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
Gaia, Inc. (NASDAQ: GAIA)
Fireside Chat: CFO Paul Tarell, December 1, 2022, at 2:00 pm EST
Fireside Chat Invitation · 21 Nov 2022

Please join us for a conversation with Paul Tarell, CFO of Gaia, Inc., on December 1, 2022, at 2:00 pm EST. We will discuss Gaia’s recent results and the long-term prospects for the company.

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: The SPAC Avalanche Yet to Come
Industry Report · 18 Nov 2022

SPAC liquidations continue to pile up. SPAC liquidations continue to come thick and fast. After 18 liquidations in October, at least six have been completed or scheduled for November, and a further two SPACs are set to be liquidated by December 1, 2022. YTD, 49 SPACs have been liquidated or sched...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: The Bankruptcy Roll
Industry Report · 11 Nov 2022

• Fast Radius (FSRD) declares bankruptcy. On November 7, de-SPAC FSRD filed voluntary petitions for bankruptcy protection under Chapter 11. The cloud manufacturing platform and digital supply chain operator is the fifth de-SPAC to declare bankruptcy this year. FSRD joins ELMS, ENJY, CRXT, and UK-...

EMERGING GROWTH & SPECIAL SITUATIONS
XWELL, Inc. (NASDAQ: XWEL)
Transition toward Integrated Health and Wellness Company and Rightsizing of XpresCheck Footprint Continue; Look for Out of Airport Acquisition and Move Back to Profitability in 1H23
Update Note · 11 Nov 2022

XWELL, Inc. reported 3Q22 revenue of $10.7 million, consisting of $4.0 million from reopened XpresSpa and Treat locations, $4.3 million from XpresCheck, $1.8 million from its biosurveillance partnership, and $0.7 million from HyperPointe. The company had an adjusted EBITDA loss of $4.6 million.

EMERGING GROWTH & SPECIAL SITUATIONS
Gaia, Inc. (NASDAQ: GAIA)
Member Count Affected by Non-Renewal of “COVID Members”, but the Financial Model Continues to Deliver
Update Note · 08 Nov 2022

Gaia reported second-quarter revenues of $19.4 million, down 2.5% from $20.4 million a year ago. The ending member count of 776,000 was down compared with 790,500 a year ago. Consumers seem to have focused on travel and recreational activities this summer, which affected the company’s ability to...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: The Stats Behind the De-SPAC Value Destruction
Industry Report · 04 Nov 2022

The best of times, the worst of times. October was the best month of the year so far in terms of deal flow. While the average deal size is getting smaller, 26 new IBCs were announced, with an aggregate value of more than $16 billion. The latter figure is the second-highest figure YTD, behind Janu...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: Desperation and Despair
Industry Report · 28 Oct 2022

Do or die! We can confirm that as we approach the end of the month, October will be the best month of 2022 so far in terms of deal flow. The count stands at 24 new initial business combination (IBC) announcements. One of these new deals involves emerging Chinese EV automaker Chijet Motor Company,...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: A De-SPAC Success Story – More the Exception than the Rule
Industry Report · 21 Oct 2022

Liquidations galore! We can report another three liquidation announcements since last week’s edition, all of which will be completed before the end of October. This brings the total number of scheduled liquidations for this month to 16 (of which 10 have been completed so far) and 39 YTD (of which...

EMERGING GROWTH & SPECIAL SITUATIONS
SPAC Talk: Which IBC Deals Could Be Under Threat?
Industry Report · 13 Oct 2022

The haves.... The momentum of new deals continues to flow strongly. Ten new IBC deals have been announced so far in October, with a combined transaction value of $8 billion at an average of ~$800 million per IBC, which is in line with the YTD average, but a pick-up on the past several months. The...