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💥"A Dangerously Levered Serial Capital Raiser"💥
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💥"A Dangerously Levered Serial Capital Raiser"💥

Canoo Inc., Timber Pharma, Do Good Foods & More

Nov 19, 2023
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PETITION
💥"A Dangerously Levered Serial Capital Raiser"💥
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Almost exactly a year ago, an activist short seller called Blue Orca Capital issued a short report on a name that is now very relevant in distressed circles. Here is an excerpt with the company name redacted for dramatic effect:

Source: Here

As you can see, the company in question had a stock price at the time of nearly $59/share. The company’s $748mm ‘26 6.5% senior notes were looking similarly healthy, pricing in the mid-to-high 90s at the time. Fast forward a little over a year and, well, this:

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