Monthly Bark Box subscription service to go Public via SPAC

BARK is a leading global omni-channel brand for dogs. They distribute products that include treats, food and plush chew toys via a monthly subscription called Bark Box. Customers love their dogs and want to provide them healthy food and treats in a fun way. Many customers post box openings on social media as the dogs go crazy to find out what's inside.

Northern Star Acquisition ( STIC ) is a special purpose acquisition company with $254m to deploy and another $2000 from PIPE investors. On December 17, STIC announced its intention to acquire BARK with the following details at an enterprise value of $1.6b. Ownership will be divided as:

1) BARK Equity (existing owners): 74.3%
2) PIPE Investors: 9.9%
3) SPAC Public Shares: 12.6%
4) SPAC Founder Shares: 3.2%

BARK's unique product offering and data-centric innovation seems to be a winning formula in a community of owners that deeply care about their pets physical and mental health.

A shout out to Jonah Lupton (@JonahLupton) for this pointer. He has a great newsletter you can find from his Twitter feed.


  • Net revenue of $149m, $191m, $224m last three years (18,19,20)
  • Estimated net revenue of $369m, $516m, $706m next three years (21,22,34)
  • 60% gross margins and improving via high quality subscriptions
  • 1.1m subscriptions


  • Up 37.58% since acquisition announce
  • 25m Class A shares outstanding, 20m in float
  • $465.5m market cap (based on Class A)


I'm not an expert on how the SPAC final merger works. But it seems that given SPAC Public Shares (25m Class A) represents 12.6% of enterprise value, the market is effectively valuing the merged company at $3.6b (465.5m / 12.6% = 3.6b). I'm curious from others what their view is on SPACs and whether you invest before merger or after merger. Looking at other completed acquisitions, you can find cases for both, but typically the price drops back to the $10 for the original issue.

Anyway, looks like a great opportunity to put on the watch list.
Website: https://www.drewby.com

Twitter: https://www.twitter.com/drewrobbins

All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.


100 coins
Love the simplicity of the analysis.

Analysis: 10/10

Drawing: 11/10
+6 Reply
drewby4321 Michael_Wang_Official
@Michael_Wang_Official, Thanks! Actually, would love your opinion on SPAC valuations and what happens to the Class A shares value during/after the acquisition. You understand this stuff better than me.
how'd you do the artwork? Great job and analysis!
+1 Reply
Daveatt Lanmar
@Lanmar, I have the same question haha
+1 Reply
+1 Reply
Pet space can be very good. I've been on TRUP for a while now. Bark could be well worth a punt. Thanks for highlighting them.

+1 Reply
drewby4321 AngusMcK
@AngusMcK, yeh, Trup looks good. It’s hard for me to agree with, but the pet insurance thing is real and growing. Long story but my x bought a $10k cat in Japan that we had to insure...because it was $10k. 🤬 😂
+1 Reply
Pholesolus AngusMcK
@AngusMcK, god bless pet investments lol
+1 Reply
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