Performance Goes Public (And Other News)

The biggest new in the market right now (if your into cars and an investor) is that Holley Performance Products is merging with Empower Ltd. (EMPW) and will be listed on the New York Stock Exchange under the ticker HLLY. Empower is what is known as a ‘Blank Cheque’ company or SPAC (Special Purpose Acquisition Company) because they are created and listed for the sole purpose of buying or merging with a company that already exists (Holly Performance Products in this case). The proposed merger is valued at $1.55 Billion at an estimated value of $10 per share (Empower is currently trading slightly above $10 per share. The merger with Holley is expected to be completed in the second quarter of 2021.

Empower Ltd. (EMPW) Price $10.14/ Market Cap $316.88 Million/ 52 week range $9.75-$10.64/ EPS $-0.0071/ P/E N/A/ Dividend N/A

Holley Performance Products is a leading aftermarket performance part manufacturer and supplier. They are currently either 1st or 2nd in every major performance part category that they compete in and will likely be able to branch out into many more areas of the performance parts industry once their merger is complete. Holley brands include: Holley EFI, APR, Diablo Sport, Superchips, MSD, Accel, Holley Carburetors, Hooker, Flowmaster, Simpson, and Stilo. All merger and listing info can be found here https://www.holley.com/investor.

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In other news, Boeing received a surprise order for 24 737MAX planes from 777 Investments ltd. with an option for up to 60 more MAX’s. This order is huge boost to Boeing and their 737MAX backlog which should provide them with some much needed cash as well as a positive publicity for the MAX program itself to help them continue on the road back to positive earnings.

Boeing (BA) Price $265.63/ Market Cap $155.03 Billion/ 52 Week Range $89.00-$278.57/ EPS $-20.7279/ P/E N/A/ Dividend N/A

Stellantis also announced an interim dividend of $0.096677/Share (in euros) with the ex-dividend day being today March 15th. This is as a result of the distribution of Faurecia shares and cash becoming unconditional 5 days ago.

Stellantis (STLA) Price $17.84/ Market Cap $55.66 Billion/ 52 week range $4.943-$19.50/ EPS $0.4476/ P/E 39.86/ Dividend N/A (Special Dividends don’t count)

Disclaimer: I currently am long on both Boeing and Stellantis. I have no holdings in Empower or private holdings in Holley currently.

Published by Colby McTavish

I am a Third year Heavy Equipment Technician. I also have a diploma in business management from MacEwan university. I have 2 children. In my spare time I race stock cars, play ball hockey, trade stocks and work on vehicles when I am not hanging out with my kids and my other half.

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