RE:Ink ResearchAYR has been a goldmine for investors. I'm now thinking about a speculative position in the warrants of the other SPAC Jon is managing (BRND). Obviously very risky as warrants could expire worthless if they do not find a qualifying transaction, which they haven't yet. Qualifying date is in Feb 2021, but can be extended if shareholders approve extension. Warrants are being priced at $1.00 (all TVM as they are obviously OOM with no transaction yet), but would see immediate gains on the announcement of a proposed deal. So you could end up with 100% loss on this position or 100%-200% appreciation within next 9 months max (assumes extension). 2-years out, if this SPAC manages its acquisition and growth as successfully as AYR has so far, you're looking at once in a lifetime outsized returns (AYR warrants trading currently at $16). I'm not trying to compare BRND and AYR, as every SPAC qualifying transaction is unique and needs to be evaluated based on the merits of it and other relavant industry/peer factors. I certainly have no idea what sort of probabilities we are working with either in terms of whether a transaction gets made. Rather, I just wanted to point out that a position in the warrants of BRND could result in once in a lifetime type gains, not withstanding the chance of 100% capital loss. Other important factors to consider as well are that BRND's has the same sponsor as AYR and also looking for a target company in the cannabis sector (however not looking to operate as an MSO cultivator/distributor/retailer like AYR). One would think that in Jon's management of, and search for, aquisition opportunities for AYR he has learned even more about the industry. He has likely dealt with some of these potential BRND target companies as CEO of AYR. Jon has an incredible background that allowed him to raise capital for the SPAC that led to AYR. Jon will bring all that knowledge, plus that which he has acquired while managing AYR to the deal he makes for BRND. Assuming all else equal, this fact alone would suggest a higher probability of a profitable transaction fron BRND than what he made for AYR. One might also think that considering the economic backdrop of the last 8 months that deals could potentially be made at even better valuations with business desperate for capital. Finally, although I do not have the resources on hand, I do believe that the % numbers of SPACs that do not end up with a qualifying transaction is pretty low.