Music Acquisition Corp
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Company profile

The Music Acquisition Corporation is a blank check company. The Company is formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to concentrate its efforts on identifying businesses that are either directly or indirectly connected with the music sector. The Company is not engaged in any business operations and has not generated any revenue.

Price
Delayed
$9.74
Day's Change
-0.03 (-0.31%)
Bid
--
Ask
--
B/A Size
--
Day's High
9.74
Day's Low
9.73
Volume
(Light)

Today's volume of 6,796 shares is on pace to be much lighter than TMAC's 10-day average volume of 66,242 shares.

6,796

Pre-Markets Slightly Up on Veteran's Day

11:03 am ET November 11, 2021 (Zacks) Print

There are no economic reports due today, a Veteran’s Day bank holiday, even though the stock market is still open for business. With no data available in the pre-market, investors will likely focus on whether the recent pullback from new record highs over the past two trading days is offering some good entry points. Currently, the Dow is +40 points, the S&P 500 is +20 and the Nasdaq is +130 — indicating a measure of excitement in the tech-stock space.

Particularly, this is evident in yesterday’s biggest IPO since Alibaba BABA in 2014, and the fifth-largest U.S. IPO of all-time: electric vehicle maker Rivian RIVN, which trades on the Nasdaq and jumped 29% from its initial price of $78 per share. The company’s intra-day high Wednesday approached $120, before closing under $101. This brings the latest competitor to the EV space to a market cap valuation around $90 billion — higher than that of Ford F or General Motors GM.

Ford is, in fact, one of the main investors in Rivian — perhaps an odd move, historically, as automobile companies used to devour upstarts and brand them under corporate umbrella. But Amazon AMZN is another major stakeholder, and has already put in orders for 100K autos by 2030, including potentially 10K vehicles on the road by next year. Rivian’s plant in Normal, IL reportedly has capacity to build 150K vehicles per year, 85K of which would be its Rivian Commercial Vehicle (RCV) delivery van.

The other main designs are the EV pickup R1T — potentially beating the Ford F-150 Lightning and the Tesla TSLA Cybertruck to market — and the EV SUV: R1S, due for an unveiling next month. The timing for Rivian has also been optimized by the congressional infrastructure bill passage this week, which allots $7.5 billion for EV charging stations throughout the U.S. Following yesterday’s historic IPO performance, Rivian is up another +8% in this morning’s pre-market.

Rivian’s CEO, 38-year-old M.I.T. grad RJ Scaringe, stands to be a very wealthy man very soon. Though he owns less than 2% of the entire company — a major difference between him and Tesla CEO Elon Musk — he does have 9% voting share of the company. There are also big incentives for Scaringe that would put him well into the billionaire class: a target share price of $295. It will be some time before the company becomes profitable, however: estimates for Rivian’s Q3 bottom line are a loss of -$1.28 billion.


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