After the bull market reaches its peak, all sorts of strange characters will come out. I forgot who told me that when SPACs are everywhere at the end, it's almost time to wrap things up. But today, this shell is still quite beautiful, so let's talk about the unseen MBAV.

In August 2024, M3 raised $287.5 million on the Nasdaq Capital Market (the lowest tier) as a SPAC listing. On May 27, 2025, the PIPE financing will be the most critical, led by Reeve Collins and CC Capital (Chinn Chu). On July 7, 2025, it was announced that the merger with @ReserveOne is in progress, expected to be completed in Q4 2025, with an anticipated amount of $1 billion.

As a shell company for mergers and acquisitions, a key concept is the trust. According to Nasdaq regulations, 90% of the funds raised at the time of listing must go into the trust. Another point is the acquisition; if the acquisition is not completed within 36 months, the company will face delisting. Last Friday, the market capitalization at closing was 383.45M, so let's boldly assume that 90% of this funding is still there within a year, meaning the company should have at least 258M on its books. There is a premium, but is it worth it?

From the front team perspective, it is indeed quite good. The core tasks should be handled by Reeve and Chinh, one having a wealth of resources in the crypto space, and the other being a well-known trader on Wall Street, making it a strong partnership. The latter two are similar to advisors and should have roots in both the political and legal fields.

Plan to discuss their PIPE deal in May and the stock conversion issues for MBAV after going public. Disclaimer: Not investment advice, DYOR.