BHSE SPAC – Time To Pump And Dump This Bull

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Introduction to the Bull Horn Holdings (NASDAQ: BHSE) Corporation

SPACs are becoming the new norm. With more and more investors becoming aware of the benefits of the process. Health and Tech are dominating the scene but the BHSE SPAC aims to take advantage of the sports sector in a particularly interesting way.

The BHSE SPAC has the big names of Master P (rapper, basketball player, actor) and Baron Davis (pro-NBL player) attached to it, in a more hands-on role as opposed to some of the other celebrity-backed ventures. However, the rest of the team seems adequate and the rumor mill generating some pretty interesting news has the Investment world talking.

Bull Horn Holdings Corporation hit the open markets on October 30th 2020. A pretty minuscule IPO of $75 million. Standard $10 units composing of a single share and a warrant entitling the owner to a half-share.

There is a lot to be said about the BHSE SPAC, both positive and negative. It is getting harder and harder to discern quality SPACs from the Acquisition company’s you should be avoiding.

Sponsor Background & Context

Unusually enough, the responsibilities of both Sponsors and Underwriters are shared amongst the joint book-runners. Imperial Capital, I-Bankers Securities and Northland Capital Markets. The fact that 3 separate underwriters are mitigating the risk of a mere $75 million is certainly not a very good indication.

However, the lack of a legitimate sponsor or strong sponsor affiliate through the management team is a larger concern. However, the sheer star power of the BHSE SPACs members and advisors could perhaps make up for that.

Robert Striar

The CEO of the BHSE SPAC brings with him a pretty solid avenue of deal flow and many years of highly relevant experience. Currently sitting as the President of M Style since 2008, this company is aimed at improving marketing and branding for a variety of industries. Mainly sports, entertainments and consumer products.

Prior to that, he has worked in multiple sports strategy, marketing and branding related ventures both in the United States and Europe across a highly impressive 20-year career. This makes him a fantastic means of networking and potentially identifying a lucrative target.

Mr Striats extensive experience with a number of global federations and international sports leagues make him the perfect candidate to head the BHSE SPAC. His work had him assisting a number of Fortune 500 brands, including Disney, the National Football League Players’ Association, National Hockey League and even Warner Brothers!

A very capable and accomplished CEO, the BHSE is certainly in safe hands.

Learn more about Robert Striar

Baron Davis

In a more hands-on position within the company. Mr Baron Davis is next to a household name considering his extended time in the public limelight. A former two-time NBA All-Star and currently a highly successful entrepreneur, investor, and businessman.

Mr Davis has a preference for investments in early-stage companies primarily within the media and technology industries. Also establishing his own “Incubator,” Baron Davis Enterprises. Under which he has formed many other successful enterprises including:

Further reading on Baron Davis

Percy Robert Miller

Although not directly or officially linked with the BHSE SPAC. His close intertwining history with multiple members of the Company. Alongside his public appearances and mentions in regards to the company and its future could hold an interesting future in store for Mr Miller, or Master P as he is better known.

Master P is a rapper, actor, record producer, entrepreneur, and former basketball player. Investing and creating the highly successful No Limit Records that has signed artists like Snoop Dogg. But Mr Miller has since turned to the business world to great success. However, his ventures into the sporting world have not been the greatest.

Successes & Messes: A Notoriously Bad Deal

No Limit Sports was a highly exciting and potentially phenomenal venture from Mr Miller. But the horrible dealings withe the NFL contract and star running back Ricky Williams was truly horrific. The contractual agreement that No Limits Sports had created was truly astounding and Ricky Williams left the agency after a single season.

However, this is not neccesarily a sign of negative things to come from Mr Miller and his considerably more active role as a special advisor to the BHSE SPAC.

Why is Percy Robert Miller not directly involved?

Key Members

Christopher Calise

The CFO of the BHSE SPAC brings with him over 15 years in both the finance and insurance sector. Currently sitting as one of the visionaries behind the expansion of Crown Global since 2010. This international insurance holding company has Mr Calise overseeing a multitude of operations from management, finance, operations and sales.

Prior to his tenure at Crown Global, Mr Calise operated as the principal at LSC Investors (2001-2009). Also holding an Associate position at Crown Capital Group (1999-2001), a private equity investment firm. Although Mr Christopher Calise does not hold any industry experience relevant to the Sports sector or the SPAC and IPO process, he does appear to be a perfectly suitable candidate for the BHSE SPAC.

Read up on Christopher Calise

Stephen Master

Currently sitting as the Managing Director of Master Consulting LLC. This is a global sports media & gaming advisory firm. It is clear to see the level of connection and influence that Stephen Masters brings to the BHSE SPAC.

More relevant to the SPAC industry is Mr Masters and his involvement with a number of venture capital firms. Primarily focusing on the sports betting space. Prior to his VC endeavours, Mr Master sat as the Global Head of the Sports Group at the Nielsen Company, where he Co-Founded the eSports division.

Prior to that, he held multiple high-level executive positions at the NFL as well as the NBA. His level of influence and corporate history across the industry is unrivalled.

What does Stephen Master bring?

Michael Gandler

With a career spanning nations and over 20 years in both the sports and entertainment industry. It is hard to find a man more qualified than Mr Michael Gandler. Currently sitting as the Managing Director of SENT sports. This media and entertainment company spreads across multiple some of the world’s most prominent sports and entertainment properties.

Prior to that, he was the CEO of the famous Italian Football club, Como 1907. In which he personally negotiated the club’s acquisition in 2019. Previously he sat as the CRO of FC Internazionale di Milano, the world-famous Inter Milan Football Club. It was here that he oversaw all areas of commercialization for the club, including media rights, sponsorship, retail, licensing, ticketing, international academies and the clubs global marketing efforts.

Although the vast majority of Mr Michael Gandlers experience exists within the European Football scene and across international boundaries (contrary to the predicted targets of the BHSE SPAC), his experience from a corporate level with a particular focus on the sports industry is truly phenomenal.

Check out this documentary about Michael Gandler

Jeff Wattenberg

A veteran of the ruthless Wall Street as well as a private investor. Mr Wattenberg is no stranger to the world of finance and investing. Having founded and sat as President of Telecuba Holdings, Mr Wattenberg has brokered over 200 deals through this company alone.

No stranger to investing and with a keen eye for lucrative holdings, Mr Wattenberg was a seed round investor in InterAmericas Communications(known as FirstCom). Later sold to ATT. Also, a seed round investor in Worldport Communications, sold to Energis U.K. for $600 million.

Although limited experience within the sports sector (preferring the telecommunications industry), Mr Jeff Wattenberg does have some history. Having greatly influenced the Association of Volleyball Professionals. Being directly involved in raising over $20 million in capital, further securing tour sponsorships in excess of $25 million.

Extra information on Jeff Wattenberg

Doug Schaer

Doug Schaer is very in tune and highly related to the sports sector. A long-time certified player agent by the Major League Baseball Players Association. Also a highly skilled and experienced entrepreneur, operator and business strategist.

Mr Schaer is personally linked to Baron Davis as his Chief Advisor, through Mr Davis enterprise and family office (Baron Davis enterprise). However, Mr Schaer’s true strength lies in his abilities within franchise asset development and foundation building in the entertainment, music and sports genres. Based on his 3-year tenure as the COO of LiveXLive Media, Inc. (NASDAQ: LIVX), a global digital media company.

What made Doug Schaer a great addition?

Targeted Sector & Market Criteria

The economy and its focus on the sports sectors are truly astounding. These establishments have grown to unprecedented heights are set to only keep on growing. Regardless of the adverse effect that the Global Pandemic has had across the Sports industry as a whole, the sheer reach of the sector into multiple other platforms is truly astounding.

With a wide selection of revenue streams from advertising, sponsorship, royalties to even ticket sales. The Sports industry is truly home to a number of highly profitable and scalable ventures. The Sports media landscape is one of the more modern ventures that is rapidly growing. The team of the BHSE SPAC is perfectly suited with fantastic networking to enter the realm of Sports Media.

Even the nature of the $75 million is highly appropriate for an extremely scalable, digitally based, Sports Media venture. The following selected criteria as outlined in the Prospectus:

  •  Enterprise values of between $300 million and $900 million
  • Have an identifiable revenue of over $100 million
  • Demonstrate potential for free cash flow generation
  • Have secondary potential revenue streams

Don’t trust us? Check it out for yourself!

Clearly, the above highlights the fact that the BHSE is seeking a profitable combination that shall be looking to pay dividends sooner than later. As appropriate as the criteria may be, the rumour mill has been churning a potential combination of the BHSE with the world-famous Reebok brand.


The Reebok parent company, Adidas, has revealed its intention to sell the multinational footwear company, Reebok. Previously purchased by the German sportswear powerhouse for an incredible $3.8 Billion, the company is now looking to sell for the sum of $2.4 Billion.

Reebok’s $2.4 Billion Price Tag Brings Hip-Hop & Sports Moguls To The Table

Adidas purchased Reebok with the intention of upsetting the American-dominant Nike. But has consistently failed to do so. 14 years after the acquisition of the company, Adidas actually cut down the book value of Reebok in half (down to a sum of $995 million). Well within the grasp of the BHSE SPAC.

Although somewhat off-topic from the indicated intentions of the BHSE SPAC. As with any SPAC documentation, the company is registered with more open-ended target acquisition commitments. No official announcements have been released so far.

Perhaps the Bull Horn Holdings Corporation would be better suited within the sports and media sector. But the attractive nature and golden opportunity that is presented with the purchase of a world-renown and multinational brand such as Reebok is certainly too good to pass up.

Post Deal Value

The ability to generate post-deal value is one of the most important aspects of a SPAC. Traditionally, a celebrity-backed SPAC venture is guaranteed an increased Post Deal value. The sheer name power that these affiliations bring is truly invaluable. And that is somewhat the case with the BHSE SPAC.

However, Investors are getting savvy to the sort of dirty tricks that many Acquisition Corporations are taking advantage of. This could be greatly detrimental to the Post Deal Value of the BHSE SPAC. Regardless, the level of talk and the rumour mill surrounding the Reebok merger is a good indication of the level of affluence and influence that Bull Horn Holdings maintains.

Furthermore, the ridiculously small trust that the BHSE SPAC has acquired. With the incredibly lofty market criteria and ideals in comparison, has led many investors to forecast a potential PIPE deal within the near future. Although this cash injection is vital in securing a larger deal, it does devalue the SPAC for the individual investor on the open market.

BHSE SPAC In Summary…

The SPAC sector is certainly saturated and is set to only increase with the repairing markets across the coming years. The BHSE SPAC intelligently chooses to enter a sector that has not seen as much activity as others. And even moreso, use its celebrity associations in an intelligent fashion.

Low priced warrants and close NAV prices, combined with the sheer level of influence and Post Deal Value generation makes the BHSE SPAC seem like a quality buy. Regardless of all the negative rumours and its incredibly small Blank Check.

Perhaps a target like Reebok may seem like a PIPE dream (see what I did there?), but the assembled team at the Bull Horn Holdings Corporation certainly seems adequate.

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