Jim Cramer recommends shopping for SPAC-Goal Seize at decrease costs

CNBC’s Jim Cramer stood behind Southeast Asia’s hail giants grave on Monday despite advising investors to wait for prices to fall as Wall Street’s appetite for SPAC deals wears off.

Grab, an app that provides transportation, grocery delivery, hotel reservations, and other services, will merge with Altimeter Growth for $ 39.6 billion in the world’s largest blank check deal to date.

“I don’t like the price right now, but if you’re waiting for a weakness, and there will likely be one, you have my permission to buy something,” said the Mad Money host.

Cramer said the stock would be more attractive below $ 11.50, down about 20%.

“The Grab thing … it’s a great company, but it went completely out of style with the Wall Street fashion show,” he added. “It’s a fast-growing digital game at a time when money managers want chimney stocks.”

Smokestack refers to companies in more cyclical market sectors such as energy and industry.

Grab will be listed on the Nasdaq with the ticker GRAB when the deal with Altimeter, a special-purpose acquisition company, is closed. The stock, currently trading under the symbol AGC, last traded at $ 14.01 on Monday, 4.4% up on Friday.

Altimeter Growth is led by venture capitalist Brad Gerstner, who was also behind Snowflake and Roblox. Cramer emphasized that the company had agreed to a three-year block on its shares.

Grab reported adjusted net sales of $ 1.6 billion in 2020, outperforming its pre-pandemic performance. The company predicts annualized growth of 42% through 2023, according to a filing.

Grab was ranked 16th on CNBC’s Disruptor 50 list last year in 2020.