Investors watching high-profile special purpose acquisition company (SPAC) news may be aware of SilverBox Engaged Merger Corp. (NASDAQ:SBEA). This SPAC is set to merge with Black Rifle Coffee Company shortly. A controversial company in some ways, this merger has made SBEA stock somewhat of a political lighting rod and a popular option for traders recently.
Upon announcing the SPAC’s merger with Black Rifle, SBEA stock previously soared to more than $15 per share from its reference price of $10. Currently, investors can pick up shares of SBEA stock for a hair under $10 per share. Today, this stock hasn’t moved much, but it is up approximately 1 cent at the time of writing.
The Black Rifle Coffee Company touts itself as a “mission-driven premium coffee company founded to support Veterans, active-duty military, first responders and serve a broad customer base.” The coffee company reportedly focuses on hiring veterans and supporting those who actively serve their country in one shape or another.
However, this company linked to former President Donald Trump has found itself in the political crossfire of late. For those intrigued by this SPAC, here’s why Feb. 3 is a date to mark down on the calendar.
Upcoming Special Meeting Key Potential Catalyst for SBEA Stock
Two weeks ago, SilverBox announced that its special meeting to approve the Black Rifle merger would take place on Feb. 3. While there’s little other news, this will likely be a key catalyst for investors intrigued by high-profile SPACs such as SilverBox.
This merger will technically be between SilverBox and Authentic Brands, the parent company of the Black Rifle Coffee Company. The vote will likely be favorable, with the new ticker BRCC set to list on the New York Stock Exchange upon closing.
With the merger completion coming up, investors looking for early exposure to this listing may want to consider picking up shares of this SPAC at a discount. Now, many de-SPAC companies are trading below value, so there is some risk. Additionally, this market has been volatile of late.
However, there’s a good chance this will be a hot SPAC initial public offering (IPO). And it will certainly be one investors will be watching in the weeks to come. If anything, this is a stock to keep on the radar for now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
