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After the sell-off in special purpose acquisition companies (SPACs) over the last month, there may be value in some of the SPACs trading close to net asset value.
Thursday on Benzinga's "SPACs Attack" YouTube show, co-host Mitch Hoch talked about why he likes Osprey Technology Acquisitions Corp (NYSE:SFTW).
The company announced its planned merger with BlackSky on Feb. 18. BlackSky is a leading real-time geospacial intelligence, imagery and data analytics company.
Benzinga's Hoch pointed to the company's valuable customer relationships and low-cost imagery capture ability as differentiators for the company. BlackSky serves a large and expanding market for space data and analytics. The total addressable market is expected to reach $40 billion in 2025.
Chart Analysis: Hoch said he needs to see a volume pop to "load up the boat." He does not currently own the stock, but it is on his radar.
If it breaks above $10.50 with some volume, Hoch believes the stock can push back to $12.50-$13 per share.
Pro-forma equity value of the merger is expected to be nearly $1.5 billion.
The transaction is expected to close in July. After approval from the shareholders, the company will trade under the ticker symbol, "BKSY."
Price Action: Osprey Technology Acquisitions Corp. was up 1.48% to $10.31 Thursday at market close.
Related Link: Learn more about SPACs on "SPACs Attack" hosted by Chris Katje and Mitch Hoch on Benzinga's YouTube channel.)
(Image by David Mark from Pixabay)
Posted In: SFTW
