Bbv Vietnam Sea Acq (GREY:BBVVF)

Victory Park Capital Advisors reported a stake of about 28.8% in BBV Vietnam S.E.A. Acquisition Corp., which it will sell back to the SPAC for its purchase price plus a fee of 2.25% after the shareholder vote on the acquisition of Migami Inc.

Credit Suisse also reported a 9.3% position in the SPAC. Filings: 13D, 13G

Source: Deal Flow Media

BBV Vietnam S.E.A. Acquisition Corp. (OTC Bulletin Board: BBVUF, BBVVF and BBVWF) announced today that it has signed a definitive merger agreement with Migami, Inc..

About Migami, Inc

Migami, Inc. licenses drug-delivery systems and technologies to pharmaceutical companies for international distribution and develops and distributes anti-aging cosmetics world-wide, with a special emphasis on Asia.

No additional details are currently available on Migami. The GeoTeam will attempt to locate additional information.

Possible arbitrage strategy if shareholders approve the proposed business combination

Data to be considered: (We are searching for warrant amendments that could affect strategy)

• Current Price of Common Stock: $8.00
• Current Ask Price of Warrants: $0.40 (warrants have a wide bid/ask spread)
• Strike price of Warrants: $5.00
• Implied intrinsic value of warrants: $8.00 - $5.00= $3.00

Strategy

• Buy the warrants at current price of $0.40.
• If the business combination is completed and the warrants become exercisable then the warrants should approach the implied intrinsic value.
• Profit = (New Value of Warrant, Properly Priced) minus $0.40.