EMERGING GROWTH & SPECIAL SITUATIONS

Our Emerging Growth research platform is focused on companies and industries that are on the leading edge of technology and innovation but have not yet reached commercial scale. This spans across numerous sectors but carries the common theme that the company is bringing a “disrupter” technology to market. We also include research on highly differentiated specialty companies that do not necessarily fit within a specific industry sector definition, however, their technology promises to be transformative to one or more end markets.

Recent Sector Insights

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: Upcoming Lock-Up Expirations May Need a Health Warning
· Industry Report · 29 Jun 2022

SPAC IPO activity is nothing to write home about, but it’s outpacing traditional IPOs. The SPAC IPO market continues to trundle along at a tortoise-like pace, with only one new pricing since last week—Asian-based SK Growth Opportunities Corp (SKGRU). This brings the grand total to three for the m...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: The Changing SPAC Underwriting Landscape
· Industry Report · 23 Jun 2022

SPAC activity still in slumber. There is nothing new to report on the SPAC IPO front, with no additions to the two we reported in last week’s SPAC Talk. However, we do have another liquidation to report. GO Acquisition Corp. (GOAC), a travel and hospitality-focused SPAC, announced on June 17 that...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: Going, Going, Gone?
· Industry Report · 17 Jun 2022

Short on IPOs, short on time to get the job done. It has taken 30 days, but we do have two new SPAC IPOs to report this week. Acri Capital Acquisition Corp. (ACACU) was priced on June 10. The technology-focused SPAC raised $86.25 million in IPO proceeds, while sector-agnostic SPAC Feutune Light A...

EMERGING GROWTH & SPECIAL SITUATIONS
Gaia, Inc. (NASDAQ: GAIA)
Building a Self-Sustaining and Growing Business in a Niche Streaming Market While Maintaining Financial Discipline and Steady Profitability
· Initiation Of Coverage Report · 13 Jun 2022

Gaia has built a substantial streaming business for consumers interested in yoga, spiritual transformation, truth-seeking, and alternative healing. It has grown its member base from just under 200,000 in 2016 to more than 820,000 at a current ARPU of about $8.60 per month.

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: The Rodney Dangerfield “I Get No ReSPACt” Asset Class
· Industry Report · 09 Jun 2022

More correction in SPAC market needed. There are no new SPAC IPOs again to report this week, which makes it 26 days since the last IPO was priced. So far this month, we’ve seen two new S1 filings and two IPO registrations withdrawn, leaving the backlog of IPOs at 149. The backlog has shrunk by 12...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: Do or Die as Liquidations, New Deal Flow Trend Up
· Industry Report · 03 Jun 2022

Fewer SPAC IPOs raising more funds. With the major underwriters staying on the sidelines until prospective new SEC rules for SPACs are clarified, only six IPOs were priced in May, making it the slowest month for pricing since April 2020. However, if you are looking for some chinks of light in a d...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: Legal Jeopardy in SPAC Land
· Industry Report · 26 May 2022

The SPAC IPO market is all but moribund. At the risk of sounding like a broken record, it has been another quiet week on the SPAC IPO front. As a matter of fact, we have not seen a completed IPO for almost two weeks. So far this month, only six IPOs have been priced and as we enter the last week ...

EMERGING GROWTH & SPECIAL SITUATIONS
Zovio, Inc. (NASDAQ: ZVO)
Announces Sale of TutorMe for $55 Million in Cash
· Update Note · 25 May 2022

Zovio announced via an 8-K filing that it has sold its TutorMe business for $55 million in cash and that it has also repaid in full its loan from Blue Torch Capital. Zovio acquired TutorMe in April 2019 for cash and stock consideration of about $6.6 million. The sale highlights the continued stro...

EMERGING GROWTH & SPECIAL SITUATIONS
XpresSpa Group, Inc. (NASDAQ: XSPA)
Review of Product and Service Roadmap with Scott Milford, CEO of XpresSpa Group
· Management Series · 24 May 2022

With demand for testing services having become volatile, XpresSpa is accelerating its move from three formats—XpresCheck, XpresSpa, and Treat—toward a more unified offering, which will include both wellness (primarily from the legacy spa business and from the new Treat format) and health services...

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