capital Corp IV, which has announced a merger with Lucid, have fallen 50% in the past 10 trading days. Canoo's stock price fell 3% on the day it completed its listing transaction at the end of last year, and now it is $14 per share, down 36% from the highest price of $22 per share set after the announcement of the SPAC transaction last year.According to past statistics, listed companies with lower income usually perform poorly in stock prices. A study by Jay Ritter, a professor of finance at the University of Florida, found that public companies with annual revenues of less than $50 million have share price performance 28% lower than the market in the first three years after listing.Of course, for many investors who are willing to take additional risks and are keen to gain short-term high returns from SPAC companies, it may not matter whether the company's business is authentic or not and whether it can fulfill its promise of future performance.\n<div class=\"bt-text\">\n\n\n source：<a href=\"http://new.qq.com/omn/20210303/20210303A01USA00.html\">腾讯新闻潜望</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fbad6217bfbbc9553592db451eca4fb6","relate_stocks":{},"source_url":"http://new.qq.com/omn/20210303/20210303A01USA00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136108852","content_text":"Nikola前执行董事长Trevor MiltonSPAC（特殊目的收购公司）作为资本市场中的一种特殊存在，由于其先上市后并入实体业务，实现后者快速上市的特点，成为传统IPO上市方式的一项补充，但近年来美股市场中投资者所热捧的SPAC类上市公司，却逐渐走向另一个极端。据数据统计，近年来通过SPAC实现快速在美国资本市场上市的公司，大多数是低收入甚至无收入，且成立时间极短的初创公司，但凭借着所谓行业领先的颠覆性技术和商业模式，以及对未来业绩高成长性的预期，这些公司都获得了动辄数亿甚至数十亿美元的估值，交易一旦完成，上市后股价翻倍市值迅速增长至百亿美元的例子也屡见不鲜电动卡车初创公司Nikola就是这其中的一个典型例子，通过与一家SPAC合并，无收入无产品的Nikola迅速实现了上市，并在资金的追捧下市值一度超过300亿美元，轻松超越通用、福特等传统汽车行业巨头，但近来这家公司被爆出一系列关于业务和产品陈述的虚假信息，创始人被迫下台，公司股价也从高位滑落。Nikola的上市成功为其他电动车初创公司打开了一扇新的大门，既能获得急需的资金支持、又能实现快速上市，且不需要现在就有实际的产品和收入，这样完美的上市方式，正是许多摸爬滚打多年仍处在业务困境中的电动车初创公司梦寐以求的。从2020年下半年开始，包括Canoo、FF、Lucid等电动车初创公司纷纷先后宣布与SPAC的合并交易，企图复制Nikola的成功。翻看这些公司对外公布的交易信息，又与Nikola何其的相似：行业领先的“三电”技术、阵容豪华的创始人和高管团队、无比广阔的市场前景、令人振奋的业绩预期，再辅以明星投资机构的背书，一桩桩完美SPAC交易就这么新鲜出炉了。但时间窗口正在对他们加速关闭。今年以来，整个电动车行业的估值在经历了去年一年的狂飙突进后，开始进入调整期，而Nikola等一系列与SPAC上市相关的造假丑闻，也让投资者开始更加谨慎对待这一类公司。Nikola的谎言被戳穿：创始人出走市值曾一度超过300亿美元的电动卡车初创公司Nikola终被证实是一场谎言。上周这家公司提交给美国证券交易委员会的文件披露，该公司前执行董事长Trevor Milton在2016年7月至2020年7月之间，关于公司在电动和氢能源动力卡车的研发进展方面，至少做了7次“不准确”的陈述。除此以外，公司自身也做了两次不准确的陈述。事实上，这些陈述早在去年9月就被一家名为Hindenburg Research的研究机构所发布的一份调查报告所一一指出，这份提交给证交会的自查文件，正是基于回应这份调查报告的回应。这些虚假陈述，包括在2016年Milton称Nikola已经造出了一台零排放卡车，2020年已经有5辆卡车下线，他还在2019年末和2020年年中两次强调该公司已经能够制造1000公斤的氢气并且每公斤的制造成本已经下降到3美元以下。在去年9月被Hindenburg Research提出质疑后，Milton一边忙着否认，一边火速卸任，即便如此，他仍然是这家公司最大的个人股东，持股比例高达20%，去年Nikola通过与“空白支票”公司合并快速上市，市值一度超过300亿美元，照此计算，Milton的个人财富也一度超过60亿美元。即便已经卸任执行董事长一职，但与Nikola和他个人调查相关的律师和法务费用依然由公司所支付，在2020年，Nikola公司与之相关的费用达到2470万美元，其中1950万美元产生与2020年第四季度，此外，公司还留存了810万美元的用于未来为Milton支付的法律相关费用，至今为止，公司已经为他个人支付了1.5万美元律师诉讼费用。至今为止没有任何主营业务收入的Nikola的业绩也是不出意料的一塌糊涂，2020年全年的收入仅为9.5万美元，且这区区9.5万美元也只是所谓太阳能板安装费，Nikola公司自己在财报中也表示，太阳能板安装并非公司主要业务。全年亏损高达3.8亿美元，比前一年的8865万美元扩大了4倍。仅2020年第四季度，亏损额便高达1.47亿美元。从超越通用、福特到造假丑闻就是这样一家零收入，无产品，已经被证实为谎话连篇的公司，却已经在去年年中顺利上市了，而且一度受到市场中投资者热捧，上市首日股价便翻倍，市值一度高达300亿美元，将传统车厂福特、通用等都远远甩在身后。实现这一“化腐朽为神奇”壮举的是通过所谓SPAC反向收购的模式，所谓SPAC（特殊目的收购公司）是一种通过向投资者出售份额，提前上市的无任何实际业务的空壳或“空白支票”公司，期望未来通过并购一家有实体业务的私营公司，实现价值增值，为投资者带来回报。Nikola正是找到了一家名为VectoIQ的SPAC，双方一拍即合，在合并意向宣布两个月后便成功实现上市。但仔细翻看Nikola在去年3月份公布的合并计划文件便不难发现，这家公司业务本身“虚”的东西太多，“实”的东西太少，例如其所公布的研发中心建设计划，要到2020年第二季度和第四季度才开始，包括电动车的销售、租赁收入也全部是没有太多依据的预期收入，该公司计划从2021年开始在北美生产电池电动车，2023年开始生产燃料电池电动车，但预计2024年就能够实现32亿美元的收入，且息税摊销折旧前利润率将稳定在25%以上。（Nikola披露的交易信息：原股东仍绝对控股）根据Nikola当时所披露的交易信息显示，VectoIQ提供了此前上市时所募集的2.3亿美元，占股份比例为5.7%，Nikola现有股东占股份比例为79.6%，按照每股10美元计算，当时合并估值约为40亿美元。在合并消息一经宣布后，VectoIQ的股价便开始扶摇直上，在合并交易完成后，股价更是一度涨至每股超过65美元，市值超过300亿美元，为Nikola的早期投资者带来丰厚的回报。但随着关于Nikola的负面消息不断浮出水面，股价也开始一路走低，尤其是在做空报告发布后，股价更是进一步下滑，目前Nikola股价在每股18美元附近。（Nikola股价高位回落 从领先市场到落后市场）将Nikola的股价表现与市场相比，也能够明显反映出这家公司被投资者热捧后又遭抛弃的趋势，以投资100美元为例，如果投资于Nikola，到2020年6月回报高达700美元，如果投资于纳斯达克综合指数或纳斯达克绿色能源板块，仅增值不到200美元，但随后继续持有Nikola将会明显跑输大盘和相关板块。SPAC标的共同特征：无收入、短历史Nikola的上市仅仅是从2019年起一轮通过SPAC实现快速反向上市热潮的其中一例。自2019年以来，美股市场已经有131家SPAC实现上市。今年以来，SPAC募集资金总额已达383亿美元，远超同期通过传统IPO上市融资的198亿美元。从包括Nikola在内的过往的一些通过SPAC成功上市的案例不难总结出，被SPAC并购并顺利实现快速上市的初创公司通常具备以下共同特征，首先是公司成立时间短，通常是仅3至5年的创办历史，其次是收入极低甚至没有收入，例如Nikola剔除非主营业务的太阳能板安装费收入外，其上市前直到市值冲上300亿美元，都没有产生过任何主营收入。据一份统计数据显示，通过SPAC完成上市的初创公司2020年营业收入中位数为4800万美元。据《华尔街日报》数据统计，零收入上市估值超过10亿美元的公司，通过SPAC完成的已经超过传统IPO的数量，并且已经宣布并且尚未完成中的数量更多。同时，与低收入甚至零收入相对的，却是SPAC合并后公司的高估值。经过与SPAC的复杂交易操作后，被SPAC并购的初创公司凭借着其所谓的颠覆性技术或商业模式，对未来业绩的高成长性预期，获得极高估值，动辄数十亿美元甚至上百亿美元并不是不可能完成的任务，以Nikola为例，宣布与VectorIQ并购时的交易估值便已经达到40亿美元，上市后市值更是一路飙升至令人咋舌300亿美元以上。SPAC交易为电动车初创公司打开一扇大门SPAC仿佛成了将这些初创公司迅速美化包装的快速通道，让无数初创公司趋之若鹜。Nikola的上市成功，也令同在电动车初创领域的其他电动车公司嗅到了这一机会，尤其是对于多年来受困于资金窘境的部分公司，一夜之间醍醐灌顶，纷纷开始研究起这一特殊方式来。这其中有动作快的也有慢的，例如在2020年就通过SPAC成功实现上市的Canoo，当时成立时间不到3年，其创始人Ulrich Kranz和Stefan Krause曾短暂担任贾跃亭创办的电动车初创公司FF的高管。当然还包括FF，这家命途多舛的电动车初创公司，如今仿佛终于找到了继续前进的方向。这家公司1月底宣布已经和一家SPAC达成合并协议，估值34亿美元，计划在今年第二季度完成上市。还有另一家电动车初创公司Lucid，贾跃亭曾经是这家公司的最大股东，在经过十多年的艰难发展后，Lucid也计划通过SPAC上市，估值达到240亿美元，创下SPAC合并估值最高纪录。但翻看这些已经宣布SPAC交易的电动车初创公司公布的交易信息，你能看到一些关键信息何其相似：几乎每一家公司都宣称自己的技术业界领先，公司的创始人和管理层团队阵容豪华，对于未来市场前景和自己所处的市场地位无比乐观，产品上市后几年内收入就能够达到上亿甚至数十亿美元，盈利在最初一两年为负，随后迅速转正并实现盈利稳定增长。除了上述共同特征以外，这些公司的另一大共同点在于公司还没有任何一款产品真正上市，还处于研发和试产阶段，也就是说收入即便在通过SPAC上市后很长一段时间都将是零。但这些在当下的资本市场眼中似乎并不重要，有投资者已经从Nikola股价快速翻倍中赚到了实实在在的收益，未来这家公司是否真的造假，是否真的会推出产品，并不是这些投资者所关心的问题，同样的逻辑应该也可以应用到其他电动车初创公司身上，所以尽快让市场中多一些相关的投资标的才是最紧要的事。时间窗口正在加速关闭，进入2021年后，电动车行业整体面临着估值重新调整的挑战，领头羊特斯拉股价1月之间跌去20%，引起其他已上市电动车公司股价的集体大幅下跌。Nikola造假事件的曝光让其股价从高位跌落，已经让市场中的许多投资者嗅到了危险的气息，开始对SPAC类电动车开始警惕。已经宣布与Lucid进行合并的SPAC Churchill Capital Corp IV股价在过去10个交易日中跌去了50%。Canoo在去年底完成上市交易的当天股价便跌去3%，如今每股14美元，距离去年SPAC交易宣布后创下的每股22美元的最高价位已经下跌36%。根据过往的数据统计，收入较低的上市公司通常股价表现不佳。佛罗里达大学金融学教授Jay Ritter的一项研究发现，年收入低于5000万美元的上市公司，股价表现在上市后前三年比市场低28%。当然对于许多愿意承受额外风险，热衷于博取SPAC类公司短期高收益的投资者来说，公司业务的真实性与否和能否兑现未来业绩的承诺，可能并不重要。","news_type":1,"symbols_score_info":{"PSAC":0.9,"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1321,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}