The current bid and ask for Pendrell is $110,000 and $149,000. We believe the odds are favorable that holicity makes an acquisition, and that eventually Pendrell's shares can trade at 80 to 100% of book value. If they do, the fund will have a 3 to 4x return on our investment. If they can make an attractive acquisition, the warrants could be in the money making our Pendrell shares worth even more. Recent examples of successful SPAC's are Nikola (NKLA), WillScot Mobile Mini Holdings (WSC), Virgin Galactic (SPCE), and Restaurant Brands (QSR). We think the "free option" Pendrell shareholders are getting via holicity is a rare opportunity for a low risk/high reward opportunity that due to Pendrell's unusually high share price and lack of public financials has not been discovered by the market."