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MariaDB plunges nearly 40% in NYSE debut after SPAC merger
- Yhippa 4y agoIs MariaDB looking for different ways of investment to achieve their corporate goals?
- joshe 4y agoHere's an even more dramatic one, https://www.google.com/finance/quote/GETR:NYSE?sa=X&ved=2ahUKEwiflIKYr4n8AhWlGzQIHQjkCHoQ3ecFegQISBAY&window=1M https://www.google.com/finance/quote/GETR:NYSE?sa=X&ved=2ahU... $10 a share to $0.96 in 2 weeks, 90% loss.
- 0xbadc0de5 4y agoThe corpse of MySQL just can't catch a break.
- pram 4y agoMySQL is safely entombed within a gilded Oracle mausoleum.
- bink 4y agoI often hear whimpering when I fly too close to Lanai.
- sanjayio 4y agoThe corpse? It's actively used by many companies in production. Unless you're referring to the branching point, which is more like the younger version than a corpse.
- ralph84 4y ago> It's actively used by many companies in production The problem is not many of them want to pay for it. $40 million in ARR after 13 years and $227 million in funding isn't great.
- siquick 4y agoI didn’t even know you could pay for it
- imhoguy 4y agoSame here, first time I hear MariaDB has some corporation behind it, and now even IPO. I thought it is just community fork to avoid greedy Oracle. You just pull it from Linux distro repo or Docker and voila. Now I wonder is it going to end up like MySQL AB?
- karmicthreat 4y agoI don't even know why I would want to pay for it.
- nickstinemates 4y agoThey sell support. Source: I was an executive there for 6 months. It was an experience.
- jamesfinlayson 4y agoDoes the paid support help decode the useless error messages?
- nickstinemates 4y agoYep. Definitely. Less confusion is a result of paid support.
- mardifoufs 4y agoTell us more! Please
- nickstinemates 4y agoWhat would you like to know?
- selfhoster11 4y agoWe use it in production. It’s a corpse, all right. The only reason we haven’t gone Postgres is because our codebase is extremely extensive and dependent on MySQL/Maria.
- trynewideas 4y ago"About 99% of the shareholders of special purpose acquisition company Angel Pond got their money back before the merger was completed, wiping out about nearly $263 million in capital that the companies had projected could be raised in the deal."
- netman21 4y agoThat's my problem with SPACs. The people who put them together walk away with all the money. IronNet, 23andMe, and Adstra, had similar drops.
- exogeny 4y agoI think the bigger problem is most of the companies that go public this way are dogshit money-losers that shouldn't be public in the first place.
- 1270018080 4y agoAll SPACs, and some traditional IPOs, are a last ditch effort of dumping worthless equity onto naive retail investors.
- bombcar 4y agoThe fact that some recover and become "real companies" doesn't detract from this. Beware the IPO and the SPAC.
- Mistletoe 4y ago> The company in February projected an operating loss of $43.2 million this fiscal year on sales of $47.4 million and an operating loss of $44.7 million in fiscal 2023 on sales of $63.5 million. Nice stats haha.
- jmspring 4y agoBlackSky, Getaround, others...
- berkle4455 4y agoSPACs are setup by people who couldn’t figure out how to launch a DAO token scam.
- Amfy 4y agoI tend to agree lol
- tofuahdude 4y agoOr is it the other way around?
- Sebguer 4y agodefinitely the other way around, SPACs require up-front capital and a lot more connections!
- spamizbad 4y agoNah, SPACs are just the luxury version of a DAO token scams.
- dylan604 4y agoJust wait, the next thing will be major announcements for the release of NFTs that'll be super hero level SQL commands.
- rchaud 4y agoThe grand-daddy of them all is the ICO.
- codehalo 4y agoThat got its roots from the IPO. I hope you are not putting IPOs on some type of infallible pedestal.
- rchaud 4y agoYes but presumably IPOs have a business model and assets, quantified by audited financials that can be examined and evaluated against competitors. ICOs were taking real money and exchanging it for tokens with no legally enforceable equity rights. It's GoFundme with a slicker landing page, but no oversight whatsoever. There's a reason they do that and it's not because doing it through the proper channels is impossibly onerous.
- cheriot 4y agoWe need a better mechanism for companies to go public. The traditional IPO is a ripoff and SPACS are scams. It's great that companies like MariaDB are able to raise money in public markets, though.
- smabie 4y agoDirect listings seem fine-ish.
- arcticbull 4y agoEspecially since companies can, as of recently, issue new shares to sell as part of the listing (like they would in an IPO) instead of relying on insiders to provide the liquidity.
- bombcar 4y agoThe reason they're rare is that the people involved prefer the ripoff (or the scam, if the ripoff won't work). Direct listing is most logical and if done right, the company will get the most of actual benefit.
- jasmer 4y agoThat's a bit '-ish'. The bar is too high and there are huge numbers of really decent companies that need some kind of liquidity. We're just not set up for it. Maybe it's a matter of just bringing more attention to small caps, I don't know. Or another vehicle. There are just too many truly great value creating business out there whereupon it's very difficult for founders to get their accumulated value out of it. People have devoted their lives to doing some good thing, but it's pointless if it's hard to market the company. This absolutely has effects on the industry because it's literally not worth the devotion required to do so many things if there can be no upuside even a good scenario of making a decent company. It leaves way too much money in the hands of bankers and speculators and not those to took the biggest risks, made it work and likely created surpluses for everyone. Definitely we need a new model.
- mchusma 4y ago
- jaboutboul 4y agoHopefully SPACs are cooked after this and the other recent bad SPAC news.
- bfeynman 4y agoSPACs have been cooked since last year. The fact people are still doing it now during the worst time to make any public offering shows that they are completely out of options and need to cash out.
- lmm 4y agoIt's part of the terms of a SPAC that they have to find a deal within (usually) a year or return the money. There are hardly any new SPACs being started up, but the ones left over from the boom still have to make the best of what they've got.
- Amfy 4y agoway too many IPOs & SPAC mergers recently…
- albertopv 4y agoI don't really know the company, how is it possible to lose so much money? It seems to me that 350 employees are too many for such low sales, maybe half, or a third or even less, could be sustainable.
- adriancr 4y agoIt's losing incredible amounts of money... how is it possible to still have 650M market cap when you lose almost as much money as you have revenue... and next year doesn't look that much better...
- strangattractor 4y agoThe SPAC is listed as a stock before there is really a company with a product. The value of that stock is defined by the capital put up for the SPAC. Once the SPAC merges with a real company the value of the stock is usually around whatever cash/capital put in originally.
- usr1106 4y agoLosing money by doing real business (or in the case of losing money: attempting to do real business) would be a real problem for employees doing hard work. Losing money in this case here is gamblers' money and I have no feeling for gamblers. Unfortunately some employees' salaries are paid by gamblers (mine is), so it can have nasty consequences. Read the valuation of MariaDB earlier today in the paper paper (so before trading had started) and immediately thought: It can't be worth that much: Speculation, hype! Of course the new value determined by "the markets" is also a result of speculation. Just a different type of and less hype.
- nly 4y agoMarkets are forward looking. If a company loses less money next year than it did this year then they see growth. Likewise, if a company loses more money next year than this year... well, that is growth too! Growth at all costs.
- ibotty 4y agoCan someone please explain what that means. I know MariaDB but understand pretty much nothing else here.
- greenyoda 4y agoA description of how SPACs work can be found here: https://www.investopedia.com/terms/s/spac.asp https://www.investopedia.com/terms/s/spac.asp
- darkwater 4y agoFrom the link: > During a 2020–2021 boom period for SPACs, they attracted prominent names such as Goldman Sachs, Credit Suisse, and Deutsche Bank, in addition to retired or semiretired senior executives. Now, why retired or semi-retired senior exec who are most probably already swimming in money and have a certain age are even thinking about these investments instead of just spend the fortune they have and enjoy life? I guess I'll never be such an exec...
- celim307 4y agoThey got that rich because for them the deal is the “juice”. They prob retired because they couldn’t invest as much time keeping up with it due to age but SPACs were such a feeding frenzy they could jump in and make a killing
- TylerE 4y agoBeyond a certain point (which these guys are all well past), money is just a way of keeping score.
- smokel 4y agoOne possible reason why rich people do this, is that they like making money, which got them rich in the first place. Liking to make money and liking to enjoy money are different traits, I suppose.
- 4y ago
- noncoml 4y agoAn example that you don't have to just be smart and hardworking in order to succeed in business. You need to be lucky as well. MySQL was the right product at the right time. Edit: Forgot the "just to be smart and hardworking"
- ergonaught 4y agoI assure you that MySQL-the-company was absolutely filled with very smart and very hardworking people.
- noncoml 4y agoSorry, my bad. I forgot to the "just". You don't have to just be smart and hardworking.
- njdvndsjkvn 4y ago
- Havoc 4y agoNot quite following why MariaDB is even a listed company? It's a solid database sure but traditional relational DB isn't exactly a bleeding edge killer feature these days What was the intended differentiating hook?
- bloodyplonker22 4y agoThey were listed because the shareholders wanted liquidity and they didn't want to pay more to do it the "legitimate way", which is an IPO or direct listing.
- jamesfinlayson 4y agoI agree - I didn't realise it was a listed company. Does it compete with Oracle or SQL Server in terms of features?
- seabrookmx 4y agoAbsolutely not. It's main feature is being wire compatible with mysql.
- mdaniel 4y agoMy recollection is that it was created when Oracle took over MySQL in order to continue to have a community-driven GPLv2 "mysql compatible" server; I was expecting them to be more different than they are, but for comparison one is a "clean" GPLv2" and the other has more words and a link to oracle.com: https://github.com/mysql/mysql-server/blob/mysql-8.0.31/LICENSE https://github.com/mysql/mysql-server/blob/mysql-8.0.31/LICE... https://github.com/MariaDB/server/blob/mariadb-10.11.1/COPYING https://github.com/MariaDB/server/blob/mariadb-10.11.1/COPYI...
- chillfox 4y agoIt’s just a fork of mysql.
- jamesfinlayson 4y agoYeah that was my recollection. I thought putting a company behind it might have changed that but apparently not.
- tmpburning 4y agoWhy is MariaDB on the stock market?
- Jedd 4y ago> MariaDB's eponymously named open-source software ... I'm sure they meant 'eponymous open-sourced', as named is implicit in the meaning of that word, but I'm less confident whether an eponym can be granted based on a familial naming attribution? A few years ago I had a weird exchange with someone on these forums who enlightened me about the maxscale licence change, and identified this as a key turning point (not in a good way) for the MariaDB community's shift in attitude. [0] I grew up with MySQL, even met Monty one time at a London meetup, moved to MariaDB at the appropriate time (around when Debian switched over), but have since embraced the joy of PostgreSQL (mostly because that's what we use at work). Not that PostgreSQL is without architecture / licensing complexities on the HA front. [0] https://www.infoworld.com/article/3109213/open-source-uproar-as-mariadb-goes-commercial.html https://www.infoworld.com/article/3109213/open-source-uproar...
- seanhunter 4y agoThey’re saying the database has the same name as the company, not anything to do with the familial naming connection.
- satvikpendem 4y agoThat's what eponym means, hence what the grandparent said.
- Jedd 4y agoAh, that's what they were comparing - thanks, I missed that entirely. Given My and Maria are his kids names I'd jumped to that interpretation.
- KingLancelot 4y ago
- ergocoder 4y agoIs plunging 40% bad? Square, Paypal, and etc. decreased way more than that.
- pengaru 4y agoFTR in 2018 MariaDB Corporation acquired Clustrix, it's not just the MySQL fork under this corporation.