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[ad_1] The continuous wail of ambulance sirens throughout the night, WhatsApp groups and social media flooded with desperate pleas for help in getting a hospital bed, oxygen cylinders, remdesivir, plasma et al. [ad_2] Source link

[ad_1] The post Short-seller Hindenburg Calls PureCycle a “SPAC Charade” appeared first on Millennial Money. Special purpose acquisition companies (SPACs) have been getting demolished for nearly three months now, with scrutiny intensifying following a massive boom, critics worry could end up harming individual investors.  Many private companies have chosen to go public by merging with SPACs if they have no revenue, as they are typically allowed to release optimistic forecasts for future growth. However, even this unique aspect of SPAC mergers is now garnering additional regulatory scrutiny.  Short-seller Hindenburg Research has released a report calling PureCycle Technologies (NASDAQ: PCT)—which closed its merger with Roth CH Acquisition in March—a “SPAC Charade,” highlighting various ways the SPAC’s sponsors may be bilking investors. Questioning PureCycle’s economics PureCycle is a technology company that specializes in polypropylene recycling, which it hopes can revolutionize the plastic recycling industry and help solve one of the planet’s biggest environmental challenges. Hindenburg notes that plastics recycling has long “been a perpetual challenge from an economic standpoint,” with polypropylene being especially uneconomical due to the hefty expenses associated with sorting and cleaning the plastic.  When PureCycle announced its SPAC deal, it had forecast $224 million in revenue for 2023 with a gross margin of 54% and an adjusted EBITDA margin of 45% for that year. The company projects that revenue will grow to $2.3 billion in 2027, with gross margin expanding to 62% and adjusted EBITDA margin jumping to 59%. “In a corner of the plastics recycling world that has eluded economic sustainability for the world’s top chemical companies, those numbers would put PureCycle’s margins on par with some of the world’s most profitable tech companies,” Hindenburg writes. Pumped by the sponsors Roth CH was sponsored by two investment banks, Roth Capital Partners and Craig-Hallum. Generally speaking, SPAC sponsors are generously compensated for closing mergers with private companies, a practice that has also garnered considerable criticisms. Both banks secured a large number of shares in PureCycle through the deal for around a penny per share, according to Hindenburg. The research departments of both Roth Capital and Hindenburg have issued buy ratings on PureCycle shares, with price targets ranging from $45 to $48. The bullish ratings helped push the stock higher, meeting certain conditions to allow the shares to become eligible for sale. It does not appear that either bank has sold the stock. The “worst qualities of the SPAC boom” Hindenburg also suggests that PureCycle’s executives have a long history of “destroying public shareholder capital” by taking low-quality companies public, all of which have failed, filed for bankruptcy, and/or been delisted. The executive team has already collected millions of dollars in bonuses simply for closing the SPAC merger, in addition to the C-Suite enjoying generous salaries and other equity-based compensation. Hindenburg estimates executives will collectively take home $40 million before PureCycle generates any revenue. Hindenburg disclosed a short position on PureCycle shares and believes the company represents everything wrong with SPACs. The short seller argues that executives and sponsors get rich off the deal itself “while hoisting unproven technology and ridiculous projections onto the public markets, leaving retail investors to face the consequences.” Pick Like A Pro Where to invest $500 right now Before you buy Amazon, or Netflix, or Apple, consider this… The team at Motley Fool first recommended each of those stocks more than a dozen years ago! They discovered Netflix for $1.85 per share, back in the days of DVDs by mail. And recommended Amazon at $15.31 in 2002, before most people were comfortable using credit cards online. And even hit Apple at $4.97 per share, about a month before the release of the very first iPhone. Check out where those stocks are today. The bottom line: a $500 investment in all three of these stocks would be worth more than $200,000 today! And here’s why that’s important: The Motley Fool’s flagship investing service Stock Advisor just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you’ll want to get the full details! Click here to learn more The post Short-seller Hindenburg Calls PureCycle a “SPAC Charade” appeared first on Millennial Money. [ad_2] Source link

[ad_1] My older sister, Brigette, shares her shopping trips and menu plans every week! You can go HERE to see all of her weekly menu plans and you can go HERE to read all about her family! Aldi 1 gallon Whole Milk – $1.44 1 gallon 2% Milk – $1.44 1/2 gallon Unsweetened Almond Milk – $1.49 1 32-oz carton Half and Half – $1.39 1 16-oz carton Heavy Whipping Cream – $1.15 1 24-oz carton Cottage Cheese – $1.49 1 5-lb bag Flour – $1.15 1 can Olive Oil Cooking Spray – $1.79 1 32-oz carton Egg Whites – $2.95 2 dozen Eggs – $1.22 1 jar bottle Pancake Syrup – $0.99 3 bags frozen Broccoli Florets – $2.55 1 3-lb bag Mandarin Oranges – $2.69 1 bag Red Grapes ($0.99/lb) – $1.84 1 Seedless Cucumbers – $0.95 1 pkg Grape Tomatoes – $1.19 2 3-ct pkgs Multi-Colored Peppers – $5.38 1 pkg Radishes – $0.99 1 pkg Zucchini ($0.89/lb) – $1.60 2 3-lb bags Pink Lady Apples – $4.78 1 bag Baby Carrots – $0.85 2 cans Green Beans – $0.74 1 tub Organic Spring Mix – $3.59 1 pkg Romaine – $2.19 1 pkg fresh Broccoli Crowns – $1.93 1 pkg Sliced Pepperoni – $2.19 1 pkg fresh Chicken Thighs ($0.99/lb) – $4.57 1 pkg Turkey Bacon – $1.89 1 16-oz pkg Deli Meat – $2.49 1-lb Pork Sausage – $1.99 2 1-lb boxes Butter – $5.68 1 family-size box Frosty Flakes – $1.89 1 family-size box Honey Nut Crisp Oats – $2.39 1 box Cinnamon Crunch Squares – $1.19 1 box Crunchy Granola Raisin Bran – $2.19 1 box Crisp Rice – $1.19 1 jar Organic Fruit Jam – $1.99 1 16-oz bag Shredded Cheddar Cheese – $2.55 1 pkg Deli Sliced Cheese – $1.25 4 single-serving cartons Greek Yogurt – $2.20 1 20-oz jar Mustard – $0.46 1 family-size box Cheese Crackers – $2.75 1 jar Creamy Peanut Butter – $1.19 1 pkg Hamburger Buns – $0.59 1 pkg Rice Cakes – $1.75 1 loaf Sandwich Bread – $0.55 1 loaf 12-Grain Bread – $1.25 Grocery Total for the Week: $91.99 Weekly Menu Plan Breakfasts Everyone is responsible for making/cleaning up their own breakfasts. Choices include: Cereal, Oatmeal, Toast, Eggs, Fruit, Yogurt, Smoothies, Cottage Cheese Lunches Cheese Quesadillas, Grapes, Carrots x 2 Cheese Crackers with Peanut Butter, Peppers, Cucumbers, Apples x 2 Deli Meat/Cheese Sandwiches, Apples, Peppers Leftovers x 2 Dinners Upside Down Pizza, Tossed Salad, Oranges Grilled Chicken, Grilled Zucchini and Peppers, Tossed Salad, Baked Potato Fries Pancakes, Bacon, Broccoli BBQ Meatballs, Baked Potatoes, Biscuits, Green Beans Biscuits and Sausage Gravy, Broccoli, Oranges Venison Roast in the Crockpot, Broccoli, Tossed Salad, Cranberry Orange Muffins Leftovers [ad_2] Source link

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[ad_1] The post Luxury Gym Company Equinox Might Merge with a Chamath Palihapitiya SPAC appeared first on Millennial Money. Silicon Valley venture capitalist Chamath Palihapitiya has been among the most active and prolific investors for special purpose acquisition companies (SPACs), including the six that he has taken public through Social Capital Hedosophia as well as participating in various PIPEs (private investment in public equity). Two of Social Capital Hedosophia’s SPACs are still searching for targets, Social Capital Hedosophia IV (NYSE: IPOD) and Social Capital Hedosophia VI (NYSE: IPOF). It seems like one of them may have found what it’s looking for. A possible merger with Equinox Bloomberg reported this week that Social Capital Hedosophia VI is in talks to merge with luxury gym company Equinox Holdings in a deal that could value the company at $7.5 billion or more. Social Capital Hedosophia VI is the largest of the six Social Capital Hedosophia SPACs, having raised $1.15 billion through its IPO last year. The rumored deal is expected to include a large PIPE component, according to the report. Equinox runs a network of luxury gyms, as well as operating other brands including SoulCycle, Blink Fitness, Pure Yoga, and Precision Run. Like nearly all retail gyms in the United States, Equinox was hit hard by the COVID-19 pandemic and related shutdowns. The public health crisis forced many people to start exercising at home, benefitting connected fitness platforms like Peloton (NASDAQ: PTON). Equinox generated $650 million in revenue in 2020 according to Bloomberg, which resulted in a net loss of $350 million. The company also operates a hotel. SoulCycle has been at the center of several scandals SoulCycle found itself at the center of controversy in 2019 when SoulCycle investor Stephen Ross reportedly hosted a luxurious fundraising event for former President Trump where tickets cost as much as $250,000, which upset much of SoulCycle’s client base during a time of heightened political tensions.  Equinox attempted to distance itself from the political fallout, but the episode led to calls to boycott SoulCycle. At the time, there were signs the backlash had a negative impact on the business. There was a more recent scandal in late 2020 following reports of a toxic culture where some SoulCycle instructors allegedly had sexual relationships with clients, used racist or homophobic language, and engaged in other inappropriate behavior. The company reportedly overlooked unethical activity from top instructors that brought in significant revenue. Post-pandemic fitness The news comes as the pandemic has started to subside in the United States thanks to vaccine distribution. While many local gyms went bankrupt due to the crisis, it’s unclear whether people will return to retail gyms en masse or if the exercise-at-home trend will persist now that consumers have enjoyed the greater convenience. Additionally, many consumers may have already purchased new equipment to work out at home and want to get value out of those purchases, particularly as many products (like those offered by Peloton) require monthly subscriptions. Pick Like A Pro Where to invest $500 right now Before you buy Amazon, or Netflix, or Apple, consider this… The team at Motley Fool first recommended each of those stocks more than a dozen years ago! They discovered Netflix for $1.85 per share, back in the days of DVDs by mail. And recommended Amazon at $15.31 in 2002, before most people were comfortable using credit cards online. And even hit Apple at $4.97 per share, about a month before the release of the very first iPhone. Check out where those stocks are today. The bottom line: a $500 investment in all three of these stocks would be worth more than $200,000 today! And here’s why that’s important: The Motley Fool’s flagship investing service Stock Advisor just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you’ll want to get the full details! Click here to learn more The post Luxury Gym Company Equinox Might Merge with a Chamath Palihapitiya SPAC appeared first on Millennial Money. [ad_2] Source link

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[ad_1] EU and India agree to resume trade talks at virtual summit [ad_2] Source link

[ad_1] On May 5, Metropolitan Magistrate Anuj Bahal had issued the directions on an application filed by the Delhi Police for release of the seized oxygen concentrators which could be used for saving the lives of police personnel. [ad_2] Source link

[ad_1] The booming real estate market has created a high demand for appraisal services. This is good news for lenders, but it puts a tremendous amount of pressure on appraisers who have to be diligent in their work, while also meeting closing dates. HousingWire recently spoke with PCV Murcor Founder, President and CEO Keith Murray and COO Cindy Nasser on how the appraisal process can be streamlined in today’s tight housing market.  HousingWire: What’s the biggest pain point appraisers are currently facing?  Cindy Nasser: The greatest pain point in some areas is the demand for services and the shortage of appraisers. We have seen unprecedented refi volume due to low mortgage rates, which has caused an increasing demand for appraisal services. Appraisers are under a tremendous amount of pressure to turn around appraisals quickly so that lenders can meet their closing dates. HW: How is today’s tight purchase market affecting the appraisal process? Keith Murray: The effect of the tight purchase market is keeping up with the rising home prices; created by the lack of supply and bidding wars. Appraisers have to be diligent in their analysis and focus on the listing activity along with sold comparables. Appraisals tend to look in the rearview mirror of comparable homes sold in the last six months to a year. That approach does not work in some of the busiest markets. Arriving at the right value includes proper analysis of the listing activity. HW: Have you witnessed a rise in the gap between appraisal and what buyers are willing to pay, and how is this impacting appraisal companies? CN: We have not seen an uptick in appraised value gaps to the purchase price. PCV has an experienced staff of licensed and certified appraisers that QC the appraisals. If for some reason the appraised value comes in below or significantly above the purchase price, extra quality control is performed on the appraisal. If there are concerns within the report, our QC staff quickly identifies and works with the independent appraiser in the field, asking the appropriate questions to understand the appraiser’s value conclusion, then works with the appraiser to resolve any issues. HW: When you look back at your 40 years in the valuation industry and as the first, if not only, black-owned national AMC, what has been key to your success and stability? KM: First and foremost, our commitment to providing exceptional service and partnership to our clients. Having a high-touch customer service model is one of the tenets of the foundation of our culture. With changes in appraisal regulations throughout the past couple of decades, specifically for AMCs, it is a necessity that you can adapt, not only for compliance but also to clients’ needs.  PCV Murcor helps move the appraisal process forward, while still improving quality and mitigating risk and compliance exposure. For almost 40 years, the company has helped clients and their borrowers  make their real estate needs happen through accountability, connectivity and performance The post Navigating appraisal challenges in today’s housing market appeared first on HousingWire. [ad_2] Source link