Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable

[GeckOo]

So they don’t like the deal or what?

 

[Boomer19]

most tender offers have another two days after expiration for those that bought on expiration to still tender and ‘cover’ once the shares settle.
even then, once the tender is complete, the mandatory merger is some time after. the effective date of the merger is yet to be concrete, it will trade until then

@imherkimer what are you disagreeing with?

to be more clear...it will trade until the exchange declares the effective date of the delisting of mxwl

it will trade until then.

tenders have a ‘notice of guaranteed delivery’ otherwise known as a protect period. allows you to submit tender on unsettled shares. then you ‘cover’ your intent after your shares settle.

@Lycanthrope
the leftover holders of mxwl will get tesla - or become short tsla at the exch rate

same for those who were short mxwl and held liable on the longs who tendered mxwl - less mxwl shares that were held at depository (segged longs who bought with cash, and brokers free excess position for margin shares)

 

[Pras]

I recommend reading Maxwell’s last annual report , 2017. If you see their product line, there is clear synergy between them and Tesla across multiple product lines, i.e. power pack, DC inverters, dry electrode cells, ultra-capacitors for kinetic energy recovery, and more.

http://s21.q4cdn.com/566123494/files/doc_financials/annual_reports/Maxwell-2017-Annual-Report.pdf

 

[Boomer19]

So what happens to all the shorts that piled into $MXWL since the merger announcement - do they become short on $TSLA?

MXWL Share Statistics
Avg Vol (3 month) 2.12M
Avg Vol (10 day) 1.56M
Shares Outstanding 46.58M
Float 32.99M
% Held by Insiders 7.74%
% Held by Institutions 68.85%
Shares Short (Apr 30, 2019) 13.47M
Short Ratio (Apr 30, 2019) 7.11
Short % of Float (Apr 30, 2019) 33.18%
Short % of Shares Outstanding (Apr 30, 2019) 28.91%
Shares Short (prior month Mar 29, 2019) 12.82M

if they haven’t covered they will be short tsla at the exchange rate for tender (if held liable on tender against longs) or the mandatory exchange rate when the mandatory merger is complete

 

[Boomer19]

PALO ALTO, Calif., May 16, 2019(GLOBE NEWSWIRE) -- Tesla, Inc.(TSLA)today announced the successful completion of its previously announced offer to exchange all outstanding shares of common stock of Maxwell Technologies, Inc. ("Maxwell") for 0.0193 of a share of Tesla common stock, together with cash in lieu of any fractional shares of Tesla common stock, without interest and less any applicable withholding taxes.

The exchange offer expired at 11:59 p.m., Eastern Time, on Wednesday, May 15, 2019. As of the expiration of the exchange offer, a total of approximately 36,764,342 shares of common stock of Maxwell were validly tendered in the exchange offer and not validly withdrawn, representing approximately 79% of the aggregate voting power of the shares of Maxwell common stock outstanding immediately after the consummation of the exchange offer. All shares of Maxwell common stock that were validly tendered and not validly withdrawn prior to the expiration of the offer have been accepted by Tesla for payment in accordance with the terms of the exchange offer.

Following to the completion of the exchange offer, Tesla completed the acquisition of Maxwell by consummating the second step merger contemplated by the previously announced merger agreement between Tesla and Maxwell. As a result of this merger, all shares of Maxwell stock that were not tendered in Tesla's exchange offer were cancelled in exchange for the right to receive the same consideration paid for Maxwell stock in the exchange offer.

lycanthrope
so the other 21% will be captured on the mandatory merger - basically

 

[Tslynk67]

TSLA getting hammered pre-market

Shorty trying to position the acquisition as a bad thing - now Tesla can be open about what the technology could do for their batteries...

BTW

 

[ReflexFunds]

I recommend reading Maxwell’s last annual report , 2017. If you see their product line, there is clear synergy between them and Tesla across multiple product lines, i.e. power pack, DC inverters, dry electrode cells, ultra-capacitors for kinetic energy recovery, and more.

http://s21.q4cdn.com/566123494/files/doc_financials/annual_reports/Maxwell-2017-Annual-Report.pdf

I'm glad to see Maxwell close. Hopefully Tesla can now move faster on moving cell production in-house. Still very hard to judge how soon they plan to do this. An outside chance they produce a small % of their GF3 cathodes, anodes and cells in-house partly as an R&D project.

I am also interested to see what Tesla does with the ultracapacitor business. The rational for the acquisition seems clearly to be the dry coated electrode tech, but Tesla did choose to buy the whole of Maxwell and there are some interesting applications for Maxwell's ultra-capacitors in various renewables products. Tesla could choose to wind down this business while shifting ultra-capacitor manufacturing staff to making battery electrodes (given it is largely the same process and skill set), or they could choose to push growth more aggressively in some of these new business lines.

By the way, this is another genius part of the acquisition - Maxwell already has a factory in Arizona manufacturing dry-processed electrodes (for capacitors). Much of these staff skills and equipment is likely transferable to making battery electrodes - so Tesla can build its cell business from the Arizona factory with current employees. Part of Panasonic's high costs in GF1 so far is they initially had to pay to bring many staff over from Japan because no one in the US had the right skills.

 

[shootformoon]

Could anyone helps me I see contradictory information on Europe delivery.

The published April delivery #s in Europe are not that good. I imagine there are 5k+ inventory m3 in Europe. But not like US, there are no inventory m3 to shop from online. So which scenario is more likely:
1. Inventory high, lots of m3 waiting for buyers, then why no inventory to buy online?
2. Lots of m3 in europe service centers are already paid for, but for logistic/prep reasons, they are not delivered.
3. Inventory low, most of the m3 on march/early april ships are already delivered.

What prompt these questions are the end of q1 numbers, ~10k m3 in transition and also >5k inventory. But I do not see them delivered by the numbers.

Another ship just arrived at Pier 80, the COSCO TENGFEI. Looks like a fast turn around of ships.

 

[Navin]

I’m calling bs on this dip and hoping for a higher low. Buying!!!

 

[Bobbyducati]

I’m calling bs on this dip and hoping for a higher low. Buying!!!

i think its just the MMD.

 

[Todd Burch]

Could anyone helps me I see contradictory information on Europe delivery.

The published April delivery #s in Europe are not that good.

This has been discussed a million times.

April deliveries are ALWAYS crappy in Europe since vehicle transport ships don't yet have the technology to teleport themselves from San Francisco to Europe (see Vehicle Transport Teleportation Technologies). This is supposed to start smoothing out with the end of the "wave" and Tesla taking the short-term financial hit to begin constantly filling their delivery pipeline to Europe.

 

[tivoboy]

Shorty trying to position the acquisition as a bad thing - now Tesla can be open about what the technology could do for their batteries...

BTW

I think the acquisition is a good thing, price paid and impact to capital/debt are always going to be questioned.

 

[Drax7]

Deliveries of the Updated version of model S plus X should punctuate
A bottom, their gross margin contribution is huge, is my hypothesis.
Lets put it to the test.

 

[ZsoZso]

Wait? They have communication?!

They used to, but not anymore since he left. Now its gonna get worse
Now Elon takes over the communication chief role, so watch out SEC!

 

[elasalle]

What is the price in which

most tender offers have another two days after expiration for those that bought on expiration to still tender and ‘cover’ once the shares settle.
even then, once the tender is complete, the mandatory merger is some time after. the effective date of the merger is yet to be concrete, it will trade until then

So only tendered shares get converted to TSLA shares? What happens to the rest - do they get cash equivalent?

 

[ggr]

Mod: new thread S/X Too Big for Europe? (out of main) . Take all of this there. --ggr

 

[sundaymorning]

Nissan doesn’t think Lidar is up to the task for FSD.

On the radar: Nissan stays cool on lidar tech, siding with Tesla - Reuters

 

[ggr]

Mod: Also a dedicated Maxwell thread Tesla and Maxwell Technologies? (but I/we can only do one subject at a time, so I haven't moved old postings). Please take MXWL discussion, particularly about the technology, over there. --ggr

 

[Nocturnal]

You know, our President is an idiot, but he is kinda right (in the wrong way) about the news. I'm hesitant to suggest regulation of things, but clickbait headlines are an increasingly common problem.

Headline "Tesla Shareholder T. Rowe Price Sells Most of Stake in the Electric Car Company"

Actual content - "Tesla shares dipped nearly 1% to $229.86 Thursday after one of its biggest investors, T. Rowe Price , sold about 81% of its shares in the electric vehicle maker over the first three months of the year."

Tesla Shareholder T. Rowe Price Sells Most of Stake in the Electric Car Company

It would be just as accurate to see Headline - "1000 Americans murdered!"
article - "over the past 3 months 1k Americans have were murdered globally"

 

[TheMrX]

Dear fellow Canadians,

I decided to reach Tesla support this morning, by phone, trying to pressure a bit on the North America CCS compatibility issue.

On the my question : ''is there a roadmap/timeline for some kind of adapter for CCS charging for North America?''

The nice lady answered : ''I can't tell you about an exact date, because it hasn't been released yet. BUT what I can tell you, is that we are working on one, so yeah, it will be available this year, but I can't tell you exactly when''

Dear Lady, she just made my day!