In this article, we discuss 5 best SPACs to buy now according to Glenn Dubin’s Highbridge Capital. If you want to see some more SPACs preferred by the hedge fund, click 10 Best SPACs to Buy Now According to Glenn Dubin’s Highbridge Capital.
5. CONX Corp. (NASDAQ:CONX)
Highbridge Capital Management’s Stake Value: $23,086,000
Percentage of Highbridge Capital Management’s 13F Portfolio: 0.50%
Number of Hedge Fund Holders: 38
CONX Corp. (NASDAQ:CONX) is based in Littleton, Colorado, operating as a blank check company that was formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combinations. CONX Corp. (NASDAQ:CONX) targets companies in the technology, media, and telecommunications sectors.
Charlie Ergen, chairman and co-founder of DISH Network Corporation (NASDAQ:DISH), founded CONX Corp. (NASDAQ:CONX) in 2020. The company’s initial public offering raised $750 million, selling 75 million shares at $10 each. Previously, CONX Corp. (NASDAQ:CONX) was looking for a $1 billion IPO.
Securities filings for Q4 2021 reveal that Glenn Dubin’s Highbridge Capital owns 2.35 million shares of CONX Corp. (NASDAQ:CONX), worth over $23 million, representing 0.50% of the total 13F holdings. The hedge fund increased its stake in the company by 1% in the fourth quarter. Highbridge Capital invested in CONX Corp. (NASDAQ:CONX) in the beginning of 2021.
According to the fourth quarter database of Insider Monkey, 38 hedge funds were bullish on CONX Corp. (NASDAQ:CONX), compared to 37 funds in the prior quarter. The total stakes owned in Q4 amounted to approximately $411 million. Josh Resnick’s Jericho Capital Asset Management is the biggest stakeholder of the company, with 4 million shares worth $39.2 million.
4. Epiphany Technology Acquisition Corp. (NASDAQ:EPHY)
Highbridge Capital Management’s Stake Value: $24,601,000
Percentage of Highbridge Capital Management’s 13F Portfolio: 0.53%
Number of Hedge Fund Holders: N/A
Epiphany Technology Acquisition Corp. (NASDAQ:EPHY) is a technology-themed special purpose acquisition company that was established in 2020 and is based in Burlingame, California. The SPAC aims for business combinations with one or more companies. On January 21, Epiphany Technology Acquisition Corp. (NASDAQ:EPHY) closed its initial public offering of 40.25 million shares, which were sold at $10 per share, resulting in gross proceeds of $402.5 million.
Glenn Dubin’s Highbridge Capital, as of Q4 2021, owns 2.5 million shares of Glenn Dubin’s Highbridge Capital, worth $24.6 million, representing 0.53% of the total 13F portfolio.
3. Northern Star Investment Corp. II (NYSE:NSTB)
Highbridge Capital Management’s Stake Value: $26,502,000
Percentage of Highbridge Capital Management’s 13F Portfolio: 0.57%
Number of Hedge Fund Holders: N/A
Northern Star Investment Corp. II (NYSE:NSTB) is a New York-based blank check company that targets businesses in the media, technology, beauty, e-commerce, and online sectors. The company has not commenced any business operations yet.
Securities filings for the fourth quarter of 2021 reveal that Glenn Dubin’s Highbridge Capital owns 2.73 million shares of Northern Star Investment Corp. II (NYSE:NSTB), worth $26.5 million, representing 0.57% of the total 13F securities. The hedge fund added Northern Star Investment Corp. II (NYSE:NSTB) to its portfolio in the first quarter of 2021.
2. Hudson Executive Investment Corp. III (NASDAQ:HIII)
Highbridge Capital Management’s Stake Value: $27,815,000
Percentage of Highbridge Capital Management’s 13F Portfolio: 0.60%
Number of Hedge Fund Holders: N/A
Hudson Executive Investment Corp. III (NASDAQ:HIII) is a blank check company that may pursue a business combination in any industry, sector, or geographic region. The company raised $600 million in its initial public offering in February 2021.
According to 13F filings from Q4 2021, Glenn Dubin’s Highbridge Capital owns 2.8 million shares of Hudson Executive Investment Corp. III (NASDAQ:HIII), worth $27.8 million, representing 0.60% of the total holdings. Glenn Dubin first added Hudson Executive Investment Corp. III (NASDAQ:HIII) to his portfolio in Q2 2021.
Among the hedge funds tracked by Insider Monkey, Robert Henry Lynch’s Aristeia Capital is a prominent stakeholder of Hudson Executive Investment Corp. III (NASDAQ:HIII) as of December 2021, with 2.6 million shares valued at $26.3 million.
1. Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH)
Highbridge Capital Management’s Stake Value: $48,257,000
Percentage of Highbridge Capital Management’s 13F Portfolio: 1.05%
Number of Hedge Fund Holders: 55
Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) is a New York-based blank check company that was formed in 2020 to carry out business combinations like mergers, capital stock exchange, asset acquisition, stock purchase, and reorganization.
Latest 13F disclosures reveal that Glenn Dubin’s Highbridge Capital added Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) to its portfolio in the fourth quarter of 2021, buying 2.4 million shares worth $48.25 million, representing 1.05% of the total holdings.
Among the hedge funds tracked by Insider Monkey, Seth Klarman’s Baupost Group is a significant stakeholder of Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) as of Q4 2021, with 9.5 million shares worth $188.3 million. Overall, 55 hedge funds were bullish on the stock at the end of December 2021, holding collective stakes amounting to approximately $965 million.
Here is what Pershing Square Capital Management has to say about Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) in its Q4 2021 investor letter:
“While seeking a transaction for PSTH, we are simultaneously looking to improve its structure with the launch of SPARC.
SPARC seeks to improve upon PSTH’s structure:
✓ Investors opt-in to the initial business combination (“IBC”)
✓ Reduced opportunity cost with no investor funding until a target is identified
✓ Amount of capital raised can be precisely tailored to capital requirements of merger partner
✓ Up to 10 years to complete a transaction vs. 2 years for a typical SPAC
✓ No underwriting fees
✓ Pure common stock capital structure other than 20% out-of-the-money warrants on 5.21% of shares outstanding held by Pershing Square funds and SPARC directors
Timing of SPARC distribution assuming receipt of regulatory approval:
If PSTH executes an IBC before SPARC registration statement is declared effective, distribution of SPARs to PSTH shareholders and warrant holders would occur shortly prior to IBC closing.
If PSTH does not consummate an IBC, distribution would occur concurrently with return of PSTH capital in trust…” (Click here to see the full text)
You can also take a look at 7 Best Stocks to Buy Now According to Bill Ackman and Top 9 Stocks Billionaire Larry Robbins Just Added to His Portfolio.
