What does the investment process look like?
Exos meets with each management team and reviews their public filings prior to the IPO. Exos evaluates each team on the characteristics that will make them attractive to the best private companies looking to go public, and which can ultimately make the embedded equity options in the SPAC more valuable.
Expertise and Experience
Access to Capital
The investment team also evaluates the offering documents of each deal to understand the make up each underlying security. Some important things to look for are:
Amount of money to be placed in t-bills in trust
Amount of options embedded in the securities
Any unique legal language
Attributes like these are key factors in evaluating the underlying protections and options embedded in the securities.
Example of CSH lifecycle and its investing periods
CSH Focus: The Fund seeks preservation of capital by only holding units or shares during their pre-combination phase, where the underlying cash-equivalent collateral is expected to support the Fund’s ability to redeem its investment – through portfolio selection and monitoring, the Fund will seek to minimize risk of delays relating to redemptions
CSH Strategy by SPAC Stage