💥"A Dangerously Levered Serial Capital Raiser"💥
Canoo Inc., Timber Pharma, Do Good Foods & More
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:
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: